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Are you going to buy a house for 1 euro? Having doubts about what to do, wether it’s a scam or a joke, is common and normal. Who would ever give a house for the symbolic price of 1 euro? What happens once you buy it? Can you move in right away? Don’t worry, here are the answers.
Here's how to buy a house for € 1 with our ebook
- Available in English, French and Spanish in PDF and epub format.
- How to buy 1 Euro Houses in Italy?
- How to find available 1 Euro Houses in Italy?
- How to plan for the purchase and renovation?
The phenomenon of 1 euro houses in Italy has already existed for years with successful examples especially in Sicily. But what does buying a house for 1 euro entail and how can you be sure that the house really exists?
The calls of the municipalities
The Italian municipalities that have problems of depopulation or degradation of historic centers, try to attract new inhabitants by selling houses at the symbolic price of 1 euro. In the first phase, they look for those who own abandoned houses. The owners, even if they do not live there, have costs and taxes that they have to pay every year, therefore a financial and value loss of the property. Municipalities offer intermediaries for between wants to sell and who to buy.
Once the desired quantity of properties has been accumulated, the municipality publishes an announcement of the houses available for sale. Those who want to buy them must meet the conditions of the municipality for the purchase (submit a renewal project, take out a guarantee, etc.). On our site, we offer the collected information of all municipalities, including their regulations, for those interested.
What to consider before buying?
There are many things to consider before buying an abandoned house in Italy:
- What are our intentions? Do we want to move or use the house as an investment?
- Are our dreams and desires in line with the wishes of the municipality?
- What will be the additional costs before and after buying the house?
As you can imagine, the cost of 1 euro is symbolic. The actual cost lies in the renovation of the house. Our team has gathered information on the steps to take and all the considerations to do before buying in our ebook.
Here's how to buy a house for € 1 with our ebook
- Available in English, French and Spanish in PDF and epub format.
- How to buy 1 Euro Houses in Italy?
- How to find available 1 Euro Houses in Italy?
- How to plan for the purchase and renovation?
The purchase of the 1 euro house
If the proposal presented to the municipality is satisfactory, the buyer will be able to purchase the house at the symbolic price requested by the seller. With the purchase he will also have to sign a written agreement, where he will promise to undertake the renovation of the house in a predetermined time by the municipality.
The time spent is usually 1 to 2 years and it depends on the regulation of the municipality. This time is dedicated to the renovations that are needed to make the house habitable and functional.
What happens if you don’t renew your house on time?
Most municipalities require a guarantee of a few thousand euros if you do not finish the work on the predetermined time. Obviously there are exceptions such as force majeure, difficulty in finding manpower etc., which are stipulated in the regulations and contracts signed with the municipality. It is therefore important to read carefully and to understand the documentation before signing it. In some cases you could even lose the purchased 1 euro house.
After the renovation
Once the renovation work is completed, you can move into the 1 euro house, declaring your new residence in the village to the municipality. The residence can be both permanent (for those who move full-time) or temporary (for those who move for short periods of the year, such as holidays). We also talk about this in detail on our site. In short, your dream home at 1 euro in the Italian countryside is ready to enjoy it.
What to watch out for
The 1 euro houses team always supports those who do their research on the project and plan to participate in it. For those who do not speak Italian or are not native speakers, we recommend that you use the services of a local accountant, lawyer or interpreter who can help you on your journey. Beware of “specialists” without certification or proper qualifications! With the rise in popularity of 1 euro houses, scams have also multiplied. Some may claim to be municipality officials, specialists or connoisseurs on the subject.
Good luck!
To those looking to buy a house for 1 euro we wish good luck in their venture. The end result is worth it, as people who have renovated or are in the process of renovating a house for 1 euro have already shared. For those who want to start looking for their dream home at 1 euro, they can visit our website and consult the map of the municipalities involved .
Go to the list of municipalities participating in the 1 Euro Houses Project
Reviews
Riabitare l’Italia (Repopulating Italy) – book review
1€ houses in Italian villages. Sambuca di Sicilia – book review
Italy the new Tax Haven in Europe: book review
Source: ContoCorrenteOnline.it
