Renovated 10 bedroom Villa for sale in Portimao, Algarve

1,425,000 EUR 1,225,500 GBP 1,539,000 USD

Reference: 245778

Bedrooms: 10
Bathrooms: 11
Floor Size: 730 m2

Features

Balcony
Terrace
Roof Terrace
No Pool
Hot Tub or Sauna
Possible Extra Dwellings
Rentable Accommodation
Walk to Amenities
Good Condition

Details

Impressively restored townhouse with 10 bedrooms located in the centre of the old town of Portimao, close to all the amenities, the riverside and a lovely walkway down to the Praia da Rocha beach.

The spacious 730m2 property is also close to the enchanting centre of Portimao with its plethora of cafes, restaurants, shops, museums and theatres, providing everything for daily living.

The house is spread over 4 floors, with enough space to create an ideal home, or could create an excellent business opportunity, being an ideal location for a small boutique hotel for example.

The main part of the property consists of the ground floor area with 2 large en suite bedrooms, a guest wc, a large open plan area and a patio area.
An attractive feature staircase leads to the first floor with a lovely fully-fitted kitchen with Bosch appliances, a large dining area and living area.
Also on this floor there are 4 bedrooms and 4 bathrooms.
The next floor features a double bedroom, a bathroom and another room which could be used as an additional bedroom or an office space.
The top level of the property gives access to large rooftop terraces complete with a barbecue/kitchen area and an enviable outdoor hot tub.

The property also includes an independent apartment with 3 of the 10 bedrooms , a fully fitted kitchen dining and living room and 2 bathrooms. There is also a patio at this level with access from 2 of the bedrooms.

This lovely property really needs to be viewed to be appreciated, the quality of the restoration and the opportunities that the area has to offer.

Area: 730 m2 | 7,858 sq ft
Bedrooms: 10
Bathrooms: 11

FEATURES:

Ten bedrooms Equipped Kitchen
Terrace
Jacuzzi

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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.