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Ideal Homes Portugal supporting buyers to settle the new build vs resale debate
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New build homes attracting eco-conscious buyers seeking contemporary finishes
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Resale properties delivering value, historic locations and original features
Portugal’s housing market offers an outstanding mix of property types. From tumbledown farmhouses with mature olive and orange groves to smart new builds and everything in between, buyers have a near-overwhelming array of choices laid out before them. To help narrow down the decision over which type of property to buy, real estate agency Ideal Homes Portugal has shared its insights into the pros and cons of buying new build versus resale properties.
The case for new builds
There are plenty of plus points when it comes to buying a new build. Layouts tend to suit modern lifestyles, with open plan living spaces that are full of light. Most new builds also tend to use products that are better for the environment and have higher energy efficiency ratings, meaning they are less costly to maintain and ideal for eco-conscious buyers.
“In Portugal, new build properties come with a five-year construction guarantee by law, so buying a new build comes with plenty of peace of mind. This can be very reassuring for those buying from overseas.”
Chris White, Chairman & Founder, Ideal Homes Portugal
Of course, buying a new build doesn’t necessarily mean buying off plan, though there are certainly advantages to be gained by doing so. Buy early enough, for example, and you can usually pick finishes like flooring, tiles, cupboards, colours and so on at no extra cost. Even if construction is past that point, buyers can look forward to a contemporary, neutral finish that serves as a blank canvas on which they can stamp their own interior design tastes.
When the property market is booming, buying off plan can also mean it’s possible to lock in the purchase price prior to construction, then find that your new home’s value has already increased by the time you complete.
Off plan properties may also be offered at discounted rates. The Olivie Condominium in Portimão, which will include 16 apartments located around a sleek communal swimming pool, along with communal gardens, roof sun terrace, hot tub and gym, is an excellent example of this. Buyers can snap up a ground floor, two-bedroom apartment for just €379,440.
Buying a new build that’s already complete also has its attractions. There’s no chance of construction delays and buyers can see what the finished property looks like, along with any on-site amenities. It’s possible to get a feel for the development and meet the neighbours – important factors for those planning on using the property as a permanent home or for regular holidays.
The case for resale properties
Resale properties also have their own distinct advantages. Depending on their size and location, resales tend to be cheaper than new builds, according to the Ideal Homes Portugal team. That means buyers may be able to get more for their money by choosing a resale. Resale properties can also mean less paperwork.
“Buying a property in any country involves plenty of paperwork and Portugal is certainly no different in this respect. However, choosing a resale property can involve less paperwork than buying a new build. This means less stress and can even be beneficial when it comes to applying for a mortgage.”
Jose Mendonça, Mortgage Advisor, Ideal Homes Mortgages
As it’s already built, a resale property comes with no chance of construction delays; buyers can move in as soon as the deeds are signed. Older resale properties can also provide access to historic areas and city centre locations where there’s no room for new development, which would otherwise be off limits. They can also be packed with traditional features, such as the lovely brick-built fireplace at this two-bedroom farmhouse with fruit trees and mountain views in Silves.
Resale buyers aren’t only limited to older properties – recent resales can provide the chance to purchase a nearly-new property and thus combine many of the advantages that come with a new build with some of the pros of buying a resale. This contemporary apartment at Amendoeira Golf Resort is the perfect example. The open plan dining/living room with neutral décor and high-quality furnishings have been designed around contemporary lifestyle needs, while the resort itself features swimming pools, tennis courts, padel courts, two golf courses, a clubhouse bar, a restaurant, a sports club, a gym, a play park and two football pitches.
“Choosing whether to buy a new build or a resale property can be tough. Understanding what you want from your Portuguese property and how you’re going to use it can do much to inform this decision, as can being aware of the pros and cons of each purchase type.”
Chris White, Chairman & Founder, Ideal Homes Portugal
For more information, please visit https://www.idealhomesportugal.com/, email [email protected] or call 0800 133 7644.
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