Example purchase - 4 bed semi detached house 10 minutes north of Lucca.
Description
Please note that the following information is for example purposes only and that this does not represent a property currently on the market.
The property is located on a quiet private road in the area known to the north of Lucca about 10 minutes drive to the north of Lucca. The house is an attached property with a single neighbour to the rear. Total floor space of the main building is 180sqm with an additional 15sqm of covered space for the “concimaia”. Internally the property includes many features that are traditional in holiday villas in Tuscany.
The house consists of three floors with:
- Ground Floor; entrance hall, family kitchen, full bathroom, cantina and staircase to first floor
- First Floor; landing, study/lounge room, 2 x bedrooms, staircase to second floor
- Second Floor; Landing, bathroom with shower, 2 x bedrooms
The house is generally in good state although there are a few areas that would benefit from some attention. The majority of these items are not seen as “must do” items. These areas include:
- Sealing/flashing of both chimneys and skylight.
- Repair to 2 – 3 joists in the kitchen ceiling
- Replacement of water header tanks and pump.
- Some modernisation of ground floor bathroom
- Modernisation of kitchen
- Improvement of the façade
- Modernisation of wiring system (could be complete or partial)
The above list has been compiled for the information of potential purchasers but should not be taken as either a definitive list or used in place of proper technical advice.
The property also includes over one hectare of land most of which is terraced and includes a mature olive grove. The land has been generally well maintained and enjoys very good exposure to the sun. The higher up the land you go the better the views get (which help the positioning of the pool) but, obviously, do mean a longer walk. The area is predominantly olive grove and vineyard so the land would easily support either types of cultivation.
Advantages
The property offers the possibility of a private holiday home or permanent residence without being isolated. The land is extensive but not so much as to become a heavy maintenance burden. The property is easily accessed from Pisa airport (35-45 minutes), Lucca (10 minutes), the coast (30-40 minutes) Florence (50 minutes) and the mountains (Abetone and skiing is 50-60 minutes drive away). Local services are also very handy with shops, banks bars and restaurants all within 3 minutes drive or less than 10 minutes walk. Public transport links are good with buses running along the main road about 600m walk down the private road and regular buses and trains from Lucca to the local town of Ponte a Moriano.
The zone does not preclude the installation of a swimming pool which would act as a positive draw for the rental market and could enhance the owner’s use of the house.
Weaknesses
As mentioned above, the property is attached to the rear which does count against its value and some works, that have been completed by the current owner could be improved. The road does run close to the front of the house, but it is a private road with only one other house after this property. Due to the location and attached property the early morning sun misses the house.
Potential Improvements
The above suggested list of improvements is written with the potential owner in mind. To further enhance the property for both rentals and realising an improvement to the value the buyer might consider some of the following works. Some of the following items would depend upon permission being granted. This list is not to be taken as “must do” items.
- Pool. A pool creates the biggest draw for rentals for houses in this area. Allowing for the size of the house, the type of property and the location I would advise putting in a pool of around 5m x 10m. Please bear in mind the current regulations preclude a depth of more than 1.4m without an on duty attendant. Allowing for these dimensions in may make sense to install a pre-fabricated pool, excavated into the ground, rather than a more expensive poured concrete type pool.
- Outside dining area. The “concimaia” could easily be improved and converted into a covered outside dining area with a bar-b-q and/or pizza oven. Works include strengthening the roof and pillars and plastering the walls.
- Doorway from kitchen to mini-patio. The space to the side of the house under the kitchen window catches the morning sun and could be utilised as a “breakfast area” Alternatively the area in front of the house is large enough for a pergola and dining table.
- Kitchen garden. There is an area under the road which could accommodate a small vegetable and herb patch. This could adds atmosphere (specifically tomatoes, rosemary and sage) to renters (who should be encouraged to use these items)
- Improvements to banisters on stairs. The size of the house means you would be renting to families so it needs to be child-friendly
- Landscaping. The lower terraces (specifically around the pool) could be made to feel less olive grove and more garden. Installation of some stone walls, steps, mature rosemary bushes, lavender, pots with lemon trees etc would make a large impact. The land is a little detached from the house so these works would help make the “garden” and pool area more into a place to be, rather than just “where the pool is”.
- Cantina to living room. As there is no sitting room space on the ground floor it may be a benefit to convert the cantina into such a room. This would require a floor, plasterwork, lighting and a new window. As an alternative, the wall dividing the kitchen and entrance hall (which is nearly big enough to be a living room) is a lightweight partition wall and could be removed to create a large kitchen/dining/living room.
Costs
The following figures are estimates and do not include VAT.
These figures are based on a theoretical asking price without any negotiation or offers having been made.
Novecento would like to point out that the majority of house prices are negotiable.
Example 1 - Purchase as first residence
Purchase price |
€210,000 |
Agency fee (VAT to be added) |
€ 6,300 |
Geometra (VAT to be added) |
€ 4,620 |
Notary fees plus taxes |
** € 9,200 |
Total purchase cost |
€230,120 |
** Based on declaring as a 1st residence at 100% of value.
Example 2 - Purchase as non-residence
Purchase price |
€210,000 |
Agency fee (VAT to be added) |
€ 6,300 |
Geometra (VAT to be added) |
€ 4,620 |
Notary fees plus taxes |
** € 24,200 |
Total purchase cost |
€245,120 |
To know what the above figures equate to in other currencies please look at the base of this page.
Works as per above list
The following figures are for guide purposes only based on our knowledge and experience and not to be treated as quotations
Permission (General maintenance) |
€1,600 |
Repairs to roof sealing |
€1,000 |
Repair to joists |
€600 |
Replacement of tanks/pump |
€1,500 |
Kitchen (suitable for rentals) |
€3,000 |
Façade (plastered - parts exposed - inc scaffold) |
€7,200 |
Full re-wire with cable in walls and re-plastering channels only |
€8,000 |
Total |
€22,900 |
Enhancements/Rentals
The following figures are for guide purposes only based on our knowledge and experience and not to be treated as quotations
Pool (as per above) including permission |
€18,000 |
Dining area (structure) |
€2,500 |
Kitchen doorway (including handmade door) |
€2,000 |
Iron (wrought) railings for stairs |
€2,000 |
Landscaping & kitchen garden (best guess) |
€3,500 |
Living room conversion |
€2,500 |
Furnishing (beds, sofas, wardrobes, tables etc) |
€12,000 |
Rental Market/return on investment
Novecento’s valuation of the resulting property after all of the above works and enhancements have been completed, and based on the current market would be between €310,000 and €335,000 (unfurnished but with kitchen). This valuation takes account of the road and the attached neighbour (without these the value would be in the €450k+ area). The distance from Lucca is a major asset for this house as lends an appeal to a much wider potential market including locals and the foreign buyer.
The location is a prime rental zone but again the attached property and road do count against it. However as long as the works and furnishings are done correctly it is our opinion that visitors having spent a day in the property will not think twice of these items. The neighbouring barn which, is currently used as a holiday rental commands a price of €2,000 per week in the high season and €1,600 in the mid season (gross). Although that house is smaller it does have a better position and relation to the land so it would suggest a slightly lower charging rate. Allowing for the style of property it should be possible to rent for a minimum of 15 weeks per season at and average of €1,300 per week (net of agent fees but before management expenses) to create an annual gross income of €19,500. The rentals would require some servicing of the property for which I would allow approx €4,000 per annum including all laundry, cleaning, pool cleaning, pool opening and closing and management of bills etc.
