Finding The Cheapest Italian Holiday Homes

Property buyers' finance has been squeezed in the wake of the current harsh economic climate, but the allure of seeking shelter in bricks and mortar in a country such as Italy remains strong. As a result rising numbers of overseas purchasers in Italy are opting to fix up or even start from new instead of buying resale property. The primary reason is simple – finance. Leave behind any ideas of coming across renovation homes for Euro 1, a PR stunt rolled out a few years ago by the Mayor of Salemi, Sicily. Yet in southern regions such as Sicily, Abruzzo, Molise and Basilicata a farmhouse relic can be bought for less than Euro 9,000.

Factor in a bill for renovation that can start from roundabout Euro 750 per square metre and is it possible to convert an old wreck into a 90sq m idyllic Italian retreat for around Euro 95,000 – a small fraction of the cost otherwise. And, beyond the initial buying price, construction expenses can then be spread over the duration of the construction, which can be as long as the buyers find convenient.

Stef Russo, from Italy real estate search company The Property Organiser, says: "The credit crunch has seen greater numbers of buyers pursuing the restoration path. The costs in parts of Italy such as Abruzzo are about Euro 900 per sq metre – around 50-60% what the costs in the north of Italy. And rather than investors having to produce finance at the start, it permits them to spread expenses over months or even years.

"In addition, buyers get the option to put their personalised imprint on their homes, which is easier to do by restoration than if they go for a resale and then attempt to overhaul it." The country's history means it is awash with properties from as far back as the 18th century, requiring only a bit of tender love and care to make them into welcoming modern dwellings.

There is also a rich supply of farmhouses – favoured by countless foreign househunters – largely owing to the exodus of large tides of Italians who, in the 19th and early 20th centuries, left behind Italy's countryside for towns and cities or even a new life in the New World. By the by, if you are tempted to try something a little less orthodox, the answer to your prayers may lie in the estimated 5,000 religious buildings up for sale to be refurbished into living accommodation.

Once you have chosen a property, the next step is to hire reliable professionals to turn your dreams into reality. Some buyers are quite content to do the legwork themselves, the most advisable route is to find a reputable geometra/surveyor (your realtor should be able to point you in the direction of with one). They will be able to take on good workmen for you as well as negotiate with local town halls for the requisite work permits. Remember that many old Italian homes are made in stone and hence sprucing up such homes will require workmen used to dealing in this material.

A frequently present problem with projects such as this is that your outlay can mushroom out of control, often by as much as 25%. Common moneypits include swimming pools the cost of which can be 20,000); improving access roads up to 2,000 for a 50-metre section); and upgrading lawns. However, your surveyor can make a contract with your work team delineating maximum costs and a target date for completion, with financial penalties applicable if they are not stuck to.

Although surveyors design houses to a certain extent, their knowhow only goes so far and many experts recommend also hire an architect to oversee design. It goes without saying before a brick is laid that you are abundantly clear what you visualise and that you convey this to the architect. Chopping and changing during the course of work wastes time and a pain in the rear for the rest of your team.

Face up to the probable timescales involved. The purchasing procedure can take as long as three months and obtaining building permission a further six months depending on the local authority overseeing affairs. One last thing, unless you intend being on-site for most of the time, your team should also include an independent supervisor to keep watch on things and help keep the work on schedule. Your architect or geometra can also do this for you.

One project manager spells it out: "By visiting as often as is needed, more often than not unannounced, we keep the purchaser clued in on progress with the help of fulsome notes and digital photographs. Therefore any issues can be ironed out immediately. We keep everything going to plan and, even more importantly, ensure the purchaser isn't caught out by unpleasant shocks." The author writes for Homes and Villas Abroad.com