Italian 1 Euro Houses for sale

Italian 1 Euro Homes For Sale

1 Euro Homes for sale in Italy

1 Euro homes have excited a lot of interest in recent times, and Realpoint regularly receives requests for homes for sale under such schemes. So, we have decided to sort the wheat from the chaff and explain what is required to buy a 1 Euro home and how that compares to buying a bargain property in the traditonal way. 

1 Euro homes can be seen as a bargain for those dreaming of having a home in Italy. And it is true that such schemes offer a way of regenerating areas and villages that have seen dramatic falls in their population or in some cases have been deserted altogether.

The 1 Euro schemes are managed by local councils, but the houses are owned by private individuals who wish to sell, usually to reduce the burden of local taxes on an unused property. The houses are for the most part dilapidated or dangerous structures in need of major renovation. The council sells the house by public tender at the symbolic price of 1 Euro and acts as the vendor's guarantor.

What you need to know about 1 Euro Italian homes

1 Euro home for sale in Italy

If you are thinking of buying 1 Euro house, carefully consider the following before you purchase:

The majority of 1 Euro home schemes are to be found in the south of Italy: Sicily, Calabria, Molise, and Basilicata. Many are in remote, mountainous areas where access is via unpaved roads and can prove difficult, public transport may not be present  and you could be miles from a train station and airport.

Does the location have any facilities? Shops, bars, restaurants? How far is the nearest hospital and are is there easy access to a doctor? 

What is the condition of the other houses in the village?  If it has been completed abandoned, you could end up being the only resident. If there is take-up of the scheme, you may end  living permannetly surrounded by building work, noise and dust.

Historically, villages have been abandoned for a reason; it could be lack of available work. The locations on offer are mainly rural and usually people have left  the land to look for work in cities. But it could be that water supply is a problem. Other locations offering 1 Euro homes have been affected by earthquakes. True, all of Italy is a seismic zone, but regions such as Calabria, Sicily and Abruzzo have suffered badly in the recent past and will unfortunately do so again in the future. 

What of other utilities? Is there a reliable internet connection - if any?  How costly will the utilities be to install? Are there communal sewers? Is there any outside space or garden?

How do I buy a 1 Euro home?

1 euro homes for sale in Italy The application process for a 1 Euro home is made to the council where the property is located.

You will be presented with a whole raft of forms to fill-in written in Italian and invited to carefully review the notices in the Urban Planning office of the council - also in Italian.

You may also be required to create an Italian company for the purchase. So before progressing you might want to engage a lawyer to protect your interests.

The process varies slightly from council to council but in general, when you buy your home will have to pay a deposit to the council (approx. 5,000 Euro)  This is held until the work is completed.

Renovation and Closing Costs of a 1 Euro House

A renovation project has to be presented to the council, so you will need to engage a geometra (architect/surveyor) and probably council approved. The average cost of drawing-up project plans for renovation is around 3,000 Euro.

You will also have to sign a contract with an approved builder provided by the council. 

The work has to start within a couple of months from once the project is approved, and completed within three years - if not, you lose your initial deposit. So you'll need your cash ready for the initial instalment to the building company.

It is unlikely that you will be able to use the house until the work is completed which may mean waiting for up to three years or even longer if there are delays with the work schedule.

And since the renovation will be carried out without you being present, you are completely dependent on the building company  to carry out the work to the correct standard.

Please refer to Realpoint's' guide to renovation

You become legitimate owner as long as you:

  • Plan a renovation project within a set time (depending on the municipality);
  • Pay notary fees for registration and cadastral expenses of the purchase.
  • Start work a few months after all permits have been issued.

The process sends buyers down one particular avenue, so you lose control of the process. Once you are locked into buying and a renovation contract you will have little chance of any redress in the case of a dispute, unless you are prepared to go through a lengthy and costly court case.  

1 EURO ITALIAN HOME FOR SALE Work out your renovation costs. The average cost of renovation when a house needs structural work is 1,000 to 1,250 Euro per square meter. With 1 Euro houses, the renovation may come in cheaper, but does that mean a trade off with quality? 

Geometra fees are usually charged at 15% of the total cost of the work.

Then there are costs to update the property's registration in the land registry, notary fees and purchase taxes.

On the other hand... find a true bargain home in Italy!

A bargain apartment for sale in Tuscany Italy There are other ways to secure your Italian dream without it costing the earth and you remain master of the situation. Realpoint thinks Italy still has rare gems hidden away at bargain prices - even in Tuscany - the most popular region for visitors in Italy.

Let's take a bargain property in Chianciano Terme, Tuscany as an example.

Firstly, the location: a Tuscan spa town in the province of Siena, one of the most visited areas of Italy. Shops, great restaurants and bars, and all the other services you require are on hand. And if you wish to rent out the property you already have a known brand and ready clientele wishing to stay in the town. The same can not be said of the rental prospects for a remote village with no facilities in the Sicilian Mountains.

Our example house is also an investment. You can move in straight away which is not the case with 1 Euro homes, and it is ideally suited to turn the two apartments into one or leave it as is for extra rental. Plus the partially completed loft provides further room for expansion. The property has a panoramic views, a large garden (900 m2), residents' parking and nice features such as frescoed ceiling in the bedroom and a wine cellar with chestnut beams.

Realpoint manages the sale process in English on your behalf  if you were to purchase the property. Please refer to Realpoints guide to buying Italian property 

apartment for sale in Tuscany

 

We can assist  with upgrades to the property's partially renovated loft  by putting you in contact with reputable building companies where you decide when to carry out the work, and you are able to view the standard of completed work on other homes,  with no deposit to be put down.

Utilities are already be in place and being a spa town, it certainly doesn't lack water!

Please refer to Realpoint's guide to renovation.

 

 

Italian Monastery for sale at 1 Euro

1 EURO ITALIAN HOME FOR SALE You may have spotted our very own 1-Euro home, but this is not part of any 1 Euro scheme, it is a genuine attempt by a local council to save a historic property. You should be aware that this would cost around 1.8 million Euros to restore.

If that is the kind of  thing you are interested in, then let us know - we have access to many historic properties. They may not be 1 Euro, but you can certainly end up with a restored historic property for well under the 1.8 million Euros of Casone

Contact Realpoint to discover more Italian period properties for sale 

 

 

Italian Property Auctions

Italian Property Auctions Another excellent way to secure a bargain Italian property is through auction. They have been around for some time, and can be an excellent way to find that elusive property at a bargain price.  Property sold at Italian auctions is typically being sold off by a bank or receiver to recover the debt on the property. Savings of up to 75% of the property's value can be achieved.

Please see our guide to Italian Property Auctions

 

Contact Realpoint to discuss your purchase plans and requirements