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A 1928 classic
stone farmhouse, barely liveable, no electricity, on a spring
water supply, set on sloped hillside with approx 2,000 sq.m
of overgrown land.
Negotiations commenced January 2002, purchased for EU100,000
in June 2002. Plans completed to convert to TWO 2 bedroom, 2
bathroom, utility room and lounge / kitchen villas by August
2002. Permissions granted September 2002, construction tendered
and commenced November 2002.
Renovations include removal of all roofing and interior beams
/ walls. Excavation of footings to lay ground floor, interior
walls, renew all exposed beams / ceiling / upper flooring. Install
all electrical, water and gas plumbing, replace and relay all
rustic tiling to inside floors and roof. Create new door openings,
replace all windows, install modern finishings, clear overgrowth
and establish gardens / car parks.
This example project is on target for completion
by Easter 2005. The renovation cost including all planning,
supervision, permissions, labour and materials will be approximately
EU120,000. A swimming pool will follow inside 12 months at an
added EU20,000. Full furnishings are costing approximately another EU25,000.
Rental income projection will be between EU500 and EU600 PER
VILLA per week - with an ultimate expected nine months rental
period per year by year 3.
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