Pondered on the possibility of acquiring a €1 home in Italy, yet ultimately failed to complete the purchase
In the charming town of Mussomeli, Italy, two women, Barbara Maekrl from Germany and Rubia Daniels from Brazil, have taken a unique path to home ownership. Both women opted to purchase houses for €1, instead of the more common €1 property schemes available in certain parts of Italy.
Barbara, an administrator, decided against the €1 house due to the extensive renovations required. She explained the importance of securing a good builder in Italy, as dodgy builders can be an issue. Rubia, a 52-year-old woman, however, saw an opportunity and purchased five dilapidated houses in 2019.
These schemes, operated by local authorities in rural towns, aim to rejuvenate and encourage investment. However, the cost of renovation work is a major sticking point for many would-be buyers. Rubia spent approximately €50,000 on renovating each of her properties, with additional costs such as legal fees, permits, and contractor fees.
The exact timeframes for renovation work vary depending on the location of the property in Italy. In some cases, renovation work must start within a year of purchasing the property and be completed within three years. Failure to adhere to these timeframes can result in the non-refund of the deposit.
Rubia, who plans to retire to Italy and live in one of the houses, emphasized the importance of securing a good contractor and being prepared to work with local people. She also hired a Sicilian contractor to help with her properties.
Barbara, on the other hand, chose a different route. She purchased a €13,000 house instead, emphasizing her belief that her renovation costs will be manageable.
The opportunity to buy a house in some parts of Italy for €1 has drawn interest from people around the world. However, it is not possible to buy a home for €1 in most parts of Italy, and prospective buyers need to be aware of the rules and costs attached to the purchase.
To find detailed information about the rules and costs involved in buying a €1 house in Italy, it is best to research specific municipal programs that offer these homes. These programs require buyers to commit to renovating the property within 3-5 years and often include contractual obligations such as using local contractors.
Experts suggest considering ready-to-move-in homes in well-established Italian regions for a similar price with less risk. Additional considerations include tax registration, property taxes, and visa requirements for non-EU citizens buying a property as a tourist or investor.
In summary, the €1 house purchase in Italy can be a costly renovation venture, with significant additional expenses beyond the €1 purchase price. Prospective buyers should thoroughly research the rules, obligations, and costs associated with these schemes before making a decision.
Barbara and Rubia's stories serve as a reminder that while the €1 house scheme can offer an exciting opportunity, it is essential to be well-informed and prepared for the challenges that come with it.
[1] Casa Riviera [2] Culture Discovery [3] Local Council or Municipality [4] Various real estate experts [5] Italian government websites for tax registration, property taxes, and visa requirements for non-EU citizens.
- For those interested in the €1 house scheme in Italy, it's crucial to research specific municipal programs carefully, as they come with contractual obligations like using local contractors and renovating within a certain timeframe.
- Barbara, having experienced the extensive renovations required for the €1 houses, opted for a €13,000 property instead, believing her renovation costs would be more manageable.
- Rubia, however, bought five dilapidated houses for €1 each, spending around €50,000 on renovations for each property, and emphasized the importance of securing a reliable contractor and being prepared to work with local people.
