Buying a house for just 1 Euro will look like a scam however it is actually a real thing happening in Italy. Right here in this post, I will explain the whole idea behind the Italy 1 Euro Houses. Read on.
1 Euro Houses: How It Started
The 1 Euro housing program was first started by a TV personality by the name of Vittorio Sgarbi. He suggested the only way of protecting the old quarters in the town was by selling the houses cheaply. This idea started with just a few areas but today about 34 other municipalities have joined the program.
1 Euro Houses: How It Works
Houses that enter the program are mostly privately owned. Some of these houses are very old and needs renovation. With the owners not having any intentions for their old properties decides to sell them off. Finally, the owners allow the municipality to sell the houses at the symbolic price of 1€. However, there are terms buyers must obey.
- Plan a restructuring and revaluation project (usually within 365 days of purchase).
- Support notarial fees for registration
- Once you have all the permits, start the work within the time decided by the municipality.
- To guarantee the correct execution of the works by the buyer, the municipality asks to take out a surety policy of between €1,000.00 and €5,000.00. The policy expires at the end of the completed works, usually within 3 years.
1 Euro Houses: How To Buy
Interested buyers must first contact the municipality directly and show how serious they are. The municipality will then visit the site with the buyer. Buyers who are not citizens of Italy must get a tax code before any purchase can be done.
1 Euro Houses: Where To Buy
There are several municipalities in Italy where this program is done. For more info, kindly read more