Buy A House In Italy For 1 Euro

Buy A House In Italy For 1 Euro

Yes, really! Buy a house in Italy for 1 euro! A whole house in Italy for €1 in 2020!

Ok, we promise we won’t repeat ourselves. If you’re reading this, though, it’s probably safe to assume that you want to know how to buy a house in Italy.

Buying a house in Italy, or anywhere in the world, can be a huge task to take on. Luckily for us, there are some attractive incentives to buy property in Italy right now. If the idea of a 1 euro home sounds too good to be true, read on.

We’ve come up with a full breakdown of buying a house in Italy for just 1 euro. We’ll also outline all the small print and hidden pitfalls. So what’re you waiting for?

The History How can I buy a house for just 1 euro you might be asking yourself? Well, Italy famously has quite an old population. They’ve got one of the lowest birth rates in Europe. Couple this with the ‘Italian model’ of preserving culture, and you’ve got a perfect property storm.

With youngsters leaving for the city and an elderly population dying with no-one to leave their houses to, there’s loads of uninhabited homes. Municipalities can’t, or won’t, simply knock these gorgeous properties down.

Hence, many towns have started an incentive that allows people to buy a house in Italy for 1 euro. Buyers will take on the costs of renovating, and nab properties for just 1 euro.

This could positively shock the Italian real estate market. Plus, it could help young buyers to own homes.

Also, this 1 euro housing project can inject tourist dollars into these areas. Indeed, tourists might not change the population crisis. Unless, of course, they catch that spirit of Italian romance!

However, they can help to rejuvenate regions in Sicilia, Sardinia, and beyond!

Not long ago, Italy was even giving away castles! All under the agreement that the development turned them into businesses!

Can You Really Buy A House In Italy For $1?

So now you know that you can buy a house in Italy for 1 euro (about $1). But what’s the real deal? Let’s have a look at the small print of this programme.

What’s The Best Way To Start?

There are some key points that you’ll need to know before you buy your 1 euro dream home.

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Can a foreigner buy a house in Italy? – Yes. You don’t need to be Italian. Luckily enough for overseas investors!

You must declare that you haven’t committed mafia crimes. – Seriously, this was part of the reason that the 1 euro homes for sale 2019 scheme failed in Salemi!

You have to fill out a short application. – Before you go rushing off to buy a 1 euro house, make sure to contact that municipality!

Check out local blogs on the area you’re looking at. You could even get started by contacting local estate agents or a law firm to get a reply. Think about the sort of people that would know what’s going on in the area you’re looking at.

Will It Really Cost 1 euro?

We know what you’re thinking – buying a house in Italy for 1 euro? There’s just no way.

To some extent, you’d be right. The whole 1 euro house thing is a bit of a honey-trap.

Below, we’ve listed what it’s really going to cost.

The house itself, in the state that it’s presented really is just 1 euro. However, you’ll assume the costs of doing it up. In the long-run, you’ll have to weigh these up against the price of a new property that needs less work.

Buy A House – Buy The Debt Another hidden cost is going to be the debt on the property. You’ll assume it all. As we mentioned, repair costs may or may not be a good deal compared to the cost of buying a home outright. Make sure to check all the paperwork before you sign.

Plus, if there is an outstanding debt on the property (e.g. a mortgage or unpaid taxes), that defaults to you. Sometimes, these hidden costs are why the property is being sold in the first place!

Our top tip – Hire a professional Italian Notary to help with any paperwork!

Would You Buy An Italian 1 euro House?

Now you’ve got the facts, and you know that you could buy a house in Italy for a euro. The question you have to ask yourself is, would you buy an Italian house for a euro?

Does living in a quiet little village suit you? Do you have the finances and the commitment to restore an old property? Are you looking for the next chapter of your life, or do you want to move into somewhere today?

What Town In Italy Is Selling Houses For 1 euro?

Perhaps you’re still taken with the idea of buying a house for 1 euro. We’re glad to hear that!

To help you in your search we’ve listed a few places where you can find houses for 1 euro in Italy.

Patrica: Not far from the motorway connecting Rome to Naples, in the province of Frosinone, is Patrica. It has little more than 3,000 inhabitants and 38 abandoned houses in the last census.

It’s got chestnut woods, and the town rises up a steep slope. Nearby are the Lepini Mountains and the Valle del Sacco. This quaint Italian hillside town features narrow alleyways leading to its church. At its top lies the Palace of the Spezza family, with amazing views all around.

Cinquefrondi: Italy’s famous ‘Covid-Free Town’ – Cinquefrondi has more than enough to attract buyers. This town is set among hills and rivers with houses close to the sea.

Plus, Cinquefrondi only requests €250 annual as a policy insurance fee. This will cover works on all your 1 euro houses until they’re completed.

The Round-Up In the end, you certainly can buy a house in Italy for 1 euro. Unfortunately, it’s not going to cost just 1 euro.

There are hidden costs from notary fees to building material costs. You might also find yourself paying more as a foreign investor. Plus, you might find that the relaxed pace of life that we love about Italy affects your completion date! But if you have your heart set on your dream Tuscan Villa, there are ways to make it a reality.

With a young population moving into the cities for work, rural Italy is in desperate need of overseas investors.

Do you want to learn more about buying property in Italy (for 1 euro or not!)? Then why not have a look around Pearl Lemon Properties for tips?