Frequently Asked Questions
When house hunting in the Algarve, certain questions come up and we’ve answered the favourites here. If you have a question we have not covered, please email info@a1-algarve.comand we will get you the information you need.
Why are so many property details of such poor quality?
Why do agents not listen when I tell them what I want?
Why have so many properties been on the market for such a long time?
Can I move in or rent before I buy?
How do I get at proper financial information for a commercial property?
Why is my property not selling?
Can I buy or sell a property privately without an agent?
I have a question that you haven’t listed
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Why are so many property details of such poor quality?
Vendors instruct multiple agencies on a winner-takes-all basis. A fact that certainly tips the balance against motivating the agents to work well. Poor quality details may be delivered by low expectations in a relatively young market.
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Why do agents not listen when I tell them what I want?
It’s certainly most irritating when told by your agent that you’d need to compromise when you didn’t make an offer to buy the first house he shows you. He might even dare to say that you didn’t understand the local market, that you didn’t know what you wanted, or what you could afford.
A decent agent will try to listen to your every desire. A poor agent will ignore it. You might want to start with an extensive wish list. A buyer has reasonable expectations. An agent, then has the choice to either continue with promoting a property that is ‘less-than’, or take you to the only property that ‘ticks all the boxes’.
If your wish list overwhelms your budget, an agent should tell you so. You might not be able to get all that, at this time, in this area, for that amount of money. Test this with a second agent to ensure the first isn’t just short of choice. If two agents tell you the same, it’s probably true.
Prioritise your wish list and point out all considerations that really are not negotiable. What is your motivation? To get a deal? To tick all the boxes?
Many people choose a property because it feels right notwithstanding the wish list. The list is a great start in ruling out the inadequate, but it shouldn’t rule the world. We have experienced many buyers in the past who bought property with us that absolutely did not meet their wish list. Therefore, a good agent will get creative and takes a chance on viewing a property that you might like, yet does not seem fitting your wish list. This is different to a poor agent who insists on showing tenaciously unsuitable properties.
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Why have so many properties been on the market for such a long time?
Property can linger in the Algarve. Some really marvellous properties that appear conspicuous, well renovated, set in a superb location and fairly priced, amaze us by not darting off the books. Au contraire, we’ve had listings for months with very little interest and suddenly it takes off for no explicit reason and several clients want to view it in one week.
Generally, the Algarve property market is a young market and is based on luxurious needs. A second or third home are not a necessity but a desire. Also, the market is quite flooded with property, and the buyer has a vast choice. Furthermore, there is currently insufficient economic confidence so buyers take longer than usual to commit.
Of course some properties are frankly over-priced or just badly presented.
In any case, a local expert will enlighten you. A generous reduction on an overpriced property may not be a great deal. Whereas a realistically priced property should not need to be negotiated further. Buyers who commit, when paired with a skilful local expert, to a realistic seller complete a reciprocally gratifying deal.
Can I move in or rent before I buy?
In principle you could, provided the seller agrees. But the arrangement should be written up by your lawyer. However, we have seen situations where buyer and seller get upset with each other before the purchase completed and the sale fell through. Please bear in mind, you take the biggest risk if you enter into private arrangements in this regard!
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Why is my property not selling?
Connect with us for a marketing analysis, or to discuss our home staging suggestions .
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I have a question that you haven’t listed
Please email info@a1-algarve.comand we will get you the information you need.
