Italy sells houses for 1 euro, you should know that

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Rents are rising, apartments are becoming scarcer and buying a house seems almost impossible. Are you unable to fulfill your dream of owning your own home in Switzerland?

In Italy, houses are priced at just one euro. When the offer is too good to be true and how you can get your dream home at our southern neighbor – explains Blick.

The idea is simple: the municipality takes over the homes because second homes are not worthwhile for many Italians from a tax point of view. She then sells the houses to people from all over the world for a symbolic euro – on the condition that they renovate the house.

But beware: the houses for bargain prices are ramshackle houses in villages, some of which are difficult to reach. In some cases, only ruins remain after earthquakes and floods. But since the BBC and CNN show in video formats how houses can be renovated, the run on cheap houses is in any case big.

The communities have no inhabitants because young Italians want to try their luck in cities such as Rome, Milan, Florence or Naples. To avoid ghost towns, the municipalities offer the ruins for one euro on the website Casea1euro.it.

But how does it work? There is no income or asset limit to get a house for one euro. Interested parties must write to the municipality and fill out a form. If the community responds, it’s best to drop by in person. Then you agree to pay the costs of notary, registration and transfer of the house.

Construction work should start within two months. The renovation must be completed after a year at the latest. Experts estimate the renovation costs at a minimum of 25,000 euros, writes the “Süddeutsche Zeitung”. And: You must pay a deposit of 1000 to 5000 euros. The property can only be resold after a certain period of time has passed.

Non-Italian citizens must apply for an Italian tax number. To do this, you must contact the Italian tax authorities. In Italy, every house must be taxed, whether you live there or not. A discussion with a tax advisor is therefore strongly recommended.

The good news: the Italian state has every interest in reviving the villages. And he also pays for it: there are redevelopment and construction subsidies for the renovation.

A look at the fine print is imperative, as some communities require you to actively live in the home and not just use it as a vacation home. But: in other cases you can also rent it out as an Airbnb or furnish a hotel. After all, the municipality has an interest in more tourism in the region.

Although the villages are often difficult to reach, some are a stone’s throw from major cities with good infrastructure. In times of inflation and since many can work in the home office, the $1 house is worth it as an expensive hobby and DIY project. One thing is clear: even including renovation costs, it is cheaper than a house in Switzerland.

Source: Blick

Amelia

I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.