There is an almost unlimited supply of old houses to renovate in Spain, particularly in small towns, villages, and rural areas. This is partly because of de-population, young people gravitating to big cities looking for jobs and partly because of complications bought-on by inheritance laws. The result, a glut of cheap property.
This potentially magnificent town house in a superb spot, right in the very heart of Velez-Blanco, is on the market at only 24,000 €.
Yes, it requires complete internal reform but what a property it could become! See the house next door (below)
In more recent times, it has started to dawn on owners that their old property has a value, and these houses are finally, beginning to find their way to market. The conundrum of shared ownership is unravelled by estate agents and solicitors. The trickle has turned into a torrent and now there are houses galore. They are incredibly cheap in comparison to house prices in the UK, Holland or Belgium and they are generally solidly constructed. Even apparent ruins can often be saved. Many houses in the UK are cheaply constructed, timber framed with plasterboard walls. Whereas most old properties here are built with walls 2, 3 or even 4 feet thick. This keeps out the heat in the summer and the cold in the winter and it also means it takes a lot of neglect before they become truly derelict. They often sit empty for years before restoration.
I bought a 4-story town house in Velez- Blanco for 22,000 € earlier this year. It was sold to me by a man in his 70’s who had lived in the house as a child. It had been empty, for 14 years before I bought it and was ripe for renovation. Once finished and including taxes, my outlay will be around 50,000 € (£45,000 pounds). For this I will have a town house with three double bedrooms, two bathrooms, three living areas and a roof terrace with magnificent views of the castle. All within a 3 minute-walk of the town centre bars and restaurants. With IBI, equivalent of UK council tax at around 100 € a year, you will understand why so many British and other northern Europeans are drawn to this beautiful corner of Spain.
Over the next few months, I will be talking a lot more about specific costs of renovation and what the options are for DIYers and those looking for professional help.
To give you a taster, prices for villages house in need of reform start at around 15,000 € and you can buy a house ´basic but liveable´ with services connected, upwards from around 25,000 €.
The house next door has been renovating and restored to how it would have been in the 1950’s. With its authentic tiles, archways, ironwork, and old wooden doors it’s like a museum. Its neighbour, at 24,000 € could be the same, it just needs someone with the vision! And its right in the middle of one of the prettiest towns in Andalusia. Get on a plane and change your life!
