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How does the €1 Houses project work?
The houses are owned by private individuals who want to get rid of them often so as not to pay taxes and levies. We are talking about crumbling or dangerous properties that need major renovations.
The properties are given as donations to the municipalities that by public procedure sell to the symbolic price of 1 euro. In other cases the municipal administrations are guarantors for the owners of such properties. Of course there are commitments that those who buy with Project Case to 1 Euro , must undertake:
- Envisage a restructuring and re-evaluation project within 365 days of purchase (approximately 20-25 thousand euros).
- Support notarial fees for registration and volture.
- Once all permits are granted, works must start within a maximum of 2 months.
- To guarantee the faireness of the purchase by the buyer, the municipality asks to enter into a surety policy of 5 thousand euros lasting for three years that is then refunded.
For details, please contact the Urban Planning offices of the concerned municipalities and carefully view the relevant notices.
Tax relief for building and energy restructuring
With the 2019 budgetary law, the support for building and energy restructuring were extended until 31 December 2019 without substantial modifications compared to 2018.
All taxpayers liable to the income tax on natural persons may deduct some of the costs incurred in restoring dwellings from taxes.
Specifically, the tax deduction of 50% of the costs incurred, with a maximum expenditure limit of 96,000 euros for each real estate unit, applies for the following interventions:
- extraordinary maintenance
- conservative restoration and renovation
- building renovation
In addition to the 50% deduction, it is possible to request for subsided VAT and deductions on mortgage interest expenses.