Real estate in Portugal: rent
HomeInPortugalPortugal, with its amazing climate, cultural richness and picturesque coastlines, has become one of the most popular holiday rental destinations in recent years. On the path to economic stability and a comfortable lifestyle in this country, renting real estate is the first step for many. In this article we will tell you about all the nuances of renting residential property in Lisbon.
Why is renting a property in Portugal so attractive?
1. Variety of choices
Whether you're looking for a stylish apartment in Lisbon's historic center, a secluded villa in the Algarve or an oceanfront beachfront home, Portugal offers a variety of rental properties. You will find cozy village houses, modern apartments, and even properties for renovation to give it your own unique charm.
2. Favorable climate
Portugal delights with its mild climate with more than 300 sunny days a year. This is a place where you can enjoy all the benefits of Mediterranean weather - warm summer days and mild winters, making Portugal an attractive year-round rental destination.
3. Hospitable legislation
Portuguese property law provides tenants with strong legal protection. This gives tenants confidence in the security and stability of their home.
4. Convenient location of the country
Portugal is located in the center of Europe and has a well-developed air transport system. You can easily travel around the country and visit other European countries, as well as fly to America.
5. Opportunities for legalization
After legally residing for more than 5 years in Portugal, you have the opportunity to obtain a passport for the country. The Portuguese passport is ranked 3rd in the world ranking, which gives you the opportunity to visit 175 countries without a visa.
Renting real estate in Portugal: step-by-step plan
Renting an apartment in Portugal is quite a labor-intensive process, which is why we decided to share with you a step-by-step plan that will help you rent a home in Portugal:
Step 1: Determine your requirements
- Decide how many rooms you need, what size apartment, requirements for the desired renovation
- Decide on a budget. Assign 2 amounts - one that is desired and the other, the maximum. This will make it easier for you to navigate the real estate market.
- Select the desired location (city, district, proximity to work or study, to the ocean or infrastructure).
Step 2: Search for real estate
- Use online resources and real estate agencies to find apartments that meet your requirements. You can contact us or search for real estate on your own on sites such as Idealista, Olx or Imovirtual
- Decide on the type of rental: long-term (usually 1 year or more) or short-term (tourist or temporary rental).
- Sign up for a tour of the apartments that interest you.
- Pay attention to the condition of the apartment, infrastructure and neighbors. Don’t be afraid to ask the apartment owner or realtor about this. Also check if there is an additional fee for maintaining the house/condominium.
Step 3: Negotiation
- If you like the apartment, start negotiations with the owner or real estate agent regarding the lease, terms and conditions.
- Discuss issues related to rent payment, security deposit and agency commission (if you use their services and have not paid before).
- Once an agreement is reached, prepare to sign the lease. Consult an attorney or realtor to ensure all legal aspects are covered.
- Read the contract carefully before signing to understand all terms and obligations.
Step 4: Deposit and payment
- Before signing the contract, you will likely have to pay a deposit, which is usually one or two monthly payments. This deposit will be used to cover potential loss or damage to the apartment.
- Pay the first month of rent and, if necessary, the agency commission.
And after that, plan your move!
Documents you will need
To rent an apartment in Portugal you will need certain documents. These documents may vary slightly depending on the apartment owner or real estate agency, but generally the following is required:
1. Passport or residence card. You will need a valid passport or residence card. Portugal has strict rules on identity verification when renting properties. Depending on the rental company, you may be able to use your home country's passport or only Portuguese documents.
2. Tax number NIF. It is used for tax registration of rentals.
3. Bank statements or other documents confirming your income. Apartment owners may request your income documents to verify your financial ability to pay rent. These could be income certificates, work contracts or other documents confirming your income, as well as bank statements for the last 6-12 months.
4. Deposit. You'll likely need a deposit, which is usually one or two monthly payments. This deposit will be used to cover any loss or damage to the apartment. However, if you do not have Portuguese documents (residence card or passport), some landlords may ask for 6 or 12 months' payment in advance. You also need to be prepared for this.
5. Lease agreement. Finally, you will need to sign a lease agreement. This document contains all rental conditions, including dates, prices, occupancy rules and other important details.
Make sure that you provide all necessary documents to the apartment owner or real estate agency on time and in full. Preparing all the necessary documents in advance will simplify the rental process and increase your chances of a successful transaction.
Difficulties you may encounter when finding and renting property in Portugal
Renting real estate in Portugal has its own characteristics and nuances that are worth considering if you are considering this option. Here are some of them:
1.Rental season: In Portugal, as in many Southern European countries, the rental season is important. The summer months are often considered the "peak season" for coastal rental properties. Rental prices during these months may be noticeably higher than at other times of the year.
2. Security Deposit: Landlords typically require a security deposit equal to one or two monthly payments. However, some landlords may require payment 6 or 12 months in advance.
3. Unfurnished apartment: Renting unfurnished apartments and houses is very popular in Portugal and if you are moving without it, you may have problems finding one. In any case, you need to be prepared that prices for a fully furnished apartment will be higher.
4. Fiador: This is a guarantor, i.e. a person who guarantees that you can pay the rent. If for some reason you cannot do this, these obligations are transferred to him. And it’s clear that few people agree with such a “pig in a poke.” However, landlords insist on this (although it is always possible to rent an apartment without a fiador), and the fiador must have Portuguese citizenship and practically the same documents that you provide for rent.
5. Seller's market: In Portugal, even if you like the apartment and meet all the conditions, it is not a fact that you will get it. Since the demand for real estate is quite high, the landlord can choose from a large number of people. His decision may be influenced by your solvency or the price indicated above its value, the ability to pay several months in advance, and even the human factor; you may simply not like it.
Given these features, it is important to carefully review the lease agreement and make sure you understand all the terms before signing. In case of doubts or questions, it is better to consult with a realtor or lawyer.
Do you want to rent a property? Our experts are ready to help you with this!
HomeInPortugal is your ideal partner for renting or purchasing luxury and exclusive real estate in Portugal! By choosing us, you not only get access to exclusive properties and investment opportunities, but also a reliable partner who will be with you every step of the way to purchasing luxury real estate in Portugal.
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