€1 House in Italy and how we bought ours #1
The €1 house “phenomenon” has captured the attention of would-be purchasers all over the World. Rightly so – who would not be excited by the prospect of securing a property in an Italian town or village for just €1? OK so you have to renovate the property and make it habitable, and in many cases, this has to be completed within 3 years or you may lose any security deposit payable.
So, the renovation may cost a minimum of €30-40k (possibly much more) but you will own a piece of real estate in an amazing country, and there is no requirement to live there permanently if you don’t want to. You may be able to use the property for commercial purposes, that is base a business there, run a guest house or just rent as an Air BnB.
So, can you really acquire an historic building for less than the price of an espresso? The answer is “yes”, and I know because I have been lucky enough to acquire a €1 house in a beautiful town in Italy.
The million-dollar question is something we are asked frequently is, how easy is it to get a €1 house – the answer unfortunately is it is very difficult! You must be very patient, be prepared to be let down multiple times and understand that you have to make a lot of effort enquiring, completing paperwork and visiting. And all of this before you get to make that purchase.
It took me over two years before I finally received the scanned letter confirming I had been successful, and a €1 house had been allocated. I sent hundreds of emails, applied for several different schemes, visited Italy for over 2 months in 2019, wrote business plans and tried to translate everything into Italian to boot! I realise the pandemic of Covid-19 has probably had a lot to do with this delay as Italy was the first badly hit country in Europe.
I would like to share my experiences positive and negative and help other people realise their dreams by acquiring their own €1 house or “case a 1 euro”.