Italian Dream Home for Just €1: Your Guide to Snapping Up a Bargain Casa

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With property prices soaring in Ireland, many are turning their eyes to Italy, where the idea of buying an Italian casa for just €1 is irresistible. Buy an Italian Dream Home for Just €1: Your Guide to Snapping Up a Bargain Casa

Several small Italian towns have made headlines by selling off vacant houses for €1 each in recent years. See Home Available

Why is Italy selling houses for €1? Become a What’s Going On Ireland Membership

As young Italians increasingly move to cities for work, many of Italy’s remote villages are becoming abandoned, with ageing populations that are beginning to decline.

To revitalize these areas, around 25 Italian municipalities are offering houses for just €1. By selling these unused properties cheaply, local authorities hope to attract new homeowners who will improve and occupy the homes, stimulating the local economy in the process.

What’s the catch?

While the idea of buying a house for €1 sounds tempting, there are a few things to consider:

  • Renovation Required: Houses sold through this scheme are often in need of major repairs. You’re buying a fixer-upper, not a move-in ready home.
  • Renovation Costs: While renovation costs are relatively low compared to other countries (around €20,000–50,000), they are still an additional expense.
  • Legal Fees: Buying a house abroad comes with legal fees, which can add up to around €3,000. Some municipalities also require a “guarantee fee” of €1,000 to €10,000 to show commitment to the renovation project.
  • Renovation Timeline: New owners must submit a renovation plan within two to 12 months of purchase, start work within one year, and complete it within three years.
  • Potential Bidding Wars: Popular properties may not end up selling for just €1. Some have been sold for €5,000 or even €20,000.

Who can buy a one euro house?

Each town has its own requirements, but generally, buyers must:

  • Cover all expenses for the sale deeds
  • Prepare a renovation plan within one year of purchase
  • Start renovations within two months of receiving the building permit
  • Complete renovations within three years
  • Provide a “guarantee policy” deposit, which is forfeited if renovations are not completed within three years

Additionally, buyers may need to live in the house after renovations, or they may use it as a holiday home or small business such as a B&B.

It’s important to check the specific requirements of the town you’re interested in. Buyers without Italian residency or language skills may face additional challenges when organizing renovations and using their property.

So, while buying a house for €1 may sound like a dream come true, it’s essential to consider the practicalities before taking the plunge into Italian homeownership.

Italian Dream Home for Just €1: Your Guide to Snapping Up a Bargain Casa

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