Buying a house is one of the most important financial decisions in life. To ensure that the entire process goes smoothly, it is essential to know each step - from analyzing your needs to signing the deed. We will see the essential steps you should know.

Define your needs and preferences.

Before starting the search, it is essential to identify what you really want in a property:

Location: Proximity to work, schools, public transportation, essential services, and recreational areas.

Property features: Number of bedrooms, presence of garage or balcony, conservation status, solar orientation, and appreciation potential.

This analysis will help focus research and make more informed decisions.

Begin searching for the property.

With the preferences defined, you can start searching for properties that fit your criteria. Use online platforms, real estate agencies, or specialized consultants to find suitable options. Also consider adjusting your expectations if the market does not offer exactly what you are looking for.

3. Visit Properties: Precautions to Take

During the visits, pay attention to several aspects that can influence your decision: https://www.poupancanominuto.com/artigos/imobiliario/5-cuidados-que-deve-ter-ao-visitar-um-imovel

Conservation state: Check the floor, walls, and ceilings for signs of humidity, cracks, or other damages.

Evaluate the amount of natural light entering the property, as it affects comfort and can indicate humidity problems.

Noises: Be attentive to noises from the outside or from neighbors, especially at different times of the day;

Proximity to services: Confirm the existence of supermarkets, pharmacies, schools, and transportation nearby;

Support network: Consider the distance from family and friends, especially if you anticipate needing support in the future.

Future plans: Think about your medium and long-term needs, such as expanding your family or adopting pets.

Purchase and Sale Promise Agreement (CPCV)

After choosing the property, it is common to celebrate a CPCV, which formalizes the commitment between buyer and seller until the deed. This contract includes:

Identification of the parties: Name, address, marital status, and taxpayer number.

Property description: Location, type, registration number and property information.

Acquisition value and down payment: Total amount and value paid as down payment, generally between 10% and 20%;

Deadlines: Scheduled date for writing and sanctions in case of non-compliance.

The Civil Code of Procedure protects both parties: if the buyer withdraws, they may lose the deposit; if the seller withdraws, they may have to return double the deposit received.

Consider the property reservation.

In some cases, it may be advantageous to make a reservation of the property before signing the CPCV. The reservation is a preliminary agreement that demonstrates interest in the purchase and may include the payment of a symbolic amount. This step offers additional time to organize financing or carry out inspections, ensuring that the property is not sold to another buyer during this period.

Conduct a real estate inspection.

Before formalizing the purchase, it is recommended to perform a real estate inspection to evaluate the property's conservation status. This technical process allows for the identification of anomalies, deficiencies, and safety conditions, ensuring that the investment is made with full knowledge of the property conditions. The inspection covers the analysis of the facade, electrical and plumbing systems, insulation, among other aspects. (Source: www.poupancanominuto.com)

7. Move forward with the purchase proposal.

After selecting the desired property, it is time to submit a purchase proposal. This step should be carefully considered, taking into account the market value and the conditions of the property. It is advisable to formalize the proposal in writing, detailing the offered amount and any specific conditions. If accepted, the Celebration of the Promise of Purchase and Sale Contract (CPCV) follows.

Understand the writing.

The deed is the legal act that formalizes the transfer of property ownership. This process takes place in the presence of a notary or legal representative and requires the presentation of various documents, such as identification of the parties, land registry certificate, property tax booklet, among others. During the deed, taxes such as the Municipal Property Transfer Tax (IMT) and Stamp Duty are paid.

Change address after purchase.

After writing, it is necessary to update your tax address on official documents. This process can be done online through the Citizen Portal, automatically updating the information in Records, Finance, Social Security, National Health Service, and Electoral Registration.

Understand the Tax Valuation of Property (VPT)

The VPT is the value assigned by the Tax Authority to the property for tax purposes, influencing the calculation of taxes such as IMI. This value is determined based on various factors, including location, area, quality of construction, and coefficient of affectation. Understanding the VPT is essential to anticipate the tax liabilities associated with property ownership.

11. Know the warranty of used properties.

When acquiring a used property, it is important to be aware of the legal guarantee that protects you against hidden defects. In Portugal, this guarantee lasts for five years from the date of purchase. During this period, the buyer can demand repairs or compensation if problems that were not identified at the time of acquisition arise. [Link to more information](https://www.poupancanominuto.com/artigos/imobiliario/comprou-uma-casa-ha-menos-de-10-anos-conheca-a-garantia-de-imoveis-usados)

Prepare for future eventualities.

It is wise to consider future scenarios, such as the death of one of the owners. In this case, the part of the property belonging to the deceased will be passed on to the legal heirs, as stipulated in the Civil Code. If the property is associated with a housing loan, the life insurance taken out at the time of the loan may cover the outstanding balance, avoiding additional charges for the heirs.

By following these steps and considering all aspects involved, you will be better prepared to make an informed and safe home purchase. For additional support, consider consulting specialized professionals who can guide you throughout the process, such as the agents from Poupança no Minuto!

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