€1 House in Italy

Europe Properties are conscious of the popular demand for €1 Houses in Italy. Buying a 1 euro house is tempting to many people across the World but it is also good to know the downfalls of buying a 1 euro house in Italy. We need to ask: Why are Italians not buying 1 euro houses ? 

The Price – Buyers need to be aware that they have to bear additional costs, to fully renovate the property (starting costs of a min 700 euros /m2) within a fixed time period and pay for the notary’s fees, land transfer and registration of the property (approx. 5000 euros). 

The Obligation to Renovate – Buyers of 1 euro houses have specific obligations, the most important of which concerns the renovation of the property or ruin. It is essential to meet the 1 – 3 year deadline for renovation, which tends to start within two months of obtaining permits. This condition varies with all municipalities: the main objective is to rehabilitate dwellings that are becoming derelict and dangerous, with no economic value. There is a security deposit (min 2000 euros) payable when you purchase which is only refundable when you complete your renovation. Consideration must also be given for the total cost of renovating to a minimum standard and the timeframe to get builders to complete the project.

Location – The houses sold as part of the 1 euro house scheme are generally located in small, isolated villages where depopulation is on the increase. Many people are heading for the big cities in search of work. The location of 1 euro houses may not be for everyone therefore you need to know if you would like to be part of this community by visiting the area before committing or if you intend to rent will the area be appealing to tourists?

The house you have just bought cannot always be resold – 1 euro houses are mainly aimed at those who intend to move permanently into these Italian villages, to repopulate villages that are experiencing a steady decline. Some villages may put restrictions on re-selling the property therefore you need to be aware of any conditions, also selling may be a challenge given the rural location of most of these properties. 

In our Conclusion, a 1 euro house may not be the good investment we once thought, due to the high costs of renovation, the time & logistics of completing the project plus the end product. Are you able to successfully rent or resell your home? 

Europe Properties are no longer able to assist with 1 euro houses in Italy.

 

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EUROPE PROPERTIES TEAM