Income Producing 10 bedroom B and B for sale with countryside view in Lagoa e Carvoeiro, Algarve

1,295,000 EUR 1,113,700 GBP 1,398,600 USD

Reference: 244183

Bedrooms: 10
Bathrooms: 8
Floor Size: 317 m2
Plot Size: 0.42 hectares / 1.04 acres

Features

Balcony
Terrace
Garden
Private Pool
Golf Resort or Nearby
Air Conditioning
Fireplace
Potential for Income
Rentable Accommodation
Countryside View

Details

Enjoying far reaching panoramic views from its ideal location near the beach and all amenities in Lagoa e Carvoeiro, is this stunning
10 bedroom Bed and Breakfast nestling in over an acre of beautiful landscaped gardens with expansive pool.

This exquisite property features several outdoor leisure areas where one can enjoy the tranquilly and peace of the gardens and the natural beauty of the outdoors.

There are six bedrooms on the ground floor, each with a private bathroom and air conditioning for the guests.

The rooms also feature a small outdoor space where guests can appreciate the good weather of the Algarve region. In addition to a comfortable breakfast area with a fireplace and a fully-equipped kitchen on the ground floor, there is also a laundry room and the reception.

On the first floor, there is a two-bedroom apartment with a WC and a balcony overlooking the property and it's pool and surrounding garden.

There is an additional apartment on the first floor with two bedrooms, a WC, and a private garden area.

This property is close to Carvoeiro beach, known for its cliffs and an excellent tourism destination, as well as a number of golf courses. The centre of Lagoa, where all the local utilities, such as supermarkets, restaurants, and pharmacies, are located, is a 10 to 15 minute walk away, and one hour from Faro International Airport.

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Portugal Property Buying Guide

1. Signing a Letter of Intent

On finding a property you wish to purchase, your agent will draw up a 'Letter of Intent, this will be signed by both parties, vendor and buyer. Copies of this will be given to the legal representatives of both parties and will be used in preparing the Promissory Contract. Included in this letter will be the price, what is included in the sale, furnishings etc. and any conditions of the sale plus the dates for both exchange and completion.

2. Exchange of Promissary Contract (Contrato Promessa de Compra e Venda)

The buyers lawyers are responsible for drawing up the promissory contract (Contrato Promessa de Compra e Venda) and as part of the process they will have carried out the legal searches and made sure that there are no charges, e.g. utilities, property tax etc. against the property. The contract will contain details of both parties and include clear title of ownership, when payments are due to be made, the completion date and an inventory, if required. The Promissory Contract is legally binding and will generally be signed by both parties and witnessed by a notary/lawyer. The contract will include penalty clauses in case either party does not fulfill the terms of the contract. A 10%, non-refundable deposit is required at this point, this will be paid to the vendor, through the lawyer's client account. Once the contract has been signed, if the vendor pulls out of the contract, they will be obliged to pay back double the deposit to the purchaser. If the purchaser pulls out, they will lose their deposit.

3. On Completion

The amount of time between signing the Promissary Contract and Completion will vary and will have been agreed in the contract. Before Completion your lawyer will need to arrange with a fiscal representative for you to obtain a Portuguese Fiscal Number. The official Deed of Transfer of ownership (the Escritura) will be signed by you (or someone representing you with your Power of Attorney), this is signed at the Notary and they will retain the document. The Deed will be read aloud by the Notary before all participants sign it. Your lawyer will need to check to ensure that you understand what is being said if you do not understand Portugese. The Escritura, once it has been signed, will officially give you ownership of the property, but will still need to be registered in your name on the Land Registry (Registo Predial) by your lawyer. Your lawyer should obtain a copy of this for your records. Once you have completed, the new utility contracts can be transferred into your name by your lawyer.