In many cases properties being offered needed complete renovation and the trials of owning a home in the sun for €1 for buyers became an endless money pit
A €1 house in Italy (
Image: Comune Mussomeli)
Brits have spoken about the downside of snapping up a €1 house for a ‘bargain’ price.
Towns in Italy began selling the run-down properties for what seemed like a dream deal for those who bought an apartment in sunshine locations.
But many buyers who were persuaded to part with their cash discovered they needed far more money after their token investment.
In many cases properties being offered needed complete renovation and the trials of owning a home in the sun for €1 became an endless money pit.
Danny McCubbin who lived in London 17 years bought a house after reading about them.
The 58-year-old bought a place in Sicily and raised €25,000 (£20,00) to create a community food project.
Solar consultant and business owner, Rubia Daniels
A €1 house in Italy became a costly plan for some Brits
(
Image:
Comune Mussomeli)
He told the Mail Online : “I liked the fact that the whole process was very clear and transparent.”
But everything did not go according to plan and he was quickly forced to sell it.
He warned would-be buyers considering purchasing a property the problems he encountered.
They included paying to register the property and the spiralling legal fees, which can cost thousands of pounds.
Soaring building costs and a shortage of builders during the pandemic were also an issue,
He eventually realised he would not have have enough cash to fund the conversion and sold the house for €1, but he lost out financially and it ultimately cost him €3,000 (£2,500).
He claimed he has “no regrets” and found other properties since meeting others and securing Italian residency.
In Italy there are no restrictions on who can buy the homes for the token price.
There are also no rules about selling apart from beyond a requirement to begin restoration in three years.
But Brit buyers have discovered there are still plenty of hurdles they must clear.
Residents of the towns benefit the most from the sale of properties in their neighbourhoods and entire districts, which have been in a state of disrepair for decades are brought back to life.
Leo Ciaccio
(
Image:
Twitter)
Rubia Daniels, bought and renovated three homes in Sicilly , but warned about renovations
She told The Sun : “People need to have a level of reality, if you sell me a house for €1, I know I’m going to have to fix it.
“They’re revitalizing the town and that’s why the house is coming to you for €1. Then, you have to do the work.”
Employment is also increasing as new businesses start prompted by the arrival of new trade,.
The one euro homes have prompted one investor to explore opening a new engineering institute in Mussomelli
Before-Covid, the town had 380 tourists, but last year 5,000 were recorded as more visitors arrive and sometimes settle.
The mayor of Sambuca, Leo Ciaccio, 50, has put a second group of properties on the market for two euros and they have prompted a surge in local property sales.
Anna Salerno, an English-speaking notary said: “This town didn’t even have a notary before.
“Now they do — and they need one who speaks English!”
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