5 bedroom Villa for sale with Income Potential in Ciutadella de Menorca, Menorca

1,200,000 EUR 1,032,000 GBP 1,296,000 USD

Reference: 233268

Bedrooms: 5
Bathrooms: 3
Floor Size: 286 m2

Features

Terrace
Roof Terrace
Original Features
Possible Extra Dwellings
Potential for Income
Existing Tourism Licence
Pool View
Good Condition

Details

Delightful character town house which has been renovated with taste and an excellent eye for detail, to provide bright and spacious accommodation with a tourist licence already in place.

Full of natural light, the spacious 5 bedroom property also provides lovely outdoor space with plunge pool and roof terracing.

Elegant, well preserved limestone vaulted ceilings are evident on entry to provide authentic character. In its spacious reception area there is a staircase off to the left, and a doorway leading through to the cosy dining room, continuing with the limestone and vaulted ceiling. The kitchen is full of vibrant colour from the original tiles and leads on to another living-dining room with large windows that open onto the patio. There is a cleverly designed plunge pool which can be covered to maximise space in the outdoor area when needed.
On the other side of the patio is a guest apartment with a living room and a large bedroom with en suite bathroom.
The master suite is on the first floor overlooking the patio, with private bathroom and dressing room, and an adjoining living room with vaulted ceiling.
On the upper floor there are three bedrooms and a bathroom, a utility area and another room to use as desired, and access to a roof terrace.

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Balearic Islands Property Buying Guide

1. Putting down a Holding Deposit

On finding a property you wish to purchase you will need to negotiate the terms, price and conditions of the sale with the owner. This part of the process is not binding. We would recommend using an independent English speaking legal advisor. Once a purchase price has been agreed, normally a holding or reserve deposit will be required to ensure the property is removed from the market. The sum required will vary between properties and will be based on the purchase price. A time limit for the preagreement to be signed will be arranged and there will also be legal checks to be made.

2. Setting up a Pre-agreement (Contrato privado de compraventa)

The pre-agreement will set out the conditions under which the Buyer and Seller agree to complete the purchase of the property and the price they have agreed upon. Relevant details will generally be included for example the property details, purchase price and the date for completion. A deposit will be required at this point, this will vary, but will generally be 10% of the agreed price. This agreement will include a penal clause if the sale does not go through. If the seller pulls out of the sale your compensation will be double the deposit you have paid, but if you decide not to go through with the sale then your deposit will be lost. Certain checks will need to be made before signing the contract, checks should be made against the title of the property, mortgage status and if the property has any debts held against it. The planning status should also be looked into. These conditions can be varied by the seller and the buyer and other types of agreement can be made.

3. The Contract (Escritura de compraventa)

Before a non-Spanish purchaser can buy a Spanish property they will need to have set up a Spanish bank account and obtained a Spanish tax number (NIE). The completion will take place in the presence of a Notary Public. This is a Spanish public official, by law the deed of sale must be witnessed by a Notary Public. You will also need your own independent, expert legal advisor to act on your behalf. On Completion the buyer must pay the balance, that is the price agreed after the deposit has been deducted, plus any other fees on the completion date. Both buyer and seller must sign the Escritura de compraventa contract, (this is the Spanish equivalent of the title deeds). The title deeds (escritura) will be given to the buyer, this will be done in the presence of a Notary Public, they will certify that the transfer has taken place. The tax office will be sent a copy and the property registry will be informed of the transfer.