Picture this: A house with extensive mold, water damage, termites and a collapsed roof in a tiny town where you don’t speak the language. Not exactly a prime real estate opportunity, right?
For Rubia Daniels, though, the dilapidated building in Sicily also served as an exciting chance to build the home of her dreams — and it cost her almost nothing to get started.
Daniels, 50, of Berkeley, Calif., is one of hundreds of people who’ve taken advantage of an offer that made news around the world: a home in Italy for 1 euro.Â
In the late 2010s, towns around Italy started going viral for selling off crumbling properties for 1 euro, or roughly $1.05. The goal? To attract foreign investors to buy up the houses, rehab them and get dwindling population numbers back up.
Of course, there was a catch. In some towns, the 1-euro purchase was symbolic and just the start of more expenses down the line. In others, bids start at 1 euro but can go much higher.
There was also a big stipulation: Once buyers got their properties, they had to complete their renovations within a certain timeframe, usually three years. Costs could easily climb into the tens of thousands of euros.Â
Each town handles its own 1-euro program, so we don’t know exactly how many homes have been sold across Italy since the concept took off. But experts estimate the campaigns have brought in thousands of visitors who’ve bought cheap houses across the country.
How much does it really cost to buy and renovate a 1-euro home in Italy? And is taking on a major housing project across the world worth the money and the stress? CNBC Make It went to Sicily to talk to people who’ve gone through the process to find out.
Transforming an historic town, 1 euro at a time
One of the most well-known towns with a 1-euro scheme is Mussomeli, a roughly 2-hour drive south of Sicily’s capital city of Palermo. In Mussomeli, more than 100 homes have been sold for 1 euro, as well as roughly 200 so-called premium houses, which start around…
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