Real estate in Kvarner.

[rijekafan]

After a previous sale falling through It seems that I have a buyer for my flat in Rijeka. The interest has been fierce with the main problem being the banks willingness to loan money based on my sale price.
Due to the laws changing on Oct 1, I no longer need permission to renovate my place on Losinj. I have found a builder and we sign a contract on Tuesday. By shopping around it seems I have saved around 15,000 Euros. I am buying everything I can at Pevec including all fixtures, plumbing ad electrical stuff. This is saving me a bundle. Demand in Losinj is such that I have been marketing one of the the flats off the plan to prospective buyers. This is despite the fact that it looks like a place in Vukovar and reeks of cat piss. I am building the place to a price in order to be the cheapest place in central Losinj. Interest is coming mainly from Losinj but also from Zagreb. Italians are not interested as they say they want a place in the centre, by the sea for 50,000 Euros. Dream on Luigi:)

[happy]

rijekafan said:

After a previous sale falling through It seems that I have a buyer for my flat in Rijeka. The interest has been fierce with the main problem being the banks willingness to loan money based on my sale price.
Due to the laws changing on Oct 1, I no longer need permission to renovate my place on Losinj. I have found a builder and we sign a contract on Tuesday. By shopping around it seems I have saved around 15,000 Euros. I am buying everything I can at Pevec including all fixtures, plumbing ad electrical stuff. This is saving me a bundle. Demand in Losinj is such that I have been marketing one of the the flats off the plan to prospective buyers. This is despite the fact that it looks like a place in Vukovar and reeks of cat piss. I am building the place to a price in order to be the cheapest place in central Losinj. Interest is coming mainly from Losinj but also from Zagreb. Italians are not interested as they say they want a place in the centre, by the sea for 50,000 Euros. Dream on Luigi:)

Hi rijekafan

Could you please explain to me about this new law which came in on 1st October regarding planning permission on renovating/building property.

Thanks

[rijekafan]

Hi,
This is how I understand it. Before October 1, planning permission was required for almost all renovations. After October 1st permission is only required if one does modifications to the external appearance of a place or one does structural modifications. There is a distinction between restoration and modifications. As I am restoring the original facade and not changing window sizes or adding extra rooms etc planning permission is not required. There are people on this message board who know far more than me but this is the way it was explained to me.

[rijekafan]

One other thing. Prices in Rijeka have peaked and are trending down. The reason I was able to get a fine price for my place was it is in a terrific position and supply of these sort of places is extremely limited. The message is position, position, position is your best insurance against price and demand reductions. In a bull market it is actualy the cheaper places that go up more in percentage terms but in a static or declining market the good positions come up trumps.