Renovated 3 bedroom Apartment for sale in Praia da Luz, Algarve

450,000 EUR 387,000 GBP 486,000 USD

Reference: 243591

Bedrooms: 3
Bathrooms: 2
Floor Size: 137 m2

Features

Balcony
Terrace
Communal Pool
Air Conditioning
Pool View
Parking

Details

Stylishly renovated 3 bedroom corner apartment with large communal pool, ideally located near the beach and all amenities in
Praia da Luz.

This property has been recently upgraded to a very high standard with new flooring and new bathrooms.

Perfect for larger families, this apartment enjoys an enviable location on the resort in a peaceful corner making it feel very private, but at the same time close enough to all the onsite amenities. These include a reception, fully equipped gym, adult swimming pool, childrens' swimming pool, an indoor pool (popular in the winter months ), Jacuzzi and sauna, as well as a fully licenced restaurant serving fantastic fresh food.

The accommodation comprises of a spacious living and dining room with dining area. The living room has triple aspect patio doors giving access to a generous covered terrace. The kitchen is modern and equipped with Siemens appliances, there is a small terrace with table and chairs for snacks or afternoon drinks.

There are three good sized bedrooms one of which is en-suite with a private terrace and there is a family bathroom conveniently located next to the second and third bedroom. The second bedroom has access to a wrap around terrace.

The property benefits from underfloor heating, central vacuum, reverse cycle air-conditioning, double glazing, electric shutters and in addition has its own private parking space in the basement garage along with a large lockable storage room.

The resort is a popular holiday destination in Praia da luz with an experienced management team that offers a complete package to take care of the property and to source and accommodate your guests. Many apartments are lock up and leave and others have owners who reside year round.

If you are looking for a sound investment in a luxury resort close to the beach and within 10 minutes drive of Lagos, then look no further.

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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.