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While it sounds very tempting, the 1 euro house cost is not just the initial euro of the house purchase. There are other costs that a buyer must consider, before embarking on the purchase (and renovation!) of houses for 1 euro.
Here's how to buy a house for € 1 with our ebook
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- 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?
All of us who have traveled or lived in Italy are well aware of the desire to change our life and move to the countryside. Few people actually enjoy the traffic and activities of large urban centers. All the others love the tranquility, the small communities, the bar downstairs where we have coffee and brioche, the tobacconist with our favorite newspaper etc.
Maybe a little romantic idea, but not impossible. But at what cost?
The 1 euro houses project
The 1 euro houses project comes into play, started in Sicily in the small town of Gangi. In the following years, the initiative expands to other municipalities. The best known success stories are certainly Sambuca and Mussomeli, where the sale and renewal have revitalized the community, giving hope and a future to those who live there.
The concept is relatively simple: The owners, with the help of the municipality, make the houses available for the symbolic price of 1 euro. To purchase them, buyers must submit a home renovation project. The proposal must be sent to the municipality within the deadline set. Based on the number of proposals received, their quality and the interest of all involved, you too could become a homeowner for 1 euro.
You spent 1 euro for the house, now what happens?
After signing up to the municipal tender, it’s time to put the house renovation plan into action. Some costs are fixed, as they do not depend on the size or condition of the house purchased.
Among these are:
- real estate taxes
- restructuring plan
- notary costs
- accounting
In addition, there are variable costs such as:
- cost of renewal
- cost of craftsmen, engineers
- appliances, furniture
To get a concrete example of the cost of renovating a house for 1 euro, you can consult our ebook.
The stories of those who did it
The 1 euro houses project has involved an international audience. Among others, there is also the story of Patrick, a 67-year-old Englishman who bought an old school in Carrega Ligure in Piedmont. Patrick came to that sale by chance in 2017. After the purchase, the renovations arrived, and some were difficult to complete. Such as redoing the electrical system, or arranging the kitchen and bathroom.
As he recounted in an interview granted to CNN:
“The other houses were nice but they didn’t have anything special, they could have been in any Italian village. But this one was particular, the view is unique: the way the sun goes down on the mountains when it sets makes you say ‘wow’. my personal Arcadia, my Nirvana, my therapeutic place.”
1 euro houses: opportunity or scam?
Many remain skeptical of the 1 euro houses initiative. Surely those who say that buying houses for 1 euro cannot be the last step are right. It is in fact the first in a series of paths shoppers take to get the chance of country life. But neither is it impossible or too difficult to undertake. For those interested, our site is a real gold mine, full of information on the subject.
Sources: Esquire, CNN, Newsbreezer.com and The Sun.
Go to the list of municipalities participating in the 1 Euro Houses Project
