While housing prices around the world are skyrocketing, rural areas in Italy are offering 1 euro houses for sale. By paying an equivalent of $1.09, you can own the rights to your own country home. But what's the catch behind this affordable housing scheme? Here's everything you need to know about Italy's 1 euro houses.
Can You Really Purchase $1 Houses in Italy?
Due to the tax liability associated with owning a second property in Italy, selling these vacant houses at a reduced price may be more profitable than retaining them. Therefore, for the symbolic price of €1 ($1.09), around 25 Italian municipalities present potential homeowners with an irresistible property offer.
Enhancing and occupying these residences within the coming years would yield more excellent value for the municipalities than selling them at a total price. Yet, the properties chosen for the program are frequently in poor condition and should undergo significant structural upgrades.
Your purchase is not a ready-to-move-in property but an investment in a home that needs work. Nevertheless, compared to other nations, renovation expenses remain relatively low, ranging from €20,000 ($22,000) to €50,000 ($55,000), based upon the overall size of the establishment.
One of the advantages of acquiring a property for one euro is that it is typically situated in a gorgeous and attractive area, which provides breathtaking views and a relaxing ambiance since these properties are located in beautiful, traditional Italian villages and frequently feature distinctive architectural designs. At the same time, this creates an ideal environment for a holiday house or a place to unwind.
Additionally, purchasing a home for one euro can benefit the neighborhood in which it is located. Through the acquisition and renovation of these properties, owners contribute to the rebirth of small towns and villages, thereby assisting in preserving the cultural legacy of these geographic areas. The flow of new individuals and tourists can also improve local economies, creating chances for businesses and leading to employment prospects.
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How Can You Buy This One Euro House?
Interested buyers must make direct contact with the municipality to have access to this program. In certain instances, it may be necessary to indicate interest in writing or by completing an application form, typically found on the municipality's website.
Moreover, as this is required to pay taxes, a foreign national may only purchase residences in Italy for one euro if they possess a valid Italian tax code. During interactions with Italian bodies and public administrations, the tax code serves as the citizens' means of identifying Italian Revenue Agency issues. Both Italian nationals and non-citizens can reportedly request the document from an overseas consular office.
There are no restrictions on either assets or income. However, even though this initiative is essentially open to all, compliance with the deadlines for renovation completion and revaluation and the renovation process must be met to take advantage of the chance to improve a subsidized-priced property. The buyer is also accountable for notary fees, title deeds, and renovation expenses.
Furthermore, it is now possible to purchase real estate in Italy for one euro almost anywhere in the country, beginning with mountain communities in Valle d'Aosta, moving on to towns in Como, Florence, and Rome, and even reaching properties in Sicily that cost one euro and are bordered by the clearest sea in the world.
Thus, for an up-to-date inventory of one euro houses that are currently available for purchase, you can visit the official website for one euro houses.
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