Nancy, thanks for your comment. One of the benefits of a multi year lease is the assurance that the rent won't dramatically increase and if for some reason, you want to leave, you're only obliged to fulfill 1/3 of the contract. Of course, it helps if you know the area; or if you've hired a reputable realtor or relocation expert like Olivia who knows the area and can provide the pros and cons. - CW
Though I agree that unexpected rent increases may occur after a 1 year lease, I think locking into a 3 or 5 year lease could be problematic. Most of us haven’t spent enough time in a PT community to really know it. You may have unexpected street noice or just hate the neighborhood. Unless. Know the area very, very well I would stick to a one year lease initially.
you always provide an interesting read. it's been an interesting and positive move for us to santa fe. just about a year since our time in portugal. think about you guys often! sending best...
Hi Carol. Very informative post. I think you covered all the critical points for someone looking to move here. Two additional thoughts on leases and rents: 1. Leases will often be presented in both Portuguese and English. This is helpful when you're trying to understand the details. 2. In leases longer than one year, rents can increase, but only by an amount set by the government. Last year the increase was capped at 2%. One problem this year is that the government hasn't set a new rate yet for 2024. We're holding our breath, hoping for another low percentage increase.
Thank you for this valuable information! Truly a very informative read! You are always a terrific resource and I ALWAYS enjoy it!
Nancy, thanks for your comment. One of the benefits of a multi year lease is the assurance that the rent won't dramatically increase and if for some reason, you want to leave, you're only obliged to fulfill 1/3 of the contract. Of course, it helps if you know the area; or if you've hired a reputable realtor or relocation expert like Olivia who knows the area and can provide the pros and cons. - CW
Though I agree that unexpected rent increases may occur after a 1 year lease, I think locking into a 3 or 5 year lease could be problematic. Most of us haven’t spent enough time in a PT community to really know it. You may have unexpected street noice or just hate the neighborhood. Unless. Know the area very, very well I would stick to a one year lease initially.
you always provide an interesting read. it's been an interesting and positive move for us to santa fe. just about a year since our time in portugal. think about you guys often! sending best...
Hi Carol. Very informative post. I think you covered all the critical points for someone looking to move here. Two additional thoughts on leases and rents: 1. Leases will often be presented in both Portuguese and English. This is helpful when you're trying to understand the details. 2. In leases longer than one year, rents can increase, but only by an amount set by the government. Last year the increase was capped at 2%. One problem this year is that the government hasn't set a new rate yet for 2024. We're holding our breath, hoping for another low percentage increase.
Hello Mike,
Thanks for your comment. You make a couple of good points. As always I appreciate your input! - CW