Woman buys abandoned 'one-euro house' and turns into dream home 'worth £400k'
It's many people's dream to buy a home in the sun, where they can vacate on holiday and rent out other times of the year.
But often investing in a property abroad comes with risks and you've got to be willing to take them.
In 2019, Meredith Tabbone heard about councils in rural Sicily, Italy, auctioning off abandoned houses with a one euro starting bid, to regenerate the local area.
She viewed a derelict 1600s building, that had no electricity or running water, and was just "one big room" over a basement - starting at €1.
Despite the roof being thick with asbestos, Meredith placed a random £4,400 offer and snapped up the "rundown fixer-upper".
London flat for rent for £1,400 a month with bed tucked away in kitchen cupboard
The house before the renovation did not have running water or electricity (Meredith Tabbone / SWNS)The property was located in Sambuca di Sicilia, a small village where her great-grandfather, Fillippo Tabbone, grew up.
Meredith, who works as a financial advisor in Chicago, US, planned to renovate it and use it as a small getaway house - as she has an Italian citizenship.
But after investing a lot more money, time and love into the project, it's now become her dream destination.
Meredith later spent thousands of pounds renovating the property (Meredith Tabbone / SWNS)Meredith, 43, said: "The house was in very bad condition - but in many ways, it was everything I expected it to be and more.
"It had so much charm! It had such interesting architectural detail - you could really see the history coming through the walls. But it was a fixer-upper, to say the least.
"When we first saw the house - it was 750-square feet, it had no electricity, running water or windows - and it was thick with asbestos.
The roof was thick with asbestos and looked very rundown (Meredith Tabbone / SWNS)
She has transformed it into her dream vacation home in three years (Meredith Tabbone / SWNS)"While we originally just wanted it as a tiny getaway - we've turned it into a dream home."
Meredith spent £661 hiring a team to remove the roof in an environmentally-safe way and then made the big decision to buy the empty home next-door for £27,000.
She knocked them together to create a 3,000sqft four-bed home - which cost her £210,000 over the duration of two years.
She installed doors, windows and walls - as well as burying electrical wires - to turn the building into a functioning home.
UK house prices fall again - down 3.2% from last year peak, says Nationwide
Meredith bought the property next-door for £27k and joined them together (Meredith Tabbone / SWNS)"It's very large and intricate - there are four beds, four baths, an outdoor kitchen, a living and a dining area," she explained.
"We've also installed an upper terrace, lower terrace, spa and wine cellar - as well as a fireplace and a pizza oven."
She estimates her £230,000 investment in the original one-euro house will be worth £300-400,000 when all the work is completed in autumn 2023.
She has spent £230k but predicts it will be worth up to £400k when it's complete (Meredith Tabbone / SWNS)Meredith plans to stay in the house part-time and calls it her "extended vacation home".
Inspired by her impressive renovation, she later bought two guest houses in the same village for £28,000 in total and another empty building for £58,000 - which she's turning into a gallery and café.
Her top tips for renovating abroad include: be patient, learn the local language if you can, and most importantly, have fun with it.
Have you renovated a rundown house? Get in touch. Email [email protected].
Read more similar news:
Comments:
comments powered by Disqus
