Finding The Cheapest Italian Holiday Homes

Property buyers' spending power may have been restricted in the wake of the stormy economic times, but the draw of owning a vacation villa in a country such as Italy is still as strong as ever.

It explains why rising numbers of overseas buyers in the property in Italy market are choosing to restore properties or even build from scratch instead of buying resale homes.

The top reason is simple – the expense. Leave behind any notions of discovering restoration projects for Euro 1, a PR ploy launched a couple of years ago by the Mayor of Salemi, Sicily. However, in sections of southern Italy such as Sicily, Abruzzo, Molise and Basilicata a countryside relic can be found from under Euro 9,500.

Factor in costs of restoration that can begin from roundabout Euro 750 a square metre and one can convert a broken-down farmhouse into a 90sq m idyllic vacation house for approximately Euro 90,000 – infinitely less than the cost otherwise. In addition, other than the initial buying price, renovation costs can then be split over the length of the construction, which can take as long as the you prefer.

Stef Russo, head of Italian real estate search specialists The Property Organiser, explains: The credit crunch has led to greater numbers of investors following the restoration route. Restoration costs in areas of Italy such as Abruzzo are about Euro 800-1,000 per sq metre – roughly half what the costs in northern Italy. And rather than having to stump up finance at the start, this route lets them spread expenses over months or years.

"In addition, buyers get the option to stamp their personalised imprint on their homes, which is easier to do by restoration than if they buy a resale and then attempt to adapt it."

The country's history means it is full of structures dating from the 1700s, needing only a bit of TLC to make them into fantastic modern dwellings.

There is also a rich supply of farmhouses – always popular with foreign househunters – in the main owing to the exodus of hundreds of thousands of Italians who, in the 19th and early 20th centuries, deserted Italy's countryside for towns and cities or even a new life in the US and South America. By the way, if you are tempted by something a little more unorthodox, the answer may lie in the approximately 5,000 religious buildings up for sale to be refurbished into houses.

Having chosen a property, the next requirement is finding the right professionals to bring your dream into reality. Although some are happy to do the legwork themselves, the best route is to find a reputable geometra/surveyor (your property agent should be able to point you in the direction of with one).

They will be able to find good workmen for you as well as negotiate with local government departments for the required planning permits. Be aware that many old rustic properties are built in stone and so fixing up such homes will require builders practised in working in this material.

A constant problem with building projects is that your outlay can soar beyond control, often by as much as 25%. Common moneypits include pools budget up to Euro 20,000); improving access roads allow up to Euro 45 a metre); and upgrading gardens. But your geometra can agree a contract with your builders setting out a budget as well as a deadline, with penalties charged if they are not adhered to.

Although geometras design houses to a certain level, their skill is limited and you would be advised to also hire an architect to take charge of design. It is vital from the get-go that you make abundantly clear what you envisage and that you pass this on to the architect. Brand-new ideas once work has begun takes up valuable time, is expensive and frankly a pain in the derriere for everyone else concerned.

Face up to the probable timescales involved. The purchasing process can go on for between four and 12 weeks and applying for work approval a further three to nine months depending on the local authority responsible.

One last thing, unless you plan on being on-site for extensive periods, you should also have a project manager independent of your workmen to oversee everything and help keep things ticking over. The architect or geometra can also do this for you.

One project manager spells it out: "By popping up on site frequently, usually unannounced, we keep the client well-informed about the speed of work with the help of detailed dossiers and photographs. Therefore any issues can be dealt with straight away. We keep everything going to plan and, even more importantly, make sure the client doesn't receive troublesome surprises."

The author writes for Italy real estate experts Homes and Villas Abroad. She also focuses on Abruzzo property and Tuscany property.