5 bedroom Villa for sale with sea view with Income Potential in Praia da Luz, Algarve
The main house is representative of a classic traditional Portuguese style villa, built in 1970 and with an area of 199m2, is loaded with charm and character.
On entering, a small entrance hall opens up to a sunny South facing living room with dining area, vaulted ceilings and large patio doors leading out to the terrace and pool area. The open plan dining area includes a large family style table and built-in seating. A fireplace with woodburning unit graces one end of the living room, and additionally 2 air conditioning units have been installed for added comfort on those warm Algarve summer nights or cool winter evenings.
To the left of the main entrance off the living area, are 2 en-suite bedrooms plus the office: one en-suite double bedroom with access to its own small terrace with views of the sea and Rocha Negra, followed next by the office that could easily be used as a small bedroom. The master bedroom en-suite is located to the front, with wide patio door windows looking out to more stunning sea views.
A 4th en-suite bedroom, is on the west side of the house and adjoins a small patio garden area to the side.
Tucked away at the back of the property is the annex, a more recent addition to the property adding a further 130.5m2 of space. The ground level opens up to an extensive yoga studio with floor to ceiling windows overlooking the Japanese garden with tranquil water feature complete with goldfish.
The studio space is also used for gym equipment, and includes extensive storage cupboards, and a small wash room. The 1st floor consists of a one bedroom suite with floor to ceiling windows, dark wood flooring, marble bathroom with walk-in shower, white lacquer cupboards, and walk in wardrobe.
Leading off to the side is a roof terrace with decking, perfect for taking in the sun and sea views any time of day. Air conditioning is installed throughout on both levels.
Connected to the annex is the double garage and storage area, and large laundry room. The original single garage and spacious cobble stone drive offers plenty of additional parking and more storage.
The gardens are a delight, with a sweeping lawn running down from the pool to the front border of the land, and dotted with flowering plants and fruit trees. A well established hedge provides privacy on all sides, and automatic security gates have been installed.
An additional advantage to this beautiful property is the potential to split the plot into 2, and have an additional villa plot for construction. An opportunity to do a project, or sell off the plot.
Features
Fees Paid By Seller
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This Villa is located in Praia da Luz in Portugal
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Buying a property in Portugal
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.