subject: Grab A Cheap Home To Restore In Italy [print this page] Grab A Cheap Home To Restore In Italy Grab A Cheap Home To Restore In Italy
Property purchasers' spending ability may have been squeezed by the harsh reality of modern-day economic life, however the allure of investing in bricks and mortar in Italy is still undimmed.
Hence growing numbers of overseas buyers in Italy are aiming to fix up properties or even start anew as opposed to buying resale homes.
The predominant attraction is obvious the expense. Leave behind any hopes of unearthing renovation projects for Euro 1, an eye-catching ploy rolled out a couple of years ago by authorities in one Sicilian town. Yet in areas such as Calabria, Molise and Sicily property such as a countryside relic can be found from just Euro 8,500.
Factor in a bill for renovation that can start at around Euro 750 a sq m and is it possible to turn a dilapidated ruin into a 90sq m dream holiday house for somewhere in the region of Euro 85,000 infinitely less than what one would set you back otherwise. In addition, other than the initial purchase price, restoration costs can be split over the length of the renovation programme, which can be as long as the you find convenient.
Stef Russo, head of Italian property search specialists The Property Organiser, explains: The credit crunch has seen more investors pursuing the restoration path. Restoration costs in places like Abruzzo are about Euro 900 a sq metre about half what it would be in the north of Italy. And rather than having to come up with finance at the start, this route lets them spread expenses over months or even years.
"In addition, buyers get the opportunity to leave their personalised imprint on their properties, which is easier to do through renovation than if they buy a resale and then try to overhaul it."
The country's history means it has tens of thousands of buildings dating from the 18th century, requiring only some tender love and care to convert them into welcoming modern dwellings.
Italy also has a rich supply of farmhouses always popular with foreign investors in the main owing to the mass migration of large tides of country folk who, in the 19th and early 20th centuries, left behind rural Italy for towns and cities or even a new life abroad. By the way, if you fancy trying something a little different, the answer may lie in the approximately 4,500 churches available to be refurbished into houses.
Having opted for a property, the next requirement is to hire reliable professionals to bring your dreams into reality. Some buyers are quite content to do most of this themselves, the most advisable route is to get a reputable geometra/surveyor (your realtor should be able to point you in the direction of with one).
They will be able to find good builders for you as well as deal with local town halls for the requisite building permits. Be aware that many old Italian homes are out of stone and as such sprucing up such homes will need workmen practised in dealing in stone.
One frequently present problem with building projects such as this is that your outlay can soar out of control, often by as much as 20% or more. Common pitfalls include pools allow up to Euro 25,000); upgrading access roads budget up to Euro 35 a metre); and upgrading landscaping. However, your surveyor can agree a contract with your builders specifying a maximum budget and a deadline, with financial penalties applicable if they are not stuck to.
Although surveyors design houses to a certain extent, their skill is limited and many experts recommend also hire an architect to oversee design. It is vital from the get-go that you make abundantly clear what you envisage and that you convey this to the architect. Going back to Square One during the course of work is time-consuming and a pain in the rear for the rest of your team.
Face up to the probable timescales involved. The purchasing process can go on for up to 12 weeks and getting planning permits a further three to nine months depending on the Commune in charge.
One last thing, unless you plan on being on-site for extensive periods, you should also have a project manager, independent of the builders to oversee everything and help keep things ticking over. Your architect or geometra can also fulfil this role.
One project manager explains: "By popping up on site as often as is needed, frequently with no prior warning, we keep the client clued in on what is going on with the help of fulsome dossiers and photographs. It means any issues can be nipped in the bud straight away. We keep everything on schedule and, even more importantly, make sure the purchaser doesn't receive unpleasant shocks."
