5 minute read
Heaven Sent or Absolute Hell? Buying a historic home in Italy for only €1
I vividly remember the first time a post came across my social media, boasting a beautifully saturated image of a quaint, picturesque town on a hilltop exclaiming: “Buy a house in Italy for €1.” Hook, line and sinker they got me, alongside arguably a large portion of the globe’s romantics, pasta-obsessed and cheapskates. Immediately I began doing research, hell-bent on the idea that my life-long dream of owning property in one of Europe’s most culturally rich countries might finally come true.
It turns out to be one well-marketed loophole. The one euro home initiative kicked off in 2019, and soon enough, dozens other municipalities of increasingly deserted villages began selling the abandoned, historic houses for a symbolic €1. The aim of the project is to revive these rural, old towns, as they face a demographic crisis. Declining youth population, extremely low birth rates and economic hardship has sent the buildings into rapid decay. In the regions of Sardinia, Abruzzo, Molise, Tuscany, Piedmont and more, the locals faced the threat of their once lively, cobblestone streets becoming desolate and abandoned.
In late 2020, the programme became an internet sensation off the back of a YouTube video, and subsequently, many people braver (or perhaps more foolish) than me ventured to claim their piece of the Italian countryside lifestyle. By doing so, the idyllic little villages would get a new lease on life, preserving their cultural heritage and boosting the local economy.
What a concept!
HERE IS THE CATCH
Because they cannot possibly give them away for free, the €1 you pay for a small home in these rural municipalities is symbolic. Then comes the purchasing cost that can range from N$ 20,000 - N$80,000. As a guarantee that the buyer will renovate the house to historic standards, you must pay a deposit of between N$ 60,000 - N$140,000. Oh, and most of the towns set a timeframe of 2-3 years for the renovation to be completed.
Bada-bing bada-boom, you’ve laid down roughly N$130,000. Which, if we’re being completely honest, is still quite a bargain in this economy. The renovation, however, will cost you much, much more.
Keeping in mind that some of these homes have been sitting empty, slowly decaying for decades, you are buying into lots of hard work to make it remotely habitable. There are some beautiful homes out there, their charm being the historic architecture and quaint Italian towns they are located in, but an eye for potential is absolutely crucial. While websites such as case1euro.it and renovita.net show some pictures of your potential new property, the proof really is in the pudding. Most municipalities actually require that you visit the village first and view the houses on offer before you lay down that hefty €1.
BUT WAIT, THERE’S MORE
That’s right folks, you may not buy the property and renovate it just to rent it out or use it only as a summer holiday home. The whole premise of the one-euro home initiative is to contribute to the local economy, so consider yourself at home in rural Italy for at the very least five years. You have to commit to using the property as your primary residence or opening a business there. Some municipalities might also require a minimum income or assets, and even having to learn Italian.
Due to the fact that you are buying a piece of historic architecture, most of the municipalities demand that you restore the property to its supposed former glory. While there is room to tweak the renovations to your liking, it is imperative that the homes maintain their classic Italian style. The contractors and builders at your disposal in these rural areas might also be a challenge, hence many new owners endeavour to DIY the build as best they can.
HOW TO BUY A €1 HOUSE
Worlds away from scrolling through a real estate website with photos of properties from every angle, finding your oneeuro home is much more like firing a shot in the dark. First, find the names and websites of the municipalities taking part in this programme. It is not as simple as googling “€1 house in Italy for sale”. You will have to do a little digging to find these particular websites, but thelocal.it seems to offer the most comprehensive list and links to comune websites. Once you have found the municipality where you would like to invest, the next step is to express interest in their one-euro home scheme by emailing them directly.
Believe it or not, an overwhelming interest in these homes means you might have to join a waiting list. If you are planning to open a commercial activity like a B&B, bakery or other artisanal offerings, you might be fast-tracked to getting the property. Once you get the green light and secure an old home, a whole lot of paperwork follows. From getting your renovation plans approved to obtaining a visa, it is quite a tedious process.
When all is said and done, buying a one-euro home in Italy promises to be the adventure of a lifetime if you’ve got the guts and grit for it. Not only could you have your own slice of a charming little town in the countryside, but the community you may help revive has the potential to be life-enriching. There are plenty of people who have documented the process from start to finish on YouTube, candidly showing the realities of an undertaking as bold as this. But if all else fails, you can scratch the entire idea and simply buy a somewhat-habitable home in one of these old towns for upwards of half a million Namibian dollars.
