sajesak
Member
Hi there, my apologies if this question has been answered elsewhere. Myself and my partner are looking to buy a property in Central Portugal. I spent many summers of my childhood in this incredible country and for me is a great place to invest some money and renovate a holiday home for myself, my family and especially my children's futures. We both can work some of the year remotely so would be looking to stay there for extended periods each year. We have found somewhere that ticks all the boxes and so I have been making early inquiries into the cost of renovation. Now i know this is like asking how long a piece of string is so my apologies again. The issue i have here is that quotes are ranging between 900-1500 per square meter. I will add that until we send an engineer out they are only working on the information they have. My issue is not so much the estimates in price, but the end result. When you factor in the price of the property itself, the renovation, the legal fees, architect etc, we are looking at it costing anywhere between 160-250k. And here finally comes the question. When all is said and done, the properties final value after being renovated is unlikely to be far higher than what we spent on it, based on seeing finished property prices available. Which then would mean the chances of getting a renovation mortgage extremely unlikely despite us having fairly well paid jobs, good savings and steady income. I would love to know what others who are currently going through the same process, or have recently finished a renovation think? are the estimates high on renovation? or is my valuation of the final property low? Or will we likely be paying a higher interest rate as the LTV will likely be around 100%?
