Turn A Ramshackle Italian Property Into A Dream Home

Property purchasers' spending ability may have been limited following the increased difficulty in obtaining home loans, however the attraction of real estate in Italy remains as strong as ever.

That is why growing numbers of foreign purchasers in Italy's property sector are choosing to renovate or even start anew instead of going for resale real estate.

The principal reason is simple – the expense. Ignore any hopes of picking up fixer-uppers for Euro 1, an eye-catching stunt launched a couple of years ago by one Sicilian town. However, in parts of Italy such as Molise, Abruzzo and Sicily a stone-built ruin can be snapped up for less than Euro 10,000.

Factor in costs of renovation that can begin at around Euro 750 a square metre and is it possible to turn a ramshackle pile of stones into a 100sq m longed-for vacation retreat for approximately Euro 95,000 – a mere fraction of the cost otherwise. And, beyond the initial purchase price, building costs may then be spread over the lifetime of the construction, which can be as long as the you wish.

Stef Russo, from Italian real estate search experts The Property Organiser, explains: The credit crunch has seen more our clients going down the renovation path. The costs in zones such as Abruzzo are about Euro 850 per sq metre – around 50% what you would face in northern Italy. And rather than having to stump up finance up front, this route lets them spread costs over months or years, if they want to turn it into a long-term project.

"In addition, buyers get the chance to leave their personalised imprint on their properties, which is easier to do if they renovate than if they buy a resale and then attempt to overhaul it."

The country's long history means it is awash with properties up to 400 years old, merely awaiting some TLC to convert them into superb modern dwellings.

Italy also has a rich supply of farmhouses – favoured by countless foreign househunters – in the main owing to the mass migration of swathes of people who, in the 19th and early 20th centuries, left behind the countryside for towns and cities or even a new life abroad. By the by, if you are tempted to try something a little different, the answer may lie in the approximately 4,500 churches and chapels available to be turned into houses.

Having opted for a property, the next step is finding trustworthy professionals to turn your dreams into fruition. Some buyers are quite content to do the legwork themselves, the best route is to find a reputable geometra/surveyor (your realtor ought to be able to put you in touch with one).

They will be able to source good builders for you as well as get in touch with local town halls for the requisite planning permits. Be aware that many ancient Italian homes are built in stone and so work on such homes calls for constructors experienced working in stone.

A constant problem with building projects like this is that your outlay can mushroom out of control, often by as much as 20%. Common moneypits include pools allow up to Euro 25,000); upgrading access roads budget up to Euro 40 a metre); and working on lawns. However, your surveyor can make a contract with your workmen delineating maximum expenditure and an agreed completion date, with levies to apply if they are not abided by.

Although geometre design houses to a certain extent, their expertise only goes so far and you would be advised to also seek out an architect to oversee design. It goes without saying from the start that you make abundantly clear what you hope to achieve and that you pass this on to the architect. Going back to Square One once work has begun is time-consuming and inconvenient for the rest of your team.

Face up to the probable timescales involved. The buying procedure can take up to 12 weeks and acquiring building approval another three to nine months depending on the Commune in charge.

In addition, unless you plan on being on-site most of the time, you should also have a project manager independent of your workmen to keep watch on things and help keep the work on schedule. Your architect or surveyor can also do this for you.

One project manager explains: "By popping up on site as often as is needed, more often than not unannounced, we keep the client up to date with progress through detailed dossiers and photos. So any problems can be sorted out straight away. We maintain everything going to plan and, even more crucially, ensure the client isn't caught unawares by nasty surprises."

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