He Bought a House in Italy After Reading About One-Euro Homes
Instead, Paul focused on moderately priced, move-in-ready homes, drawn by their charm and affordability. His careful consideration and astute judgement led to a swift and successful acquisition, despite being new to the Italian real estate scene.
Establishing a Foothold for the Future
Paul purchased a one-bedroom, 60-square-metre house for 12,000 euros (about $13,000) and plans to spend up to $35,000 on renovations. Despite its modest size, the property features a balcony, storage attic, rooftop terrace with panoramic views, and two basements—one being converted from a livestock dwelling into a functional space and the other housing a restored ancient bread oven.
As renovations near completion, Paul has transformed the house with structural enhancements like reinforced concrete flooring and a revamped electrical system. The ancient stone walls are now brightened with whitewash, and the stained, sealed concrete floor adds contemporary elegance. With the addition of a half-bath, final touches, and furnishing, Paul eagerly awaits welcoming guests to his tranquil Italian retreat.
Savouring Sunset Moments
Despite the challenges of navigating Latronico’s remote locale, Paul has been welcomed warmly by the locals, fostering a sense of belonging. He fondly recalls moments of camaraderie over coffee and the genuine hospitality of his Airbnb host, Franca, and other residents. Immersing himself in the rhythms of southern Italian life, Paul finds solace in leisurely lunches and the simplicity and serenity that Latronico offers, a refreshing change from his urban lifestyle.
Navigating Village Life
Navigating property acquisition in a foreign land presents challenges, especially for those unfamiliar with local processes. Paul emphasises the invaluable assistance he received from Vincenzo Castellano, Latronico’s housing platform founder and former deputy mayor, in facilitating the transaction and overseeing renovations. Reflecting on his experience, he advises prospective buyers to conduct thorough research, immerse themselves in local culture, and understand municipality programs and renovation costs to ensure a profound connection with the property before making any commitments.
Buying an Italian House for €1: A Quick Guide
After reading Paul’s story, you too night be are interested in buying a home in Italy. With UK property prices high and the appeal of a second home in Italy, the idea of purchasing an Italian house for €1 is indeed enticing. Read the rest of the section to learn more.
Why Italy is Selling Houses for €1
As young Italians move to cities, many rural villages are abandoned. Local authorities inherit these vacant homes, finding it more beneficial to sell them cheaply rather than deal with taxes on unused properties. About 25 municipalities are offering homes for €1 to encourage renovations and economic stimulation.
The Catch
These €1 homes require significant renovations, costing between €20,000 and €50,000. Legal fees can add up to €3,000, and some towns require a guarantee fee (€1,000 to €10,000). Italy provides a ‘superbonus’ tax exemption covering 110% of qualifying building expenditures. Buyers must submit a renovation plan within a year, start work within a year, and complete it within three years. Popular properties may be bid up to €5,000 or more.
Who Can Buy
Buyers must:
– Cover legal expenses
– Submit and execute a renovation project
– Pay a refundable guarantee deposit
Non-residents can purchase but face higher taxes and limited stays. Post-Brexit Brits can stay up to 180 days per year but not more than 90 days in any 180-day period without residency.
Getting Started
Websites like 1eurohouses.com and case1euro.it list these properties. Visiting potential homes in person is recommended to make informed decisions and check for structural issues.
Locations with €1 House Schemes
– Emilia-Romagna: Modigliana
– Abruzzo: Casoli, Santo Stefano di Sessanio
– Campania: Pietramelara
– Sicily: Mussomeli, Sambuca
– Piedmont: Borgomezzavalle
– Le Marche: Cantiano
– Liguria: Triora, Pignone
– Puglia: Tarento
– Sardinia: Romana, Nulvi
Exploring these options can lead to owning a charming piece of Italy, ready for renovation.
Sources:
We would like to acknowledge our online sources in this section. From the bottom of our hearts, we thank you. The article above would not have been made possible without your valuable contributions:
https://edition.cnn.com/travel/italy-house-bought-24-hours-latronico/index.html
https://www.independent.co.uk/travel/europe/italy/italy-one-euro-homes-buy-house-b2470838.html
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