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What are the hidden costs of 1 euro houses? Many dream of moving to Italy to live the good life in small villages. But there are hidden costs that many do not think about when they buy the house for 1 euro. Here’s what to watch out for.
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 expected costs for the houses at 1 euro
All buyers who come to see the houses for 1 euro and decide to buy them know that there will be additional costs at the symbolic price of 1 euro. Buyers always consider renovation costs which vary according to the size of the house and the original state.
In some cases, the costs can be minimal, certainly lower than buying a new home in the city. In other cases, however, the works are so extensive that the costs could rise to the prices of real estate in the city.
But many forget about other costs, which are very important to consider.
The hidden and unexpected costs of 1 euro houses
Many forget that in Italy there are house taxes. Once you buy the 1 euro house, you become the owner and you have to pay taxes on the property purchased, regardless of whether it is a ruin or a luxury apartment. For those who already own a home in Italy, the new home purchased is considered a “second home” and again, you pay taxes.
Another cost that many do not think about is the cost of the work done by accountants and lawyers who help the buyer with documentation, residence registration and similar procedures. This cost is above all important for those coming from abroad to Italy, as Italians in most cases do not use extensive commercial or legal services. These costs can go up to 1000 and pass euro, in some cases even before the purchase of the house at 1 euro.
How can I avoid additional costs?
First of all, you need to be prepared for the costs mentioned and to be well informed before making property purchases. The 1 euro houses team recommends investing some funds in consultancy before making the purchase of the houses. Whether it is commercial, legal or construction advice depends on the house you are considering.
Another thing we recommend is to take a trip to Italy (even as an extended vacation) to see the area, meet the people and talk to the public administration. This way you can avoid investing in properties that may surprise you financially.
Our team has also prepared an overall ebook on 1 euro houses which also talks about the financial aspect of 1 euro houses and how to prepare for the purchase.
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?
Go to the list of municipalities participating in the 1 Euro Houses Project
Source: TheSun.co.uk
