Luxury Real Estate

By Simon Turner of Marquette Turner Luxury Homes

Not so long ago, every second television show seemed to be about renovating run-down homes. With the current real estate market being less enticing, these shows seem to have dropped off.

The irony is, of course, that now is the time that you’re more likely to find a bargain.

If indeed there are more and more buyer’s markets throughout the world, then for those with finances available, there’s never a better time to get a good deal.

Therefore, we’ve put together four essential factors that you must consider to ensure that you complete the project with as much financial reward as possible.

CONSIDER THESE

1. Purchase Price — The lower price you pay, the more potential there is for profit it at the end. Remember, you generally make the money when you buy, not when you sell!

2. Renovation Expenses – Be as exact (and honest with yourself)as you can for each room that you are renovating, and include some “room-to-move should you be faced with the inevitable surprises (such as dampness, termite problems, legals).

3. Holdings Costs — The longer you own the home, the higher your costs for mortgage, taxes, and insurances will be.

4. Anticipated Sale Price — Be honest with yourself and compare your property like-for-like with others that have SOLD (not that have just been on the market for an eternity).

When undertaking a renovation, take into account how long it will take to complete. From “go to woe”, the market conditions could have changed immensely (for good or for bad) so try and take into account each scenario and what your subsequent actions will be (eg. if the market is worse, what would you do?)

Simply by doing your homework you’ll ensure you reduce the number of surprises.

Good luck!

By Serge Cowan of Unique Living, International Real Estate

“A renovation property opens up a whole new world”, says Serge Cowan, Managing Director at Unique Living. “Whether you intend to take on the project yourself or buy a property in the Algarve that has already had the work done, you certainly own something unique”.

Take for instance Quinta Cebeca de Vento (Day Dreamers Farm) at Almancil, Central Algarve, Portugal, the current owners have transformed an 150 year old Portuguese farmhouse into a stunningly beautiful, four bedroom villa for sale which is on the market for 1,509,954 Euros. With this property there is absolutely nothing for a new owner to do!

Located in a nature reserve the dedication of the owners over the last 10 years has resulted in an exceptional home where they have scoured architectural salvage sites for original fittings to add to their carved kitchen doors and cabinets from a 200 year old palace in Bahrain, and incorporated this with the local vernacular, to produce a truly spectacular property. Energy efficient, eco friendly and with a total rainwater conservation system, this rustic, yet bright and light home with massive stone archways, mezzanine, library, study, open fireplace and traditional terracotta doors and farmhouse style ceilings with natural wooden beams, is set in an acre of orchards and manicured lawns, ponds, terraces and pool.

For those more adventurous, there is a windmill with sea views in Carvoeiro, Western Algarve, Portugal. With sea views, this exclusive project in a prime location, offers great potential for building a unique home. The current project consists of a large villa, preserving the existing windmill. The property is in walking distance of the beach and amenities with a secluded plot and spectacular views. Plot available at 480,000 euros.

“It is important to remember that if you take on a renovation, you need time and patience”, adds Serge. “Falling in love with a derelict property in a prime location is one thing, seeing it through to fruition is another. Consider seriously the need to secure full planning permission before you commence and work out carefully the time and money needed to create your dream. It often helps to seek guidance from a good agent operating in the area who can offer advice based on local knowledge and perhaps suggest suitable builders and architects”.

Another property in Carvoeiro but totally different in concept, is a five bedroom, five bathroom home with pool totally renovated for 750,000 euros.

This is a traditional old style farmhouse fully renovated into a truly immaculate home.

The property is surrounded by country views and is within minutes of the International School of Porches and Horseback Riding School. Golf and local shops are nearby. The beach is five minutes as is the local town. The airport is just 45 minutes drive time.

The property has a swimming pool and garden. The home has beautifully appointed bathrooms and bedrooms and a handsome fireplace to main lounge.