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Buying a holiday home in albufeira

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Zozo View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Zozo Quote  Post ReplyReply Direct Link To This Post Topic: Buying a holiday home in albufeira
    Posted: 06/August/2020 at 21:08
Hi everyone. My husband and I are hoping to buy an apartment in a complex in Albufeira. We are coming over to view in October (all being well with coronavirus etc). When talking to my friend today, she raised concerns about what if the complex goes into administration in the future. Also, my mum is saying we should wait and see how things go. We are committed to buying and are wondering has anyone bought a holiday home and regretted it? Or should we just go for it? We are 34 and 37 with a 21 month old son. We'd hope to get out 5/6 times a year. What I'm asking is, did anyone think it was money well spent and are glad they bought, or did they regret it and rather have more money to live on a monthly basis, by not having a second property. I hope this makes sense? Thanks.
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port princess View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote port princess Quote  Post ReplyReply Direct Link To This Post Posted: 07/August/2020 at 09:03
I have had my apartment here 15 years and love it pm me your budget as my neighbour has one he is selling and I can send you some photos of our pool etc fees low ,
ours is small condo only 15 apartments really lovely
Patricia
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JuliejH View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JuliejH Quote  Post ReplyReply Direct Link To This Post Posted: 07/August/2020 at 10:26
Buying off plan on a brand new complex could be risky , there are empty building in Albufeira that definitely caught investors out ! If the complex is established and already up and running that is much less risky ! There are many apartments for sale that are in lovely complexes, whilst you are over see as many as you can to give yourself plenty of options ! Good luck 🤗
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pyrman View Drop Down
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Post Options Post Options   Thanks (2) Thanks(2)   Quote pyrman Quote  Post ReplyReply Direct Link To This Post Posted: 07/August/2020 at 10:44
as well as the nice people above ...  you could start here  

Also I recommend Helena Dias  +351 289 582 041
Pyrman
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Jock View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Jock Quote  Post ReplyReply Direct Link To This Post Posted: 07/August/2020 at 11:38
Is this the time to buy?  Surely there's another recession fast approaching.  You may be buying at the top of the market.  If you wait you should be able to pick up bargains.

It's an ill wind that blows nobody any good
It is no coincidence that in no known language does the phrase 'As pretty as an Airport' appear. Douglas Adams
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Algarveaddick View Drop Down
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Post Options Post Options   Thanks (3) Thanks(3)   Quote Algarveaddick Quote  Post ReplyReply Direct Link To This Post Posted: 07/August/2020 at 13:21
Rule 1) Do not buy off plan
Rule 2) Do not listen to an estate agent who only shows you new builds
Rule 3) Get an independent solicitor, do not use the one the estate agent recommends, or let the agent do all the paperwork (as they are allowed to over here) in order to save a few hundred euros.  
Go away Duchatalet
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Richardk View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Richardk Quote  Post ReplyReply Direct Link To This Post Posted: 07/August/2020 at 14:07
I'll second that.
Dont put it off- if you find something you like and it all checks out buy it
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Jayjan View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jayjan Quote  Post ReplyReply Direct Link To This Post Posted: 07/August/2020 at 23:08
Excellent advice from Algarveaddick when buying a property, stick to that and you won't go far wrong.
 BTW rule 3 as AA says  is an absolute  must,  make sure you get your own independant lawyer who works for you and  your best interests. mmmm saying that finding a good one can be a problem. Maybe some members can recommend ones that can be trusted to do an honest job for you.
Polli the dancing cat strikes again.
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Post Options Post Options   Thanks (2) Thanks(2)   Quote cubsur Quote  Post ReplyReply Direct Link To This Post Posted: 08/August/2020 at 09:18
Sound advice above. Do check the ownershop situation carefully. Some complexes are owned by a kind of holding company, some are 'owned' by the residents and administered by a management company appointed by the resident's AGM. This is all set out in law for everyone's protection.

I also will suggest visting the apartment block at night. That way you may get a better idea of whether there are noisy neighbours, barking dogs, busy night-time traffic, a night-club nexxt door etc etc.
Albufeira Resident

www.algarvebus.info public transport information for the Algarve
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tonisdad View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote tonisdad Quote  Post ReplyReply Direct Link To This Post Posted: 08/August/2020 at 20:06
Originally posted by Zozo Zozo wrote:

Also, my mum is saying we should wait and see how things go.

Just my opinion which means nothing.
I think your Mum is wise. 
Would not think the pound will go much lower against Euro after all it has had Brexit thrown at it. Had, if the numbers are believed, the worst kicking from Corona.
Looking at things the virus is not going to be going anywhere fast, fresh outbreaks all over Europe which may continue for a long time yet, hopefully not but. 
A lot of people who rely on the rental income especially high summer rental to pay the mortgage are going to be feeling the pinch. People who were maybe contemplating buying from UK France as well as Portugal and elsewhere may not be now in a position to do so.
All in all I do not think property prices are going to be surging forward anytime soon.
And Mum always knows best LOL.
Good luck whatever you decide.
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Jayjan View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jayjan Quote  Post ReplyReply Direct Link To This Post Posted: 08/August/2020 at 23:51
Well said tonisdad in these uncertain times . Personally I think this unfortunate  sh*te  is gonna be with us for a long while  and will affect everything you said  regarding buying property or  even owning it. Hold fire and see what the future brings.
Polli the dancing cat strikes again.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote laura75 Quote  Post ReplyReply Direct Link To This Post Posted: 09/August/2020 at 10:01
We went to Alvor in Feb on a viewing trip and bought an apartment. We had the opportunity to pull out when the world shut down - but we decided to go ahead. We haven’t yet been able to visit for obvious reasons. We have had work done, have had copious amounts of furniture delivered etc and not for a second do I regret it. On tenterhooks awaiting Boris’ next announcement but whatever happens we’ll get there eventually to our own slice of heaven. If it what you want, go for it. Good luck
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pyrman View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pyrman Quote  Post ReplyReply Direct Link To This Post Posted: 09/August/2020 at 11:47
No-one I know in any serious position thinks the pound will `rise` again ... the writing has been on the wall for some time ... we had the chance to join the euro at 1.65 when it came in, but ever since the european currency has come up trumps. Several years ago I said on this forum that it should be around 1.10 (proper value) ... but now we are out in cold that is untenable .. 1.00 would be good ..
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Gazza View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Gazza Quote  Post ReplyReply Direct Link To This Post Posted: 09/August/2020 at 12:20
No-one I know in any serious position thinks the pound will `rise` again ... the writing has been on the wall for some time ... we had the chance to join the euro at 1.65 when it came in, but ever since the european currency has come up trumps. Several years ago I said on this forum that it should be around 1.10 (proper value) ... but now we are out in cold that is untenable .. 1.00 would be good ..

Agree, the pound could well fall below the euro after brexit is done and dusted. A far cry from 2002 when I was getting €1.52 for £1
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Richardk View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Richardk Quote  Post ReplyReply Direct Link To This Post Posted: 09/August/2020 at 12:24
Decent property will always hold its value at the minimum ( ok might dip short term) but more likely go up so if you have funds to buy and see something you like buy it.
Its rarely best to delay because as you do delay it becomes I wish I had done it
Life is too short for 'if only I had done it'
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