Source: Freepik Author: Redaction There are several new features in the new licensing simplex , which is due to come into force next March. One of these concerns the technical housing form, which is no longer compulsory , either to be presented or to exist when a purchase and sale contract is signed. Although the aim is to simplify processes , there are concerns associated with the change which, according to Jorge Batista Silva, President of the Order of Notaries, will eventually allow thousands of homes to enter the housing market . However, despite the fact that the technical housing file is not required, the government says that the prior control mechanism will remain in force , in order to prevent irregular or illegal situations. Jorge Batista Silva believes that this will not be enough, as there are many thousands of properties in the country without a license, built illegally and which have never been legalized (in whole or in part). According to Batista Silva, the risks of this exemption from presenting the document could encourage people to buy houses that dont comply with building and safety rules , or compromise the contracting of housing loans, as banks require a license to use the document in order to formalize the loan. Other constraints and risks that families may face are the partial or total demolition of the property if there are complaints from neighbors or if the local authority carries out an inspection, not being able to get loans and losing the down payment given when signing the promissory purchase agreement or even the difficulty in selling the house, which could fall in value because it doesnt have an associated license. On the other hand, the official source from the Ministry states: as mentioned in the preamble of the law, the authorization of use is eliminated when there has been work subject to prior control, replacing this authorization with the mere delivery of documents, without the possibility of rejection, but, of course, maintaining all the powers of supervision during and after the work. It adds, for its part, when there is a change of use without work being subject to control, a prior notice must be submitted with a deadline of 20 days for the municipality to respond, and the application for a use permit is deemed to have been accepted if the municipality does not respond. According to the Secretary of State, and taking into account what was said by the official source of the tutelage, it was necessary to adapt the legal regime relating to the contract for the purchase and sale of property, adapting the requirements of the elements necessary for it , having been eliminated, at the time of signing the contract for the purchase and sale of the property, the display or proof of existence of the housing technical sheet and the use authorization or demonstration of its unenforceability. Related: Architects denounce lapse in licensing simplex
Source: Freepik Author: Redaction In the world of home loans and rental contracts, the role of the guarantor is particularly important, as they undertake to pay off someone elses debts in the event of default . This decision, which requires careful consideration, is subject to various legal nuances that deserve your attention. SUPERCASA Notícias presents a guide to the rights and duties of guarantors, providing a detailed overview of this role. Who can act as guarantor? Usually, guarantors are family members or close friends of those looking to acquire a mortgage or rental contract. Anyone with their own assets or income can take on this responsibility, as these are the resources needed to guarantee the creditor in the event of a payment default. The guarantors rights The guarantors rights, whether in credit or rental contracts, are similar, with the exception of some specifically created to protect the guarantor in housing credit contracts. 1. Benefit of Prior Exception In the event of default, the guarantor is not obliged to settle the debt until the creditor has executed all the debtors assets. However, there are exceptions, such as when the guarantor is identified as the main payer in the contract, or when the debtor does not have sufficient assets. 2. Subrogation to the Creditors Rights The guarantor who settles the debt becomes a creditor of the debtor, reserving the right to demand the amount of the debt he has paid on his behalf. 3. Term benefit Offers the possibility of paying off the debt within the stipulated period. If the debt is paid in instalments, when there is a default, all the remaining monthly payments are also overdue. This means that the debtor loses the benefit of the term and the creditor can demand immediate payment of the total amount owed. Specific rights for credit agreements Since 2018, Decree-Law 74-A/2017 has established additional rules and rights for guarantors in home loan contracts: Must be informed of the main characteristics of the credit; The right to a seven-day cooling-off period to assess everything before the credit agreement is signed. If the debtor defaults and the guarantor is called upon to fulfil their obligations, they can apply to the bank for protection measures that are available to debtors, such as debt restructuring. Is it possible to stop being a guarantor? This obligation can be released in three situations: Payment of the debt; The guarantor ceases to exist; Agreement with the creditor. In specific cases, the law allows the guarantor to demand that the debtor release him from this obligation, or that the debtor provide a bond to guarantee the guarantors eventual right to subrogation if he has to pay the debt. What to look out for Taking on the role of guarantor implies being the financial plan B of a family member or friend. Thats why its crucial to trust the person completely and ensure that they are able to fulfil their financial commitments. It is advisable to continually assess the debtors financial situation and, if difficulties arise, suggest assistance to avoid over-indebtedness. Before accepting responsibility, a careful reading of the contract is essential to understand the rights guaranteed, such as the benefit of prior cancellation or the time limit. In the case of home loans, take advantage of the reflection period to make a considered decision. Want to find out more? Read also: Income support: Fisco confirms payment to all beneficiaries and Find out what the lowest spread is for home loans
