This retired couple left the U.S. and purchased a house in Portugal for $534,000—here is a glance inside

In 2015, my spouse Noki, daughter Evie and I took a trip to Lisbon, Portugal. We instantly fell in love with the attractive climate, the rattle of cable vehicles, and probably the most welcoming folks that we might ever met whereas touring.

On the time, we have been residing close to Washington D.C. I might retired early in my 40s from a authorized profession, and whereas Noki labored as a nurse, we additionally had an funding portfolio that paid out sufficient dividends to stay on.

That meant we might afford to take a sabbatical — and Lisbon appeared like a promising risk.

Simply two days into our trip, we began planning to maneuver. The proprietor of our Airbnb linked us with an actual property agent, and we booked just a few condo to tour throughout our journey.

After just a few areas, we determined we needed a fixer-upper to get extra sq. footage for our cash. We have been solely planning to stay in Portugal for about two years, so discovering the “good” house wasn’t that vital to us.

We should have checked out greater than 100 residences on-line. When Noki and Evie returned to the U.S., I stayed behind to view extra locations in individual.

The search lastly ended with a two-bedroom, 1,300-square-foot condo in Barrio Alto, a neighborhood recognized for its nice nightlife. As I left the place, I observed a tile on the wall with an engraved quote from Fernando Pessoa, a Portuguese poet, that learn: “I do know not what tomorrow will carry.” 

These phrases felt like an invite welcoming me and my household with open arms to a brand new journey.

My realtor and I sat at a restaurant and negotiated backwards and forwards with the proprietor through textual content message. When the deal was completed, we landed on a purchase order value of a $533,554 (not together with brokerage fee and taxes).

We wired the primary 10% down fee to the proprietor, which was a bit unnerving as a result of there have been no credit score checks and restricted due diligence. All the pieces was agreed through handshake.

We took out a brand new mortgage on our Washington, D.C. house that gave us $600,000, and paid for the remainder of the Lisbon condo in money.

We stored our U.S. house absolutely furnished and rented it out to subsidize our housing prices in each international locations. And after Evie completed center faculty in 2015, we moved to Portugal with six checked luggage and a clean slate.

At present, our month-to-month housing prices in Lisbon are:

• Property taxes: $50
• Upkeep charges: $400
• Electrical energy: $225
• Water: $23
• Wi-Fi and cell telephones: $91

Whole: $789

Our condo is situated in one of many oldest intact buildings in Lisbon: the Convento dos Inglesinhos, a walled complicated of gardens, a church, and transformed cloisters.

Contained in the 400-year-old constructing are widespread areas lined in historic blue and white tiles that date again 100 years.

If you stroll into our condo, you’ll be able to instantly recognize why our constructing was capable of survive Lisbon’s nice earthquake of 1755. The stable stone partitions are practically 4 ft thick in some locations!

The loft-like residing and eating room house is the place we spend most of our time ingesting espresso, taking on-line lessons and consuming meals collectively. The home windows look down onto a walled courtyard with olive timber.

We preserve the house sparsely completed. After transferring from a big home to an condo, we found that we solely want a small quantity of furnishings to really feel snug.

At one finish of the primary room is the kitchen, which we renovated in 2017 so as to add cabinetry and a push-door fridge that our two 20-pound cats cannot open. Working the size of our kitchen wall is an extended spice rack, which helps us prepare dinner throughout totally different cuisines. 

We spent roughly $200,000 over the previous seven years on renovations, redoing our flooring, and putting in cabinetry and closets all through the condo. 

On the different finish of the condo is our bed room. We share the lavatory down the corridor, which has a washer and dryer, with our daughter Evie.

And additional on is her bed room.

On paper, this condo would not have been my first alternative. I did not know the nation or the neighborhood properly, and refinancing our house within the U.S. to purchase an condo out of the country was a dangerous step for us.

However I’ve realized that taking the leap for one thing that brings you pleasure, even when it feels unsure, is price it.

My father and stepmother handed away throughout my first yr of legislation faculty.

Since then, I’ve at all times tried to acknowledge how life generally locations wondrous alternatives in your path, and that it is good to maintain an open thoughts — particularly as a result of we frequently do not get second probabilities in life.

What I like most about Portugal is its welcoming and mild tradition. Each evening, Noki and I head to the communal backyard for a glass of wine with our neighbors. As we benefit from the cool breezes and watch the solar set, I’m reminded of how blessed and lucky we’re.

Now that we have attained twin Portuguese citizenship, we’ve got no plans to depart.

*Costs on this story are calculated based mostly on conversion charges between the U.S. greenback and Euro.

Alex Trias is a retired lawyer. He and his spouse and daughter have lived in Portugal since 2015. He’s the writer of the “Funding Pancake” collection on SeekingAlpha.com, the place he writes about tax planning, investing, early retirement, and the place to seek out the very best meals in Lisbon.

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