The Catch Behind Italy’s €1 Homes: A Nomad’s Real Estate Journey
Italy’s €1 Houses: A Crazy Scam Or A Real Estate Investment Dream?
As some of you know, I recently decided to exchange my full time nomad lifestyle for a home base in a new country (with continued travel as it seems interesting).
Where I decided to settle wasn’t a decision I made suddenly or without *a lot* of exploration of my options. One of those options was Italy! I’ve had a handful of friends pack up their things and move to Italy, France, Portugal, etc. Finally, settling into a $40,000 home in small countryside artist communities, or wherever felt right for them.
In my search for the perfect “home” - I came across so many €1 homes, and thought to myself “Wow.. this could be a possibility”. So with my previous post about the digital nomad visa finally coming to Italy and how seemingly easy it is to get one of those for yourself... I thought it might be relevant to share some of what I’ve learned about these properties.
I mean, how CAN it be that you get BUY a HOUSE for €1?
First, let’s start with a bit of backstory. People in France, Italy, Spain, and Portugal have been moving towards the city centers, or simply left the country, in search of work. In the process, many picturesque Italian villages have become nearly abandoned. In an effort to revive these areas, this €1 was started.. and it took off!
So what’s to stop you purchasing one? I mean, €1 can’t even buy a coffee, right? Well there is of course a catch (a few rather). These all vary by village, property, etc. In general, however, you must:
- Submit a renovation plan within a specific timeframe
- Start work within a year
- Complete the within three years.
-Actually live in the place (so no, you cannot turn it into a rental property)
Usually these renovations cost anywhere from €20,000 to €50,000, and unless you are eager to do it yourself - given the aforementioned abandonment of the village, you might have to import your own labor.
Then there are additional costs to take note of, legal, bank guarantee, etc.
All of that said, the price is still phenomenal. It didn’t work for me, but if you’re into small, picturesque villages and self renovation - this could be your dream come true ✨🙌