October 16, 2021

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Buy a Residence in an Italian City for Much less Than $2

Picture: Giuliano Guida (Shutterstock)

After a yr of cancelled journey plans, you’re most likely able to hit the highway or hop on a airplane and go someplace that’s not your neighborhood. And in the event you have been considering of one thing somewhat extra everlasting, chances are you’ll be fascinated about a latest provide from the city of Laurenzana, positioned in Italy’s Basilicata area.

Like different villages stuffed with deserted—but completely attractive—historic houses, Laurenzana has some available on the market for €1 (roughly $1.20). However not like related promotions, this one doesn’t require a deposit. Right here’s what it’s essential know concerning the seemingly too-good-to-be-true provide.

Illustration for article titled Purchase a Home in an Italian Town for Less Than $2

How to get a dilapidated home in Italy for $1.20

The way it usually works with these basically-free houses in Italy (and elsewhere in Europe) is that in addition to the €1 (or whatever the original cost is), buyers have to pay a deposit guarantee. The deposits are typically between €2,000 and €5,000 (about $2,380 to $5,950), and come with the stipulation that the new owners complete certain renovations within a set period of time. Then, once they’ve done the work and restored the house, they get their deposit back.

Laurenzana Mayor Michele Ungaro explained the strategy to CNN:

We want to help newcomers purchase the house of their dreams without making it hard for them to follow tedious procedures and tight requirements. At times it can be difficult to navigate through regulation, particularly if you’re a foreigner. We want this adventure to be a pleasure, not a burden. That’s why we are not asking for any deposit guarantee to ensure the works are speedily carried out. It sounds as a sort of threat. We rely on the good faith and commitment of buyers, but we will be constantly monitoring the work-in-progress and status of the renovation.

Illustration for article titled Purchase a Home in an Italian Town for Less Than $2

The process might be easier, but there are, however, some requirements for the houses in Laurenzana. In addition to the €1, those hoping to purchase one of these homes must also submit a proposal and detailed renovation plan for the property. If their proposal is accepted, the new homeowners must start fixing their place up within three months of purchasing it, and need to be finished with the ultimate rehab project within three years.

If you’re interested in purchasing a house in Laurenzana, email [email protected] for more information.

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