If you are considering putting your Algarve property on the market in the near future, there are some important things we’d like to remind you. We think that you will find them useful.
Besides the obvious presentation of your property for viewings - making sure it is clean and clutter-free - today’s clients are more discerning and request a great deal of information. So, the more we know about your property, the better we can promote, filter and target the right clients, securing you a smooth and speedy sale.
You may have the originals from the purchase of your property, or your lawyer may hold them. Check you know the documents you require and have them ready for your agent. These help to give an accurate idea of its value and speed up the listing and advertising of your property. Generally, you will need to provide copies of the following house documents:
- Habitation licence or Pre 1951 licence (Alvará)
- Land Registry (Certidão Registo Predial)
- Tax Documents (Cadernetas Urban/Rustic)
- Valid Energy Certificate or Energy Exemption Certificate
- Property Technical file (Ficha Técnica) for properties built after March 2004
In addition, we recommend you inform your agent about the following:
IMI - your annual Rates, Condominium Fees & Running Costs
Most clients ask early on for these costs, to give them an idea of the property’s overheads. Don’t forget to add cleaning, garden or pool maintenance charges.
Rental Income Figures
If you rent your property through a management agency, or privately, this is a huge selling point – so please give your estate agent an idea of these figures. For customers looking to invest for rental income, this– along with the running costs, is extremely important. Please inform your estate agent when your booking season starts and make sure that potential clients can view - at least during changeover days. It is difficult when the client would like to view, the vendor wishes to sell - but rent, and the real estate agency tries to arrange without upsetting either, or any tenants. There should always be a good compromise for everyone.
Floor Plans & Alterations
Since you purchased the property, internal changes such as: kitchens, bathrooms and minor renovations are generally not a problem. However external changes such as enlarging the footprint of the property, covering/enclosing terraces, installing a pool, building a garage, adding/relocating windows and doors, extending upwards, or laterally should all be applied for and registered with the local council, by submitting a project for approval to proceed (with a habitation licence = Alvará). After completion of the work, this is then updated on the Land Registry/Tax Office documents. Without this, changes cannot give added value to the property (especially in the case of mortgage requests), can affect its status (if it was pre-51), cause serious delays to a purchase and in the ‘worse-case’ scenario, be given an order to remove. External alterations might also cause a delay or possible refusal for the new owner, for an AL (Alojamento Local = rental licence) even if it already had one, before the changes were made. Please provide a copy of your floor plans, so that clients can see the layout and tell us everything you have done.
If you have questions about any of these subjects, require useful information, advice, or recommendations please don’t hesitate to contact us.
You can check the online version of the magazine here: Tomorrow Magazine - July 2021 (Printed Version) (tomorrowalgarve.com)