Take a trip together, both on the street … Both to go to southern Italy … That chorus probably reminds you of something! Thanks to the great promotion of the Italian town of Laurenzana in the Basilicata region, you could fall for a house for € 1 and without a deposit … Too good to be true? Not exactly, but obviously that symbolic euro for buying a house is not unconditional.
The city in southern Italy is the last to sign this plan to attract new residents … In most Italian cities, you are required to leave a deposit of between € 2,000 and € 5,000 when buying a property. This deposit is refundable once the renovations are complete.
The town hall wants to help newcomers
In Laurenzana, the authorities have decided not to require bail from newcomers. “We want to help newcomers buy their dream home without stopping them from following lengthy procedures and strict regulations,” Mayor Michele Ungaro told CNN. “We are counting on the good faith and commitment of the buyers, but will constantly monitor the progress of the work and the status of the renovation.” indicates the elected representative of the village. Laurenzana is not the first city to offer houses for € 1, in 2019 Sardinia already tried to operate.
The terms of this offer are based on the good faith of the buyer. However, the municipality keeps an eye on the progress of the work. Don’t think you can get a luxury villa to drop off your suitcases for for € 1. The houses for sale are all in need of renovation and classified as historic.
Historic listed houses. Photo credit: Shutterstock / Giambattista Lazazzera
Buyers must commit to restoring homes
The buyers therefore undertake to renovate their entire purchase within three years of the start of construction! And these must start with a minimum investment of € 20,000 within three months of signing. Finally, buyers must submit a full renovation plan to City Hall, which will be reviewed before validation.
A beautiful village in Italy. Photo credit: Shutterstock / Giambattista Lazazzera
The project affects around fifty houses (10 in the city center and 40 in the surrounding area). If you believe the town hall, the ten houses in the city center do not require large investments. Larger jobs can be expected for the others.
The cost of home repairs is not negligible
Obviously, a 1 euro house can be the dream of many people who want to become a homeowner. But be careful, there are often nasty surprises when buying an old building … And in order to be able to renovate the house in the allotted time, it needs a solid back.
Apparently the offer is for everyone and not reserved for Italians … A great opportunity but when you live thousands of miles away you need to be able to monitor the work remotely … and probably one hell of a budget to do it “Surveillance” tours. The offer is tempting but might hide some setbacks to be expected!