Overseas property - renovating your home abroad
Many people buy overseas property in a state of disrepair with the intention of renovating it. You may hope to do this in order to sell the villa or apartment abroad for profit or to lease the property for profit. You may plan on renovating what will become your home abroad.
Whatever your reasons for wishing to renovate overseas property you should be aware that the process is not always straightforward. When undertaking a project to renovate a home abroad you should familiarise yourself with local laws concerning planning permission, building and contracts.
It is worth considering whether you would have the knowledge, experience and determination to take on a similar renovation project in the UK. The complexity, time and money required to renovate a property overseas will be considerably higher in an unfamiliar country, where you will have difficulty speaking the language and no local DIY store open on a Sunday!
Reasons to renovate a home abroad
There are several factors which persuaded people that renovating overseas property is for them. For example:
- The building and labour costs of renovating a home abroad are generally lower than in the UK.
- A villa or apartment abroad in need of repairs will be available at a knock-down price.
- Embarking on a project to renovate overseas property generates a feeling of emotional investment.
Planning permission to renovate overseas property
Your lawyer should check the status of overseas property or land before you commit to buying. They will able to advise whether or not there are any incumbencies to you building there. The ease of obtaining planning permission to repair your villa or apartment abroad depends where it is situated and the local laws.
For this reason it is better to employ the services of local builders and architects who know the system when renovating a home abroad.
Budgeting for the renovation of overseas property
The cost of the project depends upon its scale, the age of the overseas property and the country it is taking place in. Costs of labour and materials will be lower than the UK in most countries but still fluctuates greatly between country to country and even region to region. When employing builders you should draw up a contract detailing the work to be carried out, cost and date of completion with penalty clauses for late finishes etc included.If the renovation is structural then the project is likely to be more expensive than starting from scratch. You must also check the situation for connections to utilities. If your villa or apartment abroad is not connected then you must bear the cost yourself and this may prove prohibitively expensive.
Do not attempt to do things on the cheap. Cutting corners will lead to problems further down the line and if the quoted price of renovating your home abroad is too expensive then you should walk away. Get three quotes on the cost of renovating overseas property from builders before selecting one.
Other points to note about renovating overseas property
Always check the qualifications of architects, builders and surveyors and have them verified if in doubt. Arrange proper insurance cover for the project.
Renovating overseas property and turning it into your home abroad is an attractive proposition and one that thousands have elected to go for. However, undertaking such a scheme overseas is different to at home. Therefore you must ensure your villa or apartment abroad is suitable for renovation and you do not run into problems concerning planning or construction
