Doors that creak with no one touching them, cries in the night or furniture that seems to move on its own fuel the stories and legends about abandoned houses. Beyond these mysteries, such properties can also be a buying opportunity, with attractive prices and considerable potential for appreciation.
Abandoned homes currently for sale
In Fuenteheridos, one of the most distinctive and beautiful villages in the Sierra de Aracena (Huelva), an abandoned house with 161 m² of built area is for sale for €79,000.
The property has a large 1,868 m² plot, three bedrooms, a bathroom and a living room with a fireplace. Its features make it an ideal space for developing rural tourist accommodation.
In Carranza, in the Basque Country, a group of buildings is on the market comprising a three-storey detached house, a two-storey residential building under construction and a livestock barn.
The property has a total of 1,215 m² of built area, six bedrooms and two bathrooms, all on a 40,807 m² plot. The asking price for the whole property is €260,000.
Another option is in Teis, Vigo, where a striking abandoned stone house is for sale. Built in the 20th century, it costs €350,000.
Spread over three floors, the property has 411 m² of built area, eight bedrooms and four bathrooms. The plot measures 1,170 m².
Why homes are abandoned
Although people talk of ghosts, murders or satanic rituals, the reasons a house is abandoned are usually far more ordinary. The most common include:
- Unresolved inheritances: one of the main reasons why millions of homes stand empty. Sometimes the heirs cannot reach an agreement, or do not even know they have inherited a property.
- Ownership conflicts: these arise when the person who appears as owner does not match the one recorded in the Land Registry or the Cadastre. This makes it impossible to sell, mortgage or inherit the property.
- Depopulation: many abandoned houses are in villages and hamlets with no population or demand, or belong to people who died without leaving heirs.
- Ruinous condition: some homes are abandoned to avoid the cost of repairing them. Real property opportunities can be found in these cases.
- Foreclosures: these can give rise to a “zombie property”. This happens when the owner stops paying the mortgage and physically leaves the house, but the foreclosure proceedings have not yet concluded.
- In other cases, the house is abandoned because the owner cannot afford its upkeep or moves to another country, among other reasons.
How to find out who owns an abandoned house
If you want to find out who owns an abandoned home, you can follow these steps:
- Check the Cadastre: go to the online Cadastre, locate the property and obtain its cadastral reference.
- Request a nota simple: this land registry extract shows who the owner is and whether there are charges, easements or other circumstances affecting the property.
- Go to the town hall: it may have information about the property.
- Ask the neighbours: they may be able to provide information about the owner or the recent history of the house.
Advantages of buying an abandoned home
Buying this type of property can offer several advantages. The main ones are:
- Access to certain areas: some rural plots do not allow new buildings to be built, but do allow existing ones to be renovated.
- Low purchase price: these properties can be bought cheaply.
- Appreciation potential: once renovated, the home can reach a very high value.
- Unique historical and architectural features: stone walls, wooden beams and other details can give the property a special character.
- Lower tax burden: the property transfer tax (ITP) is usually lower, as the tax value attributed to a ruined or run-down property is lower than that of a habitable house.
How much it costs to renovate an abandoned house
The cost depends on both the condition of the property and the area to be renovated. The most recent estimates put the price at between €600 and €1,500/m², although it can be lower, starting from €400/m². For a 100 m² home, the total investment would be between €60,000 and €150,000.
The main cost items would be roughly as follows:
- Technical project and permits: between €1,500 and 5%-12% of the total budget, including architect’s fees and municipal charges.
- Demolition and debris removal: around €3,000.
- Structure and foundations: between €6,000 and €10,000, or more if the damage is serious.
- Plumbing and electrics: up to €10,000 if all the supply networks are replaced.
- Masonry and insulation: between €6,000 and €15,000.
It is worth remembering that public grants can cover part of the renovation investment, especially when the works improve the home’s energy efficiency.
What to check before buying
To make sure the transaction is legally secure and does not end up becoming a problem, it is important to check the following:
- Identifying the owner: check the Cadastre and request a nota simple to confirm ownership and any charges.
- Owners and title: verify that all owners have been identified and that there is valid title to sell the house. This check is especially important with inheritances.
- Debts and attachments: check for mortgages, attachments or amounts owed to the owners’ association. It is also advisable to ask the town hall whether any IBI (property tax) bills are outstanding.
- Condition of the building: before buying, it is advisable to have an architect inspect the property.
- Possible damage: check for leaks, deteriorated pipes, damp, damaged roofs or insulation that needs improving.
- Utilities: check the water, electricity and gas installations and connections, as well as the cost of restoring these services.
Must the buyer be told that a house is “haunted”?
With Halloween comes a surge of interest in haunted houses. In Spain there are homes surrounded by countless ghost stories, such as the “Cortijo Jurado”. When buying a house with that reputation, the question arises as to whether the buyer must be warned.
The answer is no. In Spain there is no specific regulation for so-called stigmatised properties, those associated with ghost legends, violent deaths or tragic events.
These circumstances are not included in the concept of a hidden defect, for which the seller is liable. A conflict could only arise if the prospective buyer asks about a recent crime and the seller decides to conceal it.
In the United States, some states do require deaths that have occurred in a home in recent years to be disclosed.
Thinking of buying, selling or investing on the Costa del Sol? At RIVA CELESTE Real Estate we support you from start to finish. Get in touch and let’s talk.
Source: idealista/news