I read about these houses in Italy that are supposedly for sale for just 1 euro. Is that actually a real thing? The article I saw said you can buy a house that cheap.
Worth reading - ......
Thanks for the link! From what I have read it seems that the actual price could be around €100,000 and more! I was not aware of this before.
From the Independent article:
- "However, the cost of renovations is still relatively low compared to other countries - in the region of €20,000-50,000 depending on the size of the property."
- "Legal fees for buying a house abroad can add up to €3,000 on top of this, and some municipalities also ask for a “guarantee fee” (from €1,000 to €10,000 depending on the town and the cost of the renovation project) to prove you’re committed to improving the property."
- "new owners are required to submit details of a renovation project within two to 12 months of purchase (depending on the location), start work within one year, and complete it within the next three."
It is a real thing, but as Alan H says there is a catch. It will not be everyone's "cup fo tea". It does not work well for people who want to make a quick buck. The idea is to be an incentive to attract people and investment to charming but remote towns/villages in Italy.
Thank you for sharing your perspective. Yes, that's what I was thinking. If it's this cheap, basically free, there has to be a catch.