How to Rent Your Property Long Term: Part 1
If you are thinking about renting your property out long term then it is worth being aware of the legalities before you start. Firstly you will of course need a NIF number (but you will have already had this before purchasing) and you will also need access to the Portal das Finanças. You will have to create a contract with your new tenant and it is advisable to use a solicitor or lawyer to do this.
In order to set up the contract you will need to know the following information:
- a copy of the tenant’s identification, including the Portuguese fiscal number (NIF)
- amount of rent to be paid per month
- how the rent will be paid, if by bank transfer then your bank details will need to be included
- date for the start of the contract and the end and whether or not it is renewable
- any specific conditions of letting e.g. whether pets are allowed
- whether the utilities e.g. water and electricity will be paid for in the tenant’s name or your own
- whether the property is furnished or unfurnished, if it is furnished then an inventory can be attached to the contract
In part 2 we talk about the costs of renting.
Have you rented a property in Portugal, what were your experiences? Please comment below.