This retired couple left the US and bought a home in Portugal for $534,000 — here’s the inside
In 2015, my wife Noki, daughter Evie and I were holiday to Lisbon, Portugal. We immediately fell in love with the beautiful weather, the rumble of cable cars, and the friendliest people we’ve ever met while traveling.
We were living near Washington DC at the time, I retired early in my 40s from a legal profession, and while Nokia worked as a nurse, We also have a portfolio that pays enough dividends to live on.
That means we can afford to take a sabbatical – and Lisbon seems like a promising possibility.
How we found our apartment in Lisbon, Portugal
With just two days to go before our vacation, we started planning our move. Our Airbnb owner connected us to a real estate agent and we booked a few apartments to tour during our trip.
After looking at a few spaces, we decided we wanted a fixed window above to get more space for our money. We only plan to live in Portugal for about two years, so finding the “perfect” home wasn’t too important to us.
The family’s search ended with a two-bedroom, 1,300-square-foot apartment in Barrio Alto, a neighborhood known for its great nightlife.
Photo: João Esteves for CNBC Make It
We must have looked at over 100 apartments online. When Nokia and Evie returned to the US, I stayed to watch more places live.
The search finally ended with a two-bedroom, 1,300-square-foot apartment in Barrio Alto, a neighborhood known for its great nightlife. As I left the place, I noticed a brick on the wall with a quote by Fernando Pessoa, a Portuguese poet, that read: “I don’t know what tomorrow will bring.”
Those words were like an invitation to welcome me and my family with open arms to a new adventure.
Alex said: “In theory, this apartment was not my first choice. “But I’ve learned that taking the leap for something that gives you joy, even when feeling uncertain, is worth it.”
Photo: João Esteves for CNBC Make It
The real estate agent and I sat at a coffee shop and negotiated with the owner back and forth via text message. When the deal was done, we set a purchase price of $533,554 (excluding brokerage commissions and taxes).
We passed the first 10% down payment to the owner, which was a bit annoying because there was no credit check and limited due diligence. Everything was agreed through the handshake.
We took out a new home loan in Washington, DC for $600,000, and paid the rest of the Lisbon apartment in cash.
“The gardens and courtyard surrounding the building drew me into the space,” says Alex.
Photo: João Esteves for CNBC Make It
We keep our home in the US fully furnished and rent it out to subsidize our housing costs in both countries. And after Evie finished secondary school in 2015, we moved to Portugal with six check bags and a blank board.
Currently, our monthly housing costs in Lisbon are:
- Property Tax: $50
- Maintenance fee: 400 dollars
- Electricity: $225
- Water: $23
- Wi-Fi and cell phones: $91
total: $789
Living in history: Inside our Lisbon apartment
The common areas of the building are covered with historic blue and white tiles, or “azulejos” in Portuguese.
Photo: João Esteves for CNBC Make It
Our apartment is located in one of the oldest intact buildings in Lisbon: the Convento dos Inglesinhos, a walled complex, a converted church and convents.
Inside the 400-year-old building are historic blue and white tiled common areas that date back 100 years.
It was a brick engraved with a quote by poet Fernando Pessoa that convinced Alex to “take a leap of faith” and make an offer to buy the apartment.
Photo: João Esteves for CNBC Make It
When you walk into our apartment, you can immediately understand why our building was able to survive the great Lisbon earthquake of 1755. The solid stone walls are nearly 4 feet thick at one point. number of places!
The loft-like living and dining space is where we spend most of our time drinking coffee, taking online classes, and dining together. Windows overlook a walled courtyard with olive trees.
The family’s combined living and dining room welcomes guests with plenty of natural light and a minimalist design.
Photo: João Esteves for CNBC Make It
We keep the finished space sparse. After moving from a large house to an apartment, we discovered that we only needed a small amount of furniture to feel comfortable.
At one end of the main room is the kitchen, which we renovated in 2017 to add a push-door cabinet and refrigerator that our two 20-pound cats couldn’t open. Running the length of our kitchen wall is a long spice rack, which helps us cook different dishes.
We have spent about $200,000 over the past seven years renovating, redoing our floors, and installing cabinets and closets throughout the apartment.
“We designed the remodeled kitchen around our vibrant spice rack,” says Alex.
Photo: João Esteves for CNBC Make It
At the other end of the apartment is our bedroom. We shared the bathroom in the hallway, which has a washer and dryer, with our daughter Evie.
Alex’s daughter Evie’s bedroom is at the end of the hallway, providing plenty of privacy.
Photo: João Esteves for CNBC Make It
And beyond that is her bedroom.
Find a community in Portugal
On paper, this apartment is not my first choice. I don’t know the country or the neighborhood very well, and refinancing our home in the US to buy an apartment abroad was a risky move for us.
But I’ve learned that taking the leap for something that brings you joy, even when feeling uncertain, is worth it.
Alex and Noki spend their time in the shared garden drinking, hanging out with the neighbors, and enjoying the views of the Tejo River.
Photo: João Esteves for CNBC Make It
My father and stepmother passed away during my first year of law school.
Since then, I’ve always tried to realize how life sometimes puts magical opportunities in your way and it’s better to keep an open mind – especially since we often You don’t get a second chance in life.
What I love most about Portugal is its welcoming and gentle culture. Every night, Noki and I go to the common garden to have a glass of wine with our neighbors. As we enjoy the cool breezes and watch the sun go down, I remember how lucky and blessed we were.
Now that we have dual Portuguese citizenship, we have no plans to leave.
*Prices in this story are based on conversion rates between US Dollars and Euros.
Alex Trias is a retired lawyer. He has lived in Portugal with his wife and daughter since 2015. He is the author of the “Investment Pancakes” series of books about SeekingAlpha.comwhere he writes about tax planning, investing, retiring early and where to find the best meals in Lisbon.
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