They bought a house in Italy for 1 euro. They say it's worth it

Many local governments in Italy offer real estate for token fees, often 1 euro – reports cnbc.com. Most of the houses are located in cities far from the sea, which do not offer many jobs and lack population. In this way, the Italians want to stop this process and attract new residents.

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An American couple decided to make such a purchase. Rubia Daniels and her husband bought three properties in Sicily for a symbolic 1 euro each. The woman, having experience in the construction industry, knew how much the renovation would cost, but decided the end result would be worth it.

Above all Assets are ultimately worth not 1 euro, but 3.3 thousand euros (approximately PLN 14.2 thousand) each, among others. Due to additional notary fees. He went with his family to renovate the house during the holidays.

Daniels initially estimated the costs Renovation costs PLN 20,000. dollars, but after several years these costs have increased to PLN 35,000, he noted. Dollars (PLN 140 thousand) And hopes not to cross the 40,000 barrier. Nevertheless, she is satisfied because – as she pointed out in an interview with cnbc.com – these costs are much higher in the United States.

Also, a friend of the woman said that such a property in America would not cost PLN 16,000. Euro, like Italy, and 330 thousand dollars.

Another person who decided to buy real estate in Italy was Meredith Dubone from Chicago. The woman bought a house at auction, the final value of which was PLN 5,900. Euro (25.5 thousand euros). But that's not all. Tabon also bought the property next to his building from a private owner to build a large holiday home.

The woman estimated that the renovation would cost PLN 140,000. Euro. But, this turned out to be an insufficient amount. Tapon He estimated that he spent PLN 425,000 to renovate the 250-meter property. Euro, which roughly translates to 1 million 700 thousand zlotys.

The American doesn't regret the investment because she feels it's the right place for her. Now she has a beautiful house with 18 rooms and the girl is often visited by friends and relatives.

However, when that happens, there is another side of the coin. Although the people in the described stories are satisfied with their results, it should be noted that in the case of houses priced at EUR 1, considerable, often unpredictable costs must be taken into account.

The editors of miomyitaly.com note that Italy is a bureaucratic nightmare and the language barrier doesn't make things any easier. This is what it does The “paper” itself can take months, so people who decide to make such a purchase should be patient.

They also point out that the building is likely to be located in an area prone to a lot of earthquakes, apart from general maintenance work that needs to be carried out frequently. However, it does The house may be destroyed after reconstruction, and it is more difficult to insure the property.

During a general renovation, you need to take into account that “surprises” can occur in the form of cracked walls or foundations, which makes the renovation even more expensive.

The authors note that everything happens slowly in Italy, and it is often difficult to find experts. Both men who decided to buy a house confirm this. They pointed out that It is difficult to find experts right away, but local residents who have fixed the heating in their home are very helpful.