Buy a Home in an Italian City for Less Than $ 2
After a year of canceling travel plans, you’re probably ready to hit the road or hop on a plane and travel somewhere outside your area. And if you were thinking about something more permanent, you may be interested in a recent proposal from the city of Laurenzana, located in the Italian region of Basilicata.
Like other villages full of abandoned but completely gorgeous historic houses, Laurenzana has some on the market for a price of € 1 (roughly $ 1.20). But, unlike similar shares, no collateral is required here. Here’s what you need to know about an offer that seems too good to be true.
How to get a dilapidated house in Italy for $ 1.20
Typically, with these virtually free houses in Italy (and elsewhere in Europe), it works like this: In addition to 1 euro (or any other initial cost), buyers have to pay a deposit. The bond is usually between € 2,000 and € 5,000 (roughly $ 2,380 to $ 5,950) and it is envisaged that new owners will complete certain renovations within a set time frame. Then, when they have done the job and renovated the house, they get their deposit back.
Laurenzana Mayor Michele Ungaro explained CNN’s strategy :
We want to help newcomers acquire their dream home without making it difficult for them to complete tedious procedures and stringent requirements. Sometimes it can be difficult to get through the rules, especially if you are a foreigner. We want this adventure to be a pleasure, not a burden. That is why we do not ask for any guarantee of a deposit so that the work will be completed in the shortest possible time. Sounds like a kind of threat. We rely on the integrity and commitment of our customers, but we will constantly monitor work in progress and the status of repairs.
This process may be easier, but there are still some requirements for houses in Laurenzane. In addition to 1 euro, those wishing to purchase one of these houses must also submit an offer and a detailed renovation plan. If their offer is accepted, new homeowners must begin renovating their home within three months of purchasing it, and the final rehabilitation project must be completed within three years.
If you are interested in buying a home in Laurenzana, write to comunelaurenzana@rete.basilicata.it for more information.