Mahkatop
Mahkatop — Several small towns in Italy are offering houses at a super cheap price of 1 euro (around $1.10). However, before purchasing, there are some requirements that need to be met by prospective buyers.
Property Renovation Requirements
According to the British local media, Independent, Saturday (July 13, 2024), most houses sold at this price are old houses that need major renovations. Here are the renovation requirements that must be met:
1. Renovation Project: Prepare a property renovation project within one year after purchase.
2. Building Permit: Obtain a building permit.
3. Start Renovation: Renovation must start within two months from the date the building permit is issued.
4. Completion Time: Renovation work must be completed within three years.
Security Deposit
Buyers are required to provide a security deposit of 5,900 euros (around $6,500). This deposit will be forfeited if the work is not continued within three years.
Renovation Restrictions
In Mussomeli, buyers are allowed to change various interior styles of the house, but the facade must remain as it originally appeared.
Residency Requirement
In addition to the general requirements above, some towns require buyers to live in the house after renovation, while others allow the house to be used as a vacation home or a small business such as a bed & breakfast (B&B).
Residence Permit and Language
Buyers who do not have a residence permit in Italy or cannot speak Italian may face more obstacles in organizing the work and utilizing their property. To ensure everything goes smoothly, buyers should apply for a residence permit in Italy, which includes proving that they have enough funds to live independently without a job in Italy.
Purchase Process
To start the process of buying a 1 euro house, prospective buyers can look for houses on websites such as 1eurohouses.com, case1euro.it, and property-in-sicily.estate. In addition, local government websites such as Comune of Sambuca or Citta di Troina in Sicily also provide related property information.
Sites like Auctions2Italy also list some properties for 2 euros and provide case studies and purchase guides on Europe.properties.
Buyer Experiences
One buyer from the United States who successfully purchased and renovated a 1 euro house shared his experience. According to him, buyers must visit and see the prospective house in person to inspect the foundation and wall condition.
“Don’t try to do it online. Buyers must be there to see and experience the process to make a wise decision,” said Daniels.
Steps to Start
1. Find a House: Start by searching for 1 euro houses on websites like 1eurohouses.com, case1euro.it, and property-in-sicily.estate. Local governments also provide information on their official websites.
2. Field Visit: After finding an interested house, visit the property in person to assess its physical condition.
3. Submit Proposal: Prepare a renovation project and apply for a building permit according to the applicable regulations in the area.
4. Renovation Execution: Start the renovation according to the established schedule and ensure all work is completed within three years.
5. Fulfill Obligations: Ensure to meet all residency and property use requirements according to local government regulations.
By meeting all the stipulated requirements and conditions, buying a 1 euro house in Italy can be an interesting opportunity to own property in the country. (*)
