The internet is filled with news and videos about €1 houses ($1.21) in Italy. From Hollywood stars to regular people planning to retire to Italy, everyone is cashing on the deal by investing in these €1 homes. But, are they worth buying? Let’s learn more about these lottery houses in Italy.
What’s the Hype?
The big reason behind selling these houses for as little as €1 is to revitalize the dying towns of Italy. Like Sicily, Abruzzo, and Basilicata, small towns in Italy are struggling with low population and plunging economy. Selling off abandoned houses at low prices to expect restoration in return is a great idea to breathe life into these fading towns.
Things To Keep in Mind When Buying A €1 Home in Italy.
- Be Realistic
Is the cost just €1 for your new home in Italy? Be realistic with your approach and understand that the house will include taxes and other fees, along with the renovation cost. Research and learn about the deposit policy, pricing structure, minimum renovation period, and penalties before signing off the deal. Each town has its terms and condition; hence, it’s better to learn about it before buying your €1 home.
- Don’t Make Hasty Decisions
Spend at least a week to tour all the houses, learning about the town and nearby areas, and closing the ideal deal. Don’t get distracted by the beautiful beaches of Sicily and tourist spots. Consider your time there as a work tour and focus on cashing on the best property.
- Plan out a Budget
Plan out your budget before buying a €1 house in Italy. The estimated house renovation cost in Mussomeli is €20,000. Talk with your home dealer and ask for recommendations. You can collaborate with local builders and designers to get an estimate for your property. Have a blueprint ready in your mind to make things easier and faster. Also, check the renovation rules and guidelines of the town where you are buying a €1 house.
Pros and Cons of €1 Homes
- Be ready to spend more than €1
With one Euro being just a symbolic price for buying houses in Italy, you should be ready to spend more on the taxes, fees, deposits, and renovation. Your €1 house will cost you around €20,000 to €30,000 after renovation.
- Strict Restoration Timelines
Towns like Mussomeli have a three-year timeline for repairs and renovation. The restoration has to be completed within the required timeline, or you stand chances of losing the deposit.
- Non-Italian Neighborhood
Ever since the €1 housing project becomes popular across the internet, many people have already bought a property in these towns. So, if you are thinking of moving to Italy and living among the locals, this might not be the correct investment for you. Your fellow non-Italians will inhabit the €1 locality.
- Renovation Incentives
Where, on one side, you have to splurge from your pocket on renovation, the town council, on the other hand, is offering to subsidize your €1 house renovation costs. Once you buy and agree to restore the property, you can stand a chance to get up to €15,000 worth of financial aid from the council. The legal documents and other services are available in various languages to help property buyers coming from overseas.
- Dream House
Since your €1 house requires total restoration, you are free to build your dream house design. Redesign your home with the best material, vibrant color combination, perfect furniture, and quality fixtures. Looking at the price you put in the renovation, this is fairly an affordable deal worth the money.
- Italian Home Owner
Think about it – you’ll be an Italian house owner. Owning a holiday home in a locality full of history and rich Italian culture is a once-in-a-lifetime opportunity.
- Retirement Home
Nothing can be better than owning a €1 retirement home in a beautiful location in Italy. These houses are surrounded by spectacular beaches and artistic monuments, perfect for your post-retirement years.
Whether you decide to open a pizzeria in Abruzzo or a small boutique in Sicily, retire2italy will make your dream of la Dolce Vita come true. Get in touch with the professionals today.