Source: SUPERCASA Author: Redaction Weve already told you about the possibilities associated with renovating a property , which you can transform for various purposes. The investment ends up being less than buying a new house, even though it requires a variety of works and transformations to achieve the final product, but it is still the most suitable option for those looking for a house that is totally adapted to their needs. To get started on this project and bring your dream property to life, SUPERCASA has several options available on the market for you to invest in to realise this goal. Discover the unmissable investment opportunities on display at SUPERCASA ! 3 bedroom flat in Setúbal - 159.500€ 3 bedroom semi-detached house in Portimão - 547.500€ 2 bedroom villa in Loulé - 404.000€ 5 bedroom flat in Lisbon - 595.000€ Detached House T8 Duplex in Setúbal - 640.000€ See also: Living by the sea: turn this dream into reality
Source: Freepik Author: Redaction The end of the non-habitual resident (NHR) regime has led to the creation of a stricter incentive for professionals in the innovation and science sectors, as well as a transitional NHR period for foreigners who provide proof that they plan to move to Portugal during 2023. Following these updates, the AT (Tax and Customs Authority) is currently automatically rejecting all NHR applications and only then asking applicants for proof of their eligibility. This is because there are no means of applying the transitional NHR regime provided for in the 2024 State Budget (OE2024). Among the types of proof requested by the AT for proof of eligibility are promissory contracts for the purchase of a house, employment contracts or the enrollment of children in Portuguese schools until October 10, 2023, as well as proof of a rental contract or residence visas valid until December 31, 2023. Foreigners who apply to the NHR regime benefit from a reduced IRS rate of 20% on income from work , including green receipts, however, they may have to wait several months before receiving an answer from the tax authorities. Keep up to date with everything thats happening in Portugal on SUPERCASA News
Source: SUPERCASA Author: Redaction Do you want to buy a house, but idealise a place with a sea view and where you can smell the sea air? SUPERCASA shows you the properties where you can start a happy life in these conditions! From the best prices to the best amenities, discover this weeks selection, prepared especially for sea lovers. 1 bedroom duplex flat in Nazaré - 350.000€ 5 Bedroom Triplex Detached House in Coimbra - 385.000€ 3 bedroom flat in Ericeira - 459.000€ 4 bedroom duplex flat in Ericeira - 1.195.000€ 4+2 bedroom villa in Cascais and Estoril - 1,890,000€ Did you like these suggestions? Also read: Living in Albufeira in winter: discover the advantages
Source: Freepik Author: Redaction In Portugal, families with home loans are paying proportionally more in interest than in any other country in the Eurozone , due to the various interest rate hikes made by the European Central Bank since July 2022. According to a study published by the International Monetary Fund (IMF), from July 2022 to the present day, the increase in mortgage debt servicing for individuals is equivalent to around 1.3% of Gross Domestic Product (GDP). This is the highest effort of the 18 Eurozone countries analyzed. The households least burdened by the ECBs interest adjustment were those in Germany , France and Malta , where the effect of monetary tightening was very close to 0% of GDP, according to the document presented by the IMF. Looking at private loans for house purchase , it can be seen that the proportion of contracts indexed to variable interest rates and the proportion of the population with contracts with banks are very high. In Portugal, when compared to other countries, banks have a much greater ability to pass on interest rate rises to customers via the Euribor and delay passing on these same rises to the return on deposits. Taking all these factors into account, its easy to understand the difficulty experienced by Portuguese families and companies, who are suffering a greater shock in terms of interest rates than in other European economies. Read also: IMF warns of risks of rapid interest rate cuts and Portugals inflation rate below the euro average
Source: Freepik Author: Redaction Source: Freepik Author: Redaction The Algarve continues to stand out in the real estate sector as the choice of international buyers . This southern region is attracting interest from France and Germany, who are not to be outdone either. Albufeira in winter is the ideal option for those betting on coastal real estate in the off-season , and is one of the most popular choices for buyers. SUPERCASA Notícas tells you what you can find in Albufeira and how to experience the Algarve sun on hot days. Why choose Albufeira? Sustainability In November 2018, the International Blue Flag Association awarded Albufeira the ECOXXI green flag award for local sustainability. The award received for the tenth consecutive year marks the municipalitys environmental efforts . If youre looking for a place based on growing sustainability, Albufeira is an option to consider. João Carlos Rolo, mayor, said that the award confirms the municipalitys commitment to investing in infrastructure and resources for environmental sustainability. A winter by the sea Albufeira has long been the destination of choice for people from colder countries when it comes to investing in a second home to escape the coldest days . The beaches and tourist attractions , which in