1 euro properties?

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  • 1 Post By GeordieBorn
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1 euro properties?


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Old 9th March 2019, 02:50 PM
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Default 1 euro properties?

Wondering if anyone has experience with any of the 1euro property deals? I saw one today in several online newspapers for Sicily. Iíve heard that these may be a scam?

Also, does anyone have experience with find local contractors, surveyors etc... to restore older properties? Is it difficult to get permits and inspections? Is it costly?

Very interested in buying an older property for its historic value to live in

Appreciate your help!

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Old 10th March 2019, 10:35 AM
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Scam? The problem is you will be sinking money into something most locals are leaving. If you think of it like a hotel room and not like an investment then you're fine. If you're expecting to flip it you won't be.

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Old 10th March 2019, 02:48 PM
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Great thank you. Is it somewhat easy to find contractors if locals are leaving?

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Old 10th March 2019, 03:19 PM
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Go through the form searching for builders/building costs, this and other forums. Building costs in Italy are very high and finding good builders often difficult. Additionally are the additional professional and Comune costs. These places are not €1 for nothing and there are a lot of constraints attached to the deal from what I’ve read elsewhere.
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Old 10th March 2019, 05:13 PM
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Thank you

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Old 11th March 2019, 04:21 PM
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It is not really a case of the locals are leaving, but a case of the kids have left. There are also large numbers of small towns in the US which are dying because the kids did not want the rural lifestyle. In Italy it is the same, just worse. The kids went to the big city for jobs and the parents stayed in the small towns. As the older generations passed away towns were being left with empty houses. Sometimes there are no heirs or they don't want to pay taxes on them anymore and the commune finds itself with properties on its hands.

So, can you find people to renovate them? You sure can. Be absolutely sure you have someone you can trust to manage the project. This is not a scam in any way. You can find lots and lots of small towns that have jumped on this bandwagon. You can even find a few regions where they are willing to throw in up to ten tax free years.

Now, should you do it? If you want to take and old run down house and have it renovated to your specific desires, then yes. But, if you just want a nice place in Italy, you will find lots of people who took places and renovated them and, for various reasons, want to sell them in a market heavily tilted toward the buyers. So you can have your cake without the renovation headache if you want it.
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Old 11th March 2019, 05:31 PM
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Thank you

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