Renovating Property Abroad - What to Consider
The cheapest way to buy a holiday home or property abroad is to find an older house in need of renovation or refurbishment and, whilst this approach is not for everyone, it can see substantial savings on the overall property budget.
So, 1.
What kind of property should you look for? 2.
What sort of location should you be thinking about? 3.
How much work will be involved? 4.
How do you manage the project? These are all important questions and getting the right answers to them from the "get-go" will significantly increase the likelihood of your project being a successful one.
1.
Firstly, you will need a property that does not have "mass appeal".
The perfect house attracts a lot of interest and commands a high price, so what you need to look for is something that requires a little imagination, but that ultimately could become something special.
Houses like this are not easy to find and they require you to "see past" a derelict ruin or neglected interior to the potential of the finished project.
They also require you to have the insight and creativity to picture the finished house and keep that image in your mind during what may be a long and sometimes frustrating renovation period.
2.
The second thing that you need is a good location.
You can always change the structure and fabric of the building, but you cannot change the location, views and amenities around it.
This is where many people go wrong in that they focus on the building rather than the location.
A building can be extended, remodelled or even demolished and rebuilt, but the location is something that you are stuck with.
3.
Thirdly think about the amount of work involved in seeing your project through to completion.
Think timescales and cost and remember that one has a direct impact on the other.
Also think about where you will be whilst the work is taking place.
Will you be a hands-on worker/manager, or will you be in another country reliant upon good will, or the appointment of a specialist project manager.
Many overseas holiday home refurbishment projects that "fail" do so because of a lack of direct supervision.
So the golden rule is "do not bite off more than you can chew".
If the project looks like it requires a lot of work, then think twice and budget for what happens if things "do not" go according to plan.
Always make sure that you have a plan B and even a plan C, you will probably need them.
4.
Finally, think very seriously about how your overseas holiday home project will be managed and controlled.
If you are physically on site, then you can watch and monitor everything, however if you are not, you may be advised to employ a project manager.
A project manager will incur an extra cost, however he/she will ultimately save you money by getting the project finished on time and within budget.
So, 1.
What kind of property should you look for? 2.
What sort of location should you be thinking about? 3.
How much work will be involved? 4.
How do you manage the project? These are all important questions and getting the right answers to them from the "get-go" will significantly increase the likelihood of your project being a successful one.
1.
Firstly, you will need a property that does not have "mass appeal".
The perfect house attracts a lot of interest and commands a high price, so what you need to look for is something that requires a little imagination, but that ultimately could become something special.
Houses like this are not easy to find and they require you to "see past" a derelict ruin or neglected interior to the potential of the finished project.
They also require you to have the insight and creativity to picture the finished house and keep that image in your mind during what may be a long and sometimes frustrating renovation period.
2.
The second thing that you need is a good location.
You can always change the structure and fabric of the building, but you cannot change the location, views and amenities around it.
This is where many people go wrong in that they focus on the building rather than the location.
A building can be extended, remodelled or even demolished and rebuilt, but the location is something that you are stuck with.
3.
Thirdly think about the amount of work involved in seeing your project through to completion.
Think timescales and cost and remember that one has a direct impact on the other.
Also think about where you will be whilst the work is taking place.
Will you be a hands-on worker/manager, or will you be in another country reliant upon good will, or the appointment of a specialist project manager.
Many overseas holiday home refurbishment projects that "fail" do so because of a lack of direct supervision.
So the golden rule is "do not bite off more than you can chew".
If the project looks like it requires a lot of work, then think twice and budget for what happens if things "do not" go according to plan.
Always make sure that you have a plan B and even a plan C, you will probably need them.
4.
Finally, think very seriously about how your overseas holiday home project will be managed and controlled.
If you are physically on site, then you can watch and monitor everything, however if you are not, you may be advised to employ a project manager.
A project manager will incur an extra cost, however he/she will ultimately save you money by getting the project finished on time and within budget.