the high season reach capacity, are empty during the winter months, giving you the opportunity to enjoy the beauty of the region. Mild temperatures Although January is the coldest month of the year for many, the average temperature in this region is 12 degrees Celsius. Although there are some cloudy and rainy days, it is very common to have blue skies during the winter , with warm sunshine, despite the wind, which allows locals to go to the beach even in the coldest months. Low tourism During the warmer months, tourism occupancy increases substantially, unlike the first month of the year. This is a key opportunity to explore the beauty of the Old Towns streets . While in the summer the entire Algarve region registers around 1.5 million people, during the winter there are only around 500,000 residents. This factor is particularly noticeable in the city of Albufeira, whose economy lives off tourism, unlike cities like Faro and Portimão, which keep busy thanks to their universities. Cost of living Although the cost of living is generally higher than in other regions of the country, during the winter there is a slight decrease , especially in apartment rents, making it much easier to find affordable housing. A memorable New Year On December 31st, fireworks are joined by an open-air concert to welcome the new year to the city of Albufeira. Are you already convinced by the temperature and the Algarve experience? Take the opportunity to explore some SUPERCASA properties in Albufeira and along the rest of the coast. Looking to discover more Portuguese cities? Read what SUPERCASA News has prepared for you: 4 Portuguese towns receive international distinction and Costa Alentejana: discover what you can visit
Source: Freepik Author: Redaction In recent years there has been a great deal of variation in spreads between the various banks in Portugal, which have progressively lowered their profit margins with this rate in order to be able to compete with each other in attracting customers. What is a spread? The spread is one of the elements that make up the interest rate set individually by each bank on home loans . Simply put, it is the financial institutions profit margin . In order to assign the spread to customers, each bank must examine the risk based on credit history, income, the amount of loan requested and the guarantees provided by the customer , among other factors. Usually, in order to receive a subsidy on the housing spread, financial institutions suggest taking out the following products: Debit card; Credit card; Domiciliation of wages; Life insurance; Multi-risk insurance; Savings products (savings account or retirement savings plans) Offer for 2024 The spreads practiced by the main banks in Portugal at the moment vary between 0.75% and 1.64% . However, depending on the clients profile, some banks offer promotional campaigns in which the spread is reduced for a certain period of time . Its important to remember that the spread isnt the only factor to consider , since even with a low spread, you may have to take out products and services with increased costs , making it necessary to do the math on your portfolio. In the case of credit cards, there will probably be an annual fee. Life and property insurance, on the other hand, may have a lower premium when taken out separately and not directly with the bank. You should therefore carefully analyze all the associated costs in order to understand whether it is really beneficial to obtain a lower spread, as this does not always translate into more affordable credit. Thinking of buying a house? SUPERCASA Notícias advises you to read on: Tips for investing in the real estate market and Discover the weeks favorite apartments
Source: Freepik Author: Redaction A shortage of supply , ever-increasing property prices , inflation and rising interest rates are all examples of affordability pressures leading to greater rental demand across Europe. Investing in single-family homes is the ideal scenario for real estate investors to profit from rental income. Lets take a closer look to understand how portfolios are put together and what the benefits are. What is a single-family home? A single-family home is a type of housing characterized by the aggregation of just one family, such as an apartment , residential building or villa . Usually, when it comes to building a property portfolio, multi-family dwellings are the most sought-after. This type of investment involves buying several single-family units in the same building. This is a simple investment with potential returns, since the real estate investor will own several tenants. The advantages of buying single-family homes have been little explored, mainly because of the difficulty in accessing a portfolio of properties with this type of product. Advantages of single-family home portfolios Its important to keep up with market trends and a portfolio made up of single-family homes is more efficient than one made up of multi-family homes. Lower investment cost As the investment cost is lower , this is an appealing option for real estate investors, due to the speed with which transactions are carried out . The quicker they close the deal, the quicker the return on investment. More investment opportunities The market for multi-family homes is becoming increasingly saturated, unlike single-family homes, which offer a wider range of real estate investment opportunities . Lower costs mean better opportunities. Continuing to invest in your sales strategies is essential to keep moving up in the business, especially if youre just starting out on your real estate journey. Numerous strategies go beyond the marketing strategies already in place. Its important to monitor the market and get to know your client base , so you can quickly identify what works and how youll get the most return. Learn more about strategies for your business: Strategies for analyzing your competition , Organize content and create SEO strategies and How to use AI in your marketing strategies
