How to find the cheapest properties in Italy
It explains why increasing numbers of foreign buyers in the Italian market are deciding to fix up properties or even start anew instead of picking up resale property. The predominant reason is glaring – cost. Set aside any ideas of finding fixer-uppers for Euro 1, a PR stunt launched a few years ago by authorities in one Sicilian town. However, in areas of Italy's south such as Molise, Abruzzo and Sicily a rural relic can be bought for a mere Euro 8,500. Add a bill for renovation that can start from just Euro 800 a sq m and one can convert a broken-down farmhouse into a 90sq m dream holiday home for just Euro 90,000 – infinitely less than what one would cost otherwise. In addition, other than the initial purchase price, building expenses may then be spread over the duration of the renovation programme, which can take as long as the buyers prefer. Stefania Russo, founder of Italian real estate search experts The Property Organiser, explains: The credit crunch has seen more and more buyers following the renovation path. The costs in places like Abruzzo are around Euro 900 a sq metre – around 50% what you would face in northern Italy. And instead of buyers having to come up with finance up front, it permits them to spread expenses over months or years. In addition, buyers like the option to stamp their personalised imprint on their homes, which is easier to do if they renovate than if they buy a resale and then attempt to change it." Italy's long history means it is awash with properties dating from the 1700s, requiring only a bit of TLC to make them into fantastic modern dwellings. Italy also has a rich supply of farmhouses – always popular with foreign investors – in large part because of the exodus of swathes of country folk who, in the 19th and early 20th centuries, upped sticks and left rural Italy for towns and cities or even a new life in the US and Latin America. By the by, if you are tempted by something a little different, the answer to your prayers may lie in the approximately 4,500 religious buildings on the Italian property market and available to be turned into apartments and houses. Once you have settled on a property, the next requirement is to hire trustworthy professionals to bring your dreams into fruition. Some buyers are quite content to do most of this themselves, the best route is to get a reputable geometra/surveyor (your property agent ought to be able to put you in touch with one). They will be able to take on reliable builders for you as well as talk to local town halls for the required building permits. Bear in mind that many old Italian properties are made of stone and so work on such homes calls for constructors practised in dealing with this material. A constant danger with building projects like this is that your outlay can fly beyond control, often by up to 25%. Common pitfalls include pools the cost of which can be 20,000); upgrading access roads up to Euro 45 a metre); and improving gardens. However, your surveyor can thrash out a contract with your builders specifying a budget in addition to a target date for completion, with levies charged if they overrun. Although geometras design homes to a certain extent, their knowhow only goes so far and many experts recommend also hire an architect to oversee design. It is crucial from the very off that you make crystal clear what you hope to achieve and that you pass this on to the architect. Going back to Square One after your workmen have begun wastes time, is costly and demoralising for the rest of your team. Face up to the probable timescales involved. The buying process can last more than 10 weeks and applying for planning permits a further six months depending on the local authority responsible. In addition, unless you plan on being on-site almost continually, your team should also include an independent supervisor to act as your eyes and ears in your absence and help keep the project on track. The architect or geometra can also fulfil this role. One project manager explains: "By visiting frequently, frequently with no prior warning, we keep the purchaser abreast of what is going on with the help of detailed notes and photos. It means any problems can be dealt with straight away. We keep everything on schedule and, even more importantly, ensure the client isn't caught on the hop by ugly shocks." The author works for Homes and Villas Abroad.com, who advertise 5,000 houses for sale Italy. She also focuses on Abruzzo real estate and luxury Tuscany property. Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
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