Ideal Homes Portugal Explains How to Buy a Property in Santa Maria 2 in Lagos, South Portugal

Lagos, Portugal, 1 Sep 2021, ZEXPRWIRE, For foreign investors wanting to purchase a property in Portugal, Ideal Homes has eased the process of acquiring a lucrative investment property by negotiating amazing payment terms and a 10% discount on available units.

Originally due to expire on the 1st September, the team have been able to extend the discount only until the 13th September, so for those wanting to buy an apartment in Santa Maria 2, time’s running out.

Since the development launched back in February 2021, over 60 units have already been snapped up by savvy investors wanting to take advantage of not only a great property, but also the amazing ‘4×10’ package on offer.

This includes a 10% deposit, 10% 6 months later and a further 10% 6 months after. So, how to get started?

The first step to buying a property in Santa Maria 2 would be to contact the Ideal Homes team, they’ll be able to provide floor plans, unit information, rental projections and more.

Next, depending on the country origin, would be to set up an account with a foreign exchange company. They’ll be able to negotiate the best deals and even lock in a fantastic exchange rate for the next 5 years so you get the most out of your money.

Once the reservation has been made, investors will be required to put down an initial 10% deposit – an unheard of amount in Portugal. 6 months later, another 10% will be required and after another 6 months, a further 10%, bringing this to a total of 30% across 12 months.

The remaining 70% will be required upon completion of the apartment, but Ideal Homes Portugal can assist with obtaining a mortgage to do this. This means anyone investing will only need the initial 30% with the rest financed from the bank and with amazing interest rates from as low as 0.873%, it’s a no brainer.

For example, there is a two bedroom apartment for sale at 500,000€, with the 10% discount this would be 450,000€. Here’s an example of a mortgage taken over 40 years:

Property Value: 450,000€

30% Down Payment: 135,000€

Principal: 315,000€

Interest Rates: 0.873%

Payment per month: 777.72€

From here, the Ideal Homes Aftersales team can assist with furniture packages, obtaining an AL license if it’s going to be used for holiday rentals, making sure everything follows the health and safety guidelines and they’ll also manage the holiday rentals themselves.

A standard two bedroom apartment for 500,000€ in this development would look to rent for 1600€ per week during the high season and 800€ during the low season. If the property was rented for the full 13 weeks of the high season, this would equal the amount of 20,800€ in bookings before taxes.

For anyone wanting to rent all year round, you could be looking at anything from 40,000€ per year in bookings. As Lagos is still a top destination within the Algarve for tourism, prices could look to rise in upcoming years so the return on investment could be even higher.

So, all you need to do today is contact the team at Ideal Homes Portugal and find out why this is an offer you don’t want to miss out on.