As the housing crisis continues in the United States and beyond, some potential home buyers are seeking alternatives abroad. Italy’s “1 Euro Houses” program offers homes for sale at a symbolic price of 1 Euro. While that may sound like a bargain, several of the homes on their site require a large amount of personal and financial investment for restoration and repair. Additionally, there are legal fees, taxes, specific town residency rules and requirements and more. Called a “restoration program” by some, Italy’s One Euro home program began back in 2010; it’s been covered by several media outlets over the years. CNBC recently published an article about American families with the headline “These Americans bought abandoned homes in Italy for as little as $1 and spent thousands renovating: Was it worth it?” The article raises an excellent question — is it worth investing time and money in a home renovation project, even if the cost of the home is practically free? Well, it depends upon several factors. One thing is certain, it can be a very complicated process, full of unexpected surprises. This includes and is not limited to dealing with the complexities of purchasing and financing a home as a non-citizen of another country, taxation considerations, hiring professionals to do the work, being able to communicate with workers in different languages, travel and accommodation costs, obtaining materials, local permits and spending a lot of time and money etc. In some cases, local towns have a specific timeline requirement for renovations – for example one village required completion of renovations within three years. Such time restrictions can add an additional layer of stress to any large renovation project. Unsurprisingly, even with practically free homes, some houses still remain abandoned (particularly in small Italian towns and villages where young people have moved to larger cities). As other parts of the world struggle with housing shortages, shifting demographics have created unique circumstances in the housing sector.
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If you’re interested in finding out more about the program, some basic information can be found at 1EuroHouses.com.The website features a map and a list of municipalities participating in the project. Several auction websites are also available but suggest doing very thorough due diligence with an attorney to provide legal advice prior to any planned purchase. For UK residents, The Independent wrote an article regarding the impact of Brexit on Italian home ownership – an interesting read.