Buying versus Long Term letting?
Printed From: Albufeira.com
Category: Living in Albufeira / Viver em Albufeira
Forum Name: Algarve Foreign Residents / Residentes Estrangeiros
Forum Description: Meeting Point / Ponto de Encontro
URL: https://albufeira.com/forum/forum_posts.asp?TID=9239
Printed Date: 27/December/2024 at 00:57
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Topic: Buying versus Long Term letting?
Posted By: bmadd
Subject: Buying versus Long Term letting?
Date Posted: 22/December/2015 at 18:12
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We've been coming to Albufeira for many years and have always talked about long term aspirations for retirement. In your experience (and I know there will be a few opinions) is it better to buy or rent long term? Initially we would only be coming our 5 or 6 weeks a year but as we get older and cut back on work this would increase, eventually hoping to spend most of out time there. A 1/2 bed apartment would be all we need, I'm only doing some initial research here but know from following your forums for many years that the advice on here is sound and would certainly provide food for thought. Thanks in advance. B
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Replies:
Posted By: cheekygirl
Date Posted: 23/December/2015 at 06:05
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Hi Billy, this is something I would like to find out. We had a property in Albufeira but had to sell, now I am interested in long term rental. ------------- Loving it in the sun |
Posted By: cubsur
Date Posted: 23/December/2015 at 13:33
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I think a good bet is to contact an estate agent. They will have properties on their books that they cannot sell that may be available. It's quite unusual to see properties openly advertised for long term rental. Obviously owners can make far more money with short term rentals to tourists. There is also the matter of not wanting to declare rental income to the tax man. The REMAX agency, one of the largest, has just one 2 bed apartment and two x 1 beds for rent and the 2 bed one is in the middle of nowhere to the east of town. There are 2 bed apartments for sale for as little as €70,000 - one just up the road from me went for that price not long ago. Why not have a prowl around the sites listed at http://www.albufeira.com/real-estate-agents" rel="nofollow - http://www.albufeira.com/real-estate-agents and see what's on offer? ------------- Albufeira Resident www.algarvebus.info public transport information for the Algarve |
Posted By: bmadd
Date Posted: 24/December/2015 at 08:24
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Thanks Cubsar. Food for thought, and this gives me a good reference point. I'd like the property (should we buy) to realize some return from rental whilst we are not staying. Would you say renting out is easy or difficult, or does it really depend on the property itself and it's location?
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Posted By: cubsur
Date Posted: 24/December/2015 at 09:48
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Renting for tourist use does require you to comply with various rules and regulations to get a licence and also to declare earnings for tax. There are other regulars here who do just that and will give you a better heads up on that than I can. Equally there are I am sure others who only rent out by word of mouth to friends and relatives. ------------- Albufeira Resident www.algarvebus.info public transport information for the Algarve |
Posted By: pyrman
Date Posted: 24/December/2015 at 12:07
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Helena Dias, who owns 3-Sports Bar just off strip or Estrada Sta Eulalia next to Cockerel Country Kitchen (rua Alex Herculano) is an estate agent ... part Irish ... I`m sure she`d help. http://residences-portugal.com/en/agents/helena-dias-en/ ------------- Pyrman |