Update of Jan. 17th, 2019: There are still some 18 houses at 1 € in Italy, Sicily, click here for further information.
How does the project house for 1 € work?
These houses are owned by individuals who want to get rid of them often so as not to pay taxes. We are talking about dilapidated or dangerous buildings that require major renovations.
The buildings are sold as donations to the municipalities which, by public procedure, sell for the symbolic amount of 1 euro. In other cases, it is the municipal governments that vouch for the owners of these properties. Naturally, there are commitments for those who buy with a project of houses for 1 €, which must guarantee:
- To plan a restructuring and reevaluation project within 365 days of purchase (approximately 20-25 thousand euros).
- To support notary fees for registration, transfer and registration.
- Two months to start working when all permits are obtained.
- To ensure the security of the purchase by the buyer, the municipality asks to stipulate a deposit of 5 thousand euros for a period of three years, which is then refunded at maturity.
For more details, contact directly the construction offices of the concerned municipalities and consult attentively the corresponding opinions.
The advantages of buying a house for one euro
This long-term strategy is attractive for those looking for a home cheap and simple to restore the brilliance of the Italian villages that the whole world envy us for their extraordinary beauty, and for that spirit of the past that is so sought after today.
In addition, the Case 1 Euro (houses for 1 €) project could shake up the real estate market by facilitating access to youth-owned homes, for which the possibility of accessing a mortgage is often an insurmountable obstacle today.
The repopulation of these small towns will promote the birth of tourist activities, activating the economy of the whole area concerned. Always with a view to welcoming tourism, you can explore the possibility of redeveloping the property with a small hotel, a B & B, or think of a larger project that also involves more properties in the same village with the possibility of creating an extended hotel.
In short, the possibilities and implications are numerous and very interesting.