How to buy a $1.60 home in some of the world's most gorgeous locations
Is Aussie property giving you the pip? Don’t get mad, get on a plane.
Property listings for as little as $1.60 (that’s €1) include some of the most gorgeous places on the planet.
Many small towns in Europe – mostly in Italy – have schemes to attract buyers in a bid to reverse depopulation and restore old homes, rather than condemn to bulldozers. Listing websites enable foreigners to browse the options for sale.
These programs revive old parts of Italy while preserving centuries-old character.
The catch is that these homes come with caveats that include an undertaking to renovate and to do so within a time limit, usually of one to three years, Home Beautiful magazine reports.
Fees held in escrow are sometimes associated with inking the deal, to ensure the buyer holds up their end of the bargain, and the costs of a reno could be as little as $US25,000 (about $AU37,000) or as much as $US500,000 (about $AU750,000), the publication reports.
Case 1 Euro is a listing portal for one such scheme, run by the Municipality of Mussomeli, in Sicily. If you buy one of their properties, you have three years to renovate, the rules stipulate.
Properties are promoted like any campaign in Australia, with photos and an precis of the location and features.
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“Buy your dream for €1 in the fabulous town of the Sicilian hinterland, just a few kilometers from the enchanting beaches and the historic temples of Agrigento,” the scheme’s website explains.
“In Mussomeli you will live the ancient Sicily, the real Sicily. Mussomeli is the city of the Manfredi’s Castle and traditions. In Sicily you will not only buy a house, but you will have the chance to experience our culture, our traditions, the slow and relaxed life of one of the most peaceful and safe lands in the world.”
Unsurprisingly, one of the FAQ’s provided is: “Is it true or is it a joke?”.
The answer? Yes, it is real. The program is managed entirely by the local council.
The works can be done with or without local construction companies but there are builders and architects based in the city.
Buyers need to travel to Mussomeli to physically inspect the property and obtain a quote for repairs and updates. If the sum is satisfactory, the hopeful buyer fills out a purchase request and must submit it, in person, at the municipal offices.
The contract outlines the time limit for the restoration (three years to completion), and includes a €5,000 surety (about $AU8000) to the council, valid for three years, which they will keep if the buyer fails to fulfil their obligation and leaves the property in ruins.
And why are the houses so cheap? Tax reasons, of course. The tax structure makes it financially undesirable to own more than one property. If a family inherits a second home, it may make more sense to flog it for a pittance.
“In Italy, the property tax on the first house is not paid (only for Italian citizens),” the Case 1 Euro site explains. “If you have more than one house, you have to pay for it. Many citizens, therefore, having more than one property, have to pay a maxi-tax to the Italian Government, so they prefer to sell the houses at €1, rather than pay an extra tax.”
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