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Investment project Faro center
Faro, Faro, Portugal, 8000-080
REF: 751503
€370,000
Description
Faro is a beautiful city in the southernmost part of Portugal. It is known for beautiful beaches, colorful architecture, delicious food and adventurous spots. Although relatively small, Faro offers plenty of sites to see and is well worth a visit. In the middle of the capital of the Algarve you will find nice restaurants, shops and friendly local people who are happy to show you the way. This investment is setup as a renovation/rebuild project. The current property is a terraced house right in the center of Faro. There are not many frontline properties like these available. The house comes with two addresses. The top half and the bottom half. The owner has made sure to apply for a rental licence for both of the addresses.
In addition to the rental yield, this property offers a great potential for a renovation/rebuilt. The property has a granted option to add another floor on top. This means, more sea views and also an additional 75m2 to the already significant 170m2.
The current owner is an architect. He has developed a project for this house that consists of two apartments. Seeing as this property already has two addresses and sufficient space. This project would be very doable if your thinking of building your holiday home or creating revenue through rental income.
Furthermore, this property is one of the few properties that lays within its right to add more stories if planning is within reason and accepted. This could go up to 11 stories, this also depends on the possibilities for parking as that determines the scope of the operation.
An amazing opportunity on a great location. Within crawling distance to the Faro marina and a one of a kind frontline property. We would be happy to show you the potential. So book a visit and we will see you soon.
With any questions, give us a call. We will talk you though any questions you might have.
Faro is a beautiful city in the southernmost part of Portugal. It is known for beautiful beaches, colorful architecture, delicious food and adventurous spots. Although relatively small, Faro offers plenty of sites to see and is well worth a visit. In the middle of the capital of the Algarve you will find nice restaurants, shops and friendly local people who are happy to show you the way. This investment is setup as a renovation/rebuild project. The current property is a terraced house right in the center of Faro. There are not many frontline properties like these available. The house comes with two addresses. The top half and the bottom half. The owner has made sure to apply for a rental licence for both of the addresses.
In addition to the rental yield, this property offers a great potential for a renovation/rebuilt. The property has a granted option to add another floor on top. This means, more sea views and also an additional 75m2 to the already significant 170m2.
The current owner is an architect. He has developed a project for this house that consists of two apartments. Seeing as this property already has two addresses and sufficient space. This project would be very doable if your thinking of building your holiday home or creating revenue through rental income.
Furthermore, this property is one of the few properties that lays within its right to add more stories if planning is within reason and accepted. This could go up to 11 stories, this also depends on the possibilities for parking as that determines the scope of the operation.
An amazing opportunity on a great location. Within crawling distance to the Faro marina and a one of a kind frontline property. We would be happy to show you the potential. So book a visit and we will see you soon.
With any questions, give us a call. We will talk you though any questions you might have.
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Currency Exchange
Faro, Faro, Portugal, 8000-080
Interested in this property? Don't lose out to currency fluctuations changing the price you pay...
Many overseas buyers in Portugal do not realise they can lose thousands of pounds through adverse currency exchange rate movements.
The property buying process in Portugal takes time; it could be up to six months between seeing the property of your dreams and actually taking ownership. So how much would this €370,000 property cost you?
| Property Price € | Minimum cost in the last six months | Maximum cost in the last six months | Fluctuating exchange rates over the last six months could have increased the cost of this property by |
|---|---|---|---|
| €370,000 | £304,843 | £317,997 | £13,154 |
| Property Price € | €370,000 |
| Minimum cost in the last six months | £304,843 |
| Maximum cost in the last six months | £317,997 |
| Fluctuating exchange rates over the last six months could have increased the cost of this property by | £13,154 |
Faro, Faro, Portugal, 8000-080
Interested in this property? Don't lose out to currency fluctuations changing the price you pay...
Many overseas buyers in Portugal do not realise they can lose thousands of pounds through adverse currency exchange rate movements.
The property buying process in Portugal takes time; it could be up to six months between seeing the property of your dreams and actually taking ownership. So how much would this €370,000 property cost you?
| Property Price € | Minimum cost in the last six months | Maximum cost in the last six months | Fluctuating exchange rates over the last six months could have increased the cost of this property by |
|---|---|---|---|
| €370,000 | £304,843 | £317,997 | £13,154 |
| Property Price € | €370,000 |
| Minimum cost in the last six months | £304,843 |
| Maximum cost in the last six months | £317,997 |
| Fluctuating exchange rates over the last six months could have increased the cost of this property by | £13,154 |
The exchange rate on the day you make an offer on your property in Portugal will not be the same as the rate you pay when you complete on your purchase, as currency markets move constantly. Any large rate movements may take it beyond your price range as the chart above illustrates the fluctuation and how much extra your property could have cost you.
The best way to avoid this significant risk is to plan your budget and currency strategy with an experienced currency specialist. They have been known to save you up to 4% compared to many high street banks, £4,000 for every £100,000, which soon adds up. They will also keep you up to date on market movements, help you set a rate in advance with a product called a Forward Contract - so you know exactly what you will pay for your property in sterling.
This is why we recommend Smart Currency Exchange Ltd. If exchange rate movements continue to be as unpredictable and as significant as they have been in the past then by not using Smart Currency Exchange Ltd your property could cost you £13,154 more.
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