Source: Freepik Author: Redaction The insurance sectors supervisory body (ASF) has already indicated the update rates for renewals of multi-risk home insurance in the second half of 2024. The value of insured properties is expected to rise by 3.12% compared to the same period last year for buildings and by 3.59% for home contents. As for the Housing and Buildings Contents Index (IRHE) as a whole, the update rate should be 3.26%. Every quarter, the ASF provides information on the values to be updated for insured buildings and home contents. The figures indicated mean a return to inflation levels prior to the start of the invasion of Ukraine. ASF also forecasts a fall in construction and building repair costs of 1.09% in the 2nd quarter of 2024. Multi-risk insurers automatically update the insured capital , unless the insured decides not to, i.e. if they do not want the update to be carried out, they must express their wish. It is important to remember that insurance with outdated capital can worsen the consequences of a claim for the insured , if the proportional rule applies , particularly in cases where the insured capital is lower than the cost of reconstruction or replacement with a new one. Want to know more about insurance? SUPERCASA News suggests it: Compulsory insurance for landlords and tenants and Non-life and general insurance could grow by 6.9% by 2028
Source: Freepik Author: Redaction Portugal is an internationally renowned country, highly sought after for its many assets and attractions. For foreign investors, it is considered a place with enormous investment potential , and for national investors, it is always an opportunity to make the most of its tourist, hotel, real estate and quality of life assets . In the real estate market in particular, it is a country with a number of associated bureaucracies , which you should be aware of if you are thinking of investing. In recent years, the Portuguese government has applied various measures to the real estate market and the housing sector, introducing legislation, mandatory documents and compulsory procedures , which SUPERCASA News will tell you about in this article. What are the fees and taxes associated with Portuguese real estate? One of the great advantages of investing in the Portuguese market is taxation , which is not only much more accessible than in other countries, but can also be beneficial in some situations, with incentives that can facilitate transactions. In the case of the donation and inheritance of real estate, there is, for example, a tax exemption for Portuguese residents , and for those who are non-habitual residents, a special exemption or reduced rate on rent. Calculated on the purchase price of the property, both taxes and other legal fees are borne by the buyer or investor of the property , which include the payment of the property registration and notary fees. The main taxes you may have to pay include: Municipal Property Tax; Municipal Property Transfer Tax; Stamp Duty; Personal Income Tax. What documents are needed when buying a property? Its important to make sure you have all the documents you need to buy a property in Portugal, so that the transaction can be swift. Not only should you have a tax identification number , which you can ask for at a tax office if you are a non-habitual resident, but also proof of address and identity , which you can present in the form of a citizens card or passport. How much can the transaction cost? Although it is a relatively simple process, and you should gather all the necessary documents beforehand , for a foreign investor who is unfamiliar with the market, the procedures may seem complex and time-consuming. In these situations, it is always advisable to hire a real estate agency to help you not only with these legal procedures, but above all to help you find the perfect property for you. A real estate transaction has various costs associated with it and, at the purchase and sale agreement stage, you will have to make a deposit, or down payment, corresponding to 10 or 20% of the total purchase price . This will be one of the first costs you will have to accommodate, but there are others: IMT or VAT; Property tax; Stamp Duty; Deed registration fee; Notary costs; Real estate agency costs; Optionally, if you hire them, lawyers fees; Public service fees Purchase price, i.e. the amount to be paid to the seller of the property you are buying (for which you can apply for a mortgage). Its important to keep all the documents associated with this transaction and to seek advice from specialists in the sector with legal knowledge who can guide you in your specific situation, as each case is unique and has different values associated with it. If you have everything organized and know exactly what you want to invest in, youll make the whole process easier. And if youre looking for great investment opportunities, check out SUPERCASA for the best properties on the market available for purchase.
Source: Freepik Author: Redaction Real estate in Portugal is a diverse and constantly evolving sector, not only in terms of working methods, but also in the type of properties that appear, with different constructions, features and designs that attract investors and those curious about the area. In the Algarve , according to the most recent SUPERCASA Notícias surveys, tree houses are the big trend. Having come to prominence as early as mid-2023, they are now entering 2024 as a major contender in the property market as the most sought-after type of property, especially in a holiday context. Living in a tree house has its particularities, and for many people its a real childhood dream. However, this type of property is much more than a concept from the imagination of children. Its a type of home that can offer its residents more direct contact with nature and purer, more sustainable materials. Did you know this? Follow SUPERCASA and find the perfect property for you!
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