3 things to consider when buying an Italian property to renovate
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3 things to consider when buying an Italian property to renovate
It is true that all over the world many people dream of owning their very own Italian home. Being a country that is bursting with rich culture and heritage, as well as stunning landscapes home to world-famous cuisines and monuments, it is easy to see why Italy is the perfect place to call home.
One of the most economical, and frankly exciting ways, to settle down in the Italian countryside is to invest in a renovation project. Properties in Italy, nestled in idyllic settings and in need of some serious restoration, are in abundance. Not only can restoring a property be hugely rewarding, but it is also a great investment.
So what should you be considering when buying an Italian renovation project?
Location
The first and most obvious thing to consider is the location. Have you fallen in love with the romantic scenery of Tuscany? Or is Sardinia or Liguria more up your street?
Deciding on the region you want to invest in is really important. For example, farmhouses are a popular choice when purchasing an Italian restoration project. Some regions are better than others for these iconic buildings; Tuscany has plenty of rustic Italian farmhouses.
Or maybe you’d prefer a village house in need of some TLC? Often cheaper than farmhouse projects, village houses are an economical way to restore an Italian property. Liguria is one of the best regions for investing in an Italian village property.
Budget
Once you’ve set your heart on where you want to live out your Italian dream, it is important to think about your budget.
Investing in a property in Italy is a major financial commitment, especially one that needs restoring. Start by getting a few quotes to give you an idea of how much the restoration will cost, then if you can add on a 10-15% contingency fund. It is common when renovating any property that you will go over your initial budget, this is why it is so important to have that contingency fund.
Breakdown each cost and set out a timeline of when you think these costs will be coming out of your budget. This will help you ensure that there are no surprises and that you are staggering your budget over a set length of time.
Get to know Italian buildings
Finally, set yourself the task of getting to know Italian buildings. To renovate your dream Italian property, it is critical you get to grips with traditional Italian building materials as well as the Italian building process.
Making sure you use traditional materials, will not only keep the building’s history, is also in a lot of cases required by Italian law. For example, wood and stone are a common building material in Italy and it is fair to say that the stone buildings in Italy are fantastically beautiful.
Making sure you consider these three things, will make renovating your dream Italian property a lot easier.