Typical algarvian old house pre-dating 1951, for full renovation, nestled in the cobbled streets of Ferragudo. This charming ancient property currently has plans under submission with the local council to extend its usable surface, while maintaining the characteristics of a truly typical algarvian detached house. The existing single floor dwelling with 57,30 m2 of gross area and traditional roof-tyles, has already received Town Hall approval for a corrected implantation area of 62,76 m2, where a Ground-Floor will offer 3 En-suite bedrooms, a 1st Floor will offer a wide and bright Living area plus an open plan Kitchen, and a 43,81 m2 Roof-top terrace will offer magnificent river and mountain views. So, a total of 119,47 m2 of gross area, or 82,02 m2 of useful area, will come to live where this old house stands for more than 72 years. And you will only have to present the approved plans for construction to a builder and collect the building license from Town Hall. You will be able to instantly start the demolition of the existing house and the new-built of this unique and private modern dwelling. The Architectural layout has been carefully studied by one the best local ateliers, StudioArt, from Portimão, probably the Architects in the Algarve who know more about renovation projects and mainly in the old historical and charming Ferragudo urban area. Having in mind the actual desire for modern conveniences and comfort, like under-floor heating, the beauty of buying this house with fully approved projects is that you can still tailor all the finishing details, materials and fittings to your personal taste. Since the approval on the 12 July 2023 by the Town Hall of Lagoa of all Architectural and Special Engineering projects, the Building License is ready for retrieval. So, this property is sold with all projects approved, ready to start demolition and construction. There are even already 2 quotations from reputed local builders, to execute the total renovation of this property. The property is located in the so-called "urban rehabilitation area" (ARU) of Ferragudo. The Urban Rehabilitation Area (ARU) is a territorially delimited area characterised by buildings, infrastructures, equipment for collective use and urban and green spaces for collective use that are in a situation of insufficiency, degradation or obsolescence, jeopardising the conditions of use, solidity, safety, aesthetics or healthiness, and which justifies an integrated intervention through an urban rehabilitation operation. Tax incentives: - On purchase Exemption from IMT on the purchase of property for rehabilitation work, where the work begins within 3 years of the purchase. - During rehabilitation Reduction of the VAT rate by 17%. Taxation at a rate of 6% for works involving the improvement, remodelling, renovation, restoration, repair or conservation of real estate or autonomous parts thereof used for residential purposes, (...) The reduced rate does not cover the materials incorporated, unless their value does not exceed 20% of the overall value of the services provided. IRS deduction of up to 500 of the costs incurred with the refurbishment. - For housing or permanent rental Exemption from IMI for 3 years from the year of completion of the works, renewable by decision of the Municipal Assembly for a further 5 years. - For non-permanent rentals IRS taxation of rental income at the rate of 5 per cent. - REF: W-02SC3G;