What to Verify Before Buying
Comporta, with its pristine beaches and natural beauty, has become an attractive destination for real estate investment, especially in the realm of tourist resorts. Before you decide to purchase a property in one of these resorts, it's crucial to conduct thorough due diligence to ensure a smooth and secure investment. Here are some key factors to check before making that significant decision:
Spatia Melides villa under construction
Valid Licenses for Construction and Operation
Ensure that the tourist resort has valid licenses for both construction and operation. This information can be obtained from the City Council (Câmara Municipal) where the development is situated. Valid licenses are essential to guarantee that the resort complies with local regulations and standards.
Spatia Comporta hotel rooms
Approved Constitutive Deed
Check for the existence of an approved constitutive deed, duly registered at a Land Registry Office and with Turismo de Portugal, I.P. This deed outlines the legal framework of the resort and its compliance with national tourism regulations.
Developer-Owned Rooms for Rent
Explore whether the developer is managing rooms for rent within the resort. This approach provides several advantages, such as maintaining a consistent level of occupancy. Unlike relying solely on individual unit owners to manage rentals, the developer's involvement can ensure a professional and streamlined process, contributing to the financial stability of the entire project.
Budget and Clear Condominium Plans
Request a detailed budget for the first year of operation, particularly focusing on how the developer plans to manage and maintain the common areas. Clear condominium plans, especially when developer-owned rooms not involved, are essential to avoid potential conflicts among unit owners.
Cabanas - hotel rooms in Spatia Comporta
Developer's Track Record
Investigate the developer's portfolio by reviewing other projects they have undertaken. Examine the quality of finishes, check for any delays in completion, and seek feedback from existing buyers to gain insights into their experiences.
Bank Guarantee for Payments
During the pre-construction phase, request a bank guarantee for any payments made. This adds an extra layer of security, especially when the construction has not yet commenced. A bank guarantee ensures that your funds are protected in case the developer fails to initiate the building process.
Financial Stability of the Developer
Opt for developers with a solid financial standing and no outstanding loans. Construction loans can pose risks, as a downturn in sales may lead to financial instability and potential bankruptcy. Choosing a financially stable developer reduces the likelihood of project disruptions and assures a smoother investment journey.
Ask Your Lawyer
Before finalizing any property purchase, consult with a qualified real estate lawyer. Inquire about the worst-case scenarios they have encountered in their experience with similar projects. Legal professionals can provide invaluable insights into potential legal challenges or complications that may arise during or after the investment.
Kitchen in Spatia Melides
Investing in a property within the tourist resort of Comporta can be a rewarding endeavor, but it requires careful consideration and due diligence. By confirming the validity of licenses, assessing the developer's track record, and securing necessary guarantees, you can mitigate risks and ensure a secure and prosperous real estate investment in this idyllic coastal region.
For further information on owning a Residence at Spatia Melides please contact our Residences team at sales@spatiaresidences.com / +351 96 380 67 26 or fill the form below: