Pitfalls of refurbishing cheap Property overseas
Laptop Battery Old farmhouse Property for sale 25,000 euros-impossible?
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Thinkpad How many times have you seen a property advertised for such a low price on the Internet? The answer is often. Almost every agent has one for sale. Is it a lost leader or a sprat to catch a mackerel?
In some instances it might be but generally there are such properties available.
The real issue is, in what condition are they and how much will it cost to refurbish them to a standard where you could happily live in it or place it with confidence onto the market.
Let us consider a few facts which I have gathered in recent years, irrespective of which country you might wish to consider, the rules and regulations may change in each domain but the basic principles are here to guard you against buying a pig in a poke.
Firstly, when looking at a property at such a low price there has to be a downside. How great is this downside? If it is a ruin then you probably will need planning permission to rebuild it to your specifications unless you restore it exactly and I mean exactly as it was. In the case of the latter suggestion if the ruin predates say 1960 then it is unlikely that there will be indoor bathrooms and that the bedrooms will be tiny. In which case restoring the original, how ever charming the idea, will not necessarily meet the expected standards enabling you to gain any value. Therefore planning permission to extend and expand the original habitation is required. In some cases retrospective licenses are feasible but carry a certain risk, as if you have not kept to particular local practices the permission may not be forthcoming, the fees are unknown and in some cases you might be told to knock it down! For example knocking down a ruin of a quaint old farmer's cottage and replacing it with Southfork, is not a great idea if you do not have permission to do so.
Before you knock anything down be aware. You may not be able to replace it with anything! Then you will just be the proud owner of piece of land but not a plot Always leave one wall standing, preferably a back wall which you may need to incorporate into the new design.
The best scenario is to apply to the local authority by using a local architect with a good reputation. One who lives in the local community and knows the individuals at the Town Hall personally is the best candidate.
Downside-time frame. This could be anything from 2-9 months!
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