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BUILDING FOR REFURBISHMENT - SOLAR DE XELB - IN SILVES
Silves, Faro, Portugal, 8300-170
REF: 811145
€319,000
Description
Solar de Xelb, located in the historic centre of Silves, is a palace with old-style façades that is ready to be refurbished. This building has an architectural project approved to turn it into a 4-bedroom villa with unique features. The details of the Solar de Xelb architectural project are as follows:Location: Rua Miguel Bombarda, numbers 29 to 31, in Silves. Orientation: - South, east and north. Composition:Floor 0: - 3 en suite bedrooms with dressing rooms - Multi-purpose room - Patio - Car parking space - Balcony 1st floor: - Open-plan kitchen and living room with 65m - 1 bedroomHammam - Laundry room - 2 bathrooms - Balcony Penthouse: - Private swimming pool - Large terrace with 360 exposure - Bathroom - Small kitchen This building has a rich history, and it is rumoured that the proclamation of the Republic in Silves was made from its balcony. Investing in this palace is a unique opportunity to own a villa in the city centre, with privacy and panoramic views. Silves is a city with a lot of history and authenticity, full of Islamic remains and surrounded by the famous Grés de Silves, a reddish rock used in the construction of its castle. Being located in the Silves Urban Rehabilitation Area (ARU), there are several tax and financial benefits for the rehabilitation of this building, namely: - IMT exemption on the purchase of the property; - Exemption from IMT on the first transfer of the rehabilitated property when intended exclusively for permanent residence, - VAT of 6% on the purchase of materials and labour services in rehabilitation contracts, - Exemption from IMI, 30% deduction from the taxable amount of the costs incurred for rehabilitation purposes, up to a maximum of 500 in the IRS - 50% reduction in the fees due for assessing the state of conservation (art. 45 no. 2 of the EBF) - Reduction in the value of various municipal taxes, such as the public road occupation tax, - Exemption from the Municipal Urbanisation Tax If you're looking for a different Algarve, with authentic cultural roots, Silves is the ideal place. If you're interested, don't hesitate to get in touch and arrange a visit to this magnificent Xelb manor house!
Solar de Xelb, located in the historic centre of Silves, is a palace with old-style façades that is ready to be refurbished. This building has an architectural project approved to turn it into a 4-bedroom villa with unique features. The details of the Solar de Xelb architectural project are as follows:Location: Rua Miguel Bombarda, numbers 29 to 31, in Silves. Orientation: - South, east and north. Composition:Floor 0: - 3 en suite bedrooms with dressing rooms - Multi-purpose room - Patio - Car parking space - Balcony 1st floor: - Open-plan kitchen and living room with 65m - 1 bedroomHammam - Laundry room - 2 bathrooms - Balcony Penthouse: - Private swimming pool - Large terrace with 360 exposure - Bathroom - Small kitchen This building has a rich history, and it is rumoured that the proclamation of the Republic in Silves was made from its balcony. Investing in this palace is a unique opportunity to own a villa in the city centre, with privacy and panoramic views. Silves is a city with a lot of history and authenticity, full of Islamic remains and surrounded by the famous Grés de Silves, a reddish rock used in the construction of its castle. Being located in the Silves Urban Rehabilitation Area (ARU), there are several tax and financial benefits for the rehabilitation of this building, namely: - IMT exemption on the purchase of the property; - Exemption from IMT on the first transfer of the rehabilitated property when intended exclusively for permanent residence, - VAT of 6% on the purchase of materials and labour services in rehabilitation contracts, - Exemption from IMI, 30% deduction from the taxable amount of the costs incurred for rehabilitation purposes, up to a maximum of 500 in the IRS - 50% reduction in the fees due for assessing the state of conservation (art. 45 no. 2 of the EBF) - Reduction in the value of various municipal taxes, such as the public road occupation tax, - Exemption from the Municipal Urbanisation Tax If you're looking for a different Algarve, with authentic cultural roots, Silves is the ideal place. If you're interested, don't hesitate to get in touch and arrange a visit to this magnificent Xelb manor house!
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Currency Exchange
Silves, Faro, Portugal, 8300-170
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 €319,000 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 |
|---|---|---|---|
| €319,000 | £264,231 | £274,165 | £9,934 |
| Property Price € | €319,000 |
| Minimum cost in the last six months | £264,231 |
| Maximum cost in the last six months | £274,165 |
| Fluctuating exchange rates over the last six months could have increased the cost of this property by | £9,934 |
Silves, Faro, Portugal, 8300-170
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 €319,000 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 |
|---|---|---|---|
| €319,000 | £264,231 | £274,165 | £9,934 |
| Property Price € | €319,000 |
| Minimum cost in the last six months | £264,231 |
| Maximum cost in the last six months | £274,165 |
| Fluctuating exchange rates over the last six months could have increased the cost of this property by | £9,934 |
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 £9,934 more.
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