Beach walk Investment Opportunity
Beach walk Investment Opportunity
1. Story: This building used to be a house until 2017 when a developer turned it into 3 apartments. When the developer did this, they didn’t comply with regulations such as installing ventilation systems etc… in addition to committing a few infractions such as extending a balcony on the 2nd floor to make an extra bedroom at one of the 1st floor’s apartments (Not the front one, the back one)
2. Current Situation: the building as a whole has a cedula de habitabilidad as a house but the apartments do not have it individually for the above reasons, thus, there is water, electricity and other supplies.
3. Solution to Obtain Individual Cédulas: There is a project paid and presented to the town hall to restore the building and apartments, so they meet current regulations and obtain individual cédulas for the 3. The cost of the changes will be of 50.000€ including IVA per apartment.
FREQUENTLY ASKED QUESTIONS
Are the apartments separated on the Escritura?
⁃ Yes, they all count with their individual identification code.
Do the other owners agree with making the changes?
⁃ Yes
Is it mandatory to make the changes?
⁃ Yes
How much do these changes affect the apartments?
⁃ 1st Floor Front Apartment (Joan Miro) No major changes, just ventilation and technical changes.
⁃ 1st Floor Back Apartment (Carrer Margaluz) Loses 15-20m2.
⁃ 2nd Floor Apartment Loses some terrace space (not for sale and agreeing to make the changes)
How much does it cost to make the changes in total and how do we divide it?
⁃ +-150.000€ to divide equally between all apartments.
⁃ This decision has been made as it’s a common interest to obtain the Cedula de Habitabilidad for each individual apartment.
Is there any risk on the operation?
⁃ If the changes are done, no.
Will the property increase in price if the changes are made?
⁃ Yes, the valuation will drastically increase as the meters will be legalized.
Amenities
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