Income Producing 10 bedroom Villa for sale with countryside view in Odiaxere, Lagos, Algarve

2,495,000 EUR 2,145,700 GBP 2,694,600 USD

Reference: 215474

Bedrooms: 10
Bathrooms: 10
Floor Size: 557 m2
Plot Size: 3.15 hectares / 7.78 acres

Features

Terrace
Roof Terrace
Equestrian Facilities
Hot Tub or Sauna
Possible Extra Dwellings
Potential for Income
Countryside View
Parking
Garage
Good Condition

Details

An extensive and versatile estate with 10 bedrooms and income potential set in beautiful rolling hills of the countryside with complete peace and tranquility, yet within easy reach of Lagos and minutes from the town of Odiaxere.

This fantastic family owned rural B&B consists of over 550 m2 of living space, spread over the main house and 4 apartments on over 30,000 m2 of land and has a 'tourismo rural' license.

The main house is located on the upper floor and has a living area with a large terrace, a spacious family kitchen, two bedrooms and two bathrooms. On the ground floor is the heart of the B&B business - an open kitchen and dining area which opens up onto a beautiful terraced area. This is covered in a variety of flowering plants, ideal for serving breakfast on sunny days. 4 apartments also open onto this patio, a 1 bedroom and three 2 bedroom apartments, with each room having its own bathroom. There is also central heating throughout, making it a comfortable venue in colder months as well.

The country home enjoys a large pool with plenty of space around it and has the added benefit of a large hot tub. There is also a large roof terrace which serves as an ideal dinner party location, complete with outdoor kitchen and barbecue, as well as bar.

Appealing to the younger generations, there is a football field and a play area, as well as a small petting farm.

Other activities in the area include horse riding, trips to the 'barragem' and picturesque hiking or cycling trails.

This property represents a great opportunity to acquire a successful business or a stunning family home.

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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.