Quote: (08-14-2015 09:42 AM)Hardy Daytona Wrote:
This is precisely what I've been hunting for!
Property prices in London are fucking extortion - if you were looking for a minimalist bachelor pad, say 35 square metres, you'd be looking at over £100,000. But a small village for not even that? That's a steal is what it is.
Add together the fact that I speak Spanish (5 years in school plus practicing on the occasional tourist) makes it even more tempting.
I've also worked in construction, currently at a design firm, so I've got knowledge of the basics to get things up and running. Admittedly not so much in a rural capacity but there's got to be some overlap.
The only issue I foresee is money. I've got a few thousand saved up but I don't know if that would be enough for a deposit, let alone to secure finance for a project like this.
I reckon your chances of securing a mortgage are slim to none.
Firstly, it would surely be a form of buy to let...which depends on rental income above all else.
If not, a commercial mortgage isn't going to happen either. A bank manager would think you were mental if you went to them with this idea.
These ideas are for cash purchasers with a penchant for risk, only.
The other things (amongst loads of others) that you guys aren't considering are (and I don't know the answers):
Permits and taxes for development/redevelopment. I suspect lots of cash would need to grease local politicians' palms before anything got done.
How far are these places from infrastructure and even food etc.
Where are your building supplies coming from and how much will they cost to transport?
The fact that your properties will not be worth much more than the purchase price fully completed and redeveloped. Spain and even Portugal and Southern France are awash with unwanted countryside properties.
I hate to be a dream stealer (Sorry Sam), but this whole idea is insane.