Thursday, February 29, 2024

The People Who Bought Italy's €1 Homes

Some years ago, the idea of buying a home in Italy for €1 went viral on the internet. The program was started in 2017 because so many small towns in that country had more houses than people, and they needed new residents. If you've ever dreamed of living in a historic home near the Mediterranean where life is slow and the food is Italian, it sounded like a great idea. But if you read the small print, the offer came with the stipulation that you had to renovate the house to bring it up to code, which scared off a lot of prospective buyers, because the €1 houses were wrecks. But those who took the plunge found that the necessary renovations were much more affordable than they would be in the United States. Yeah, there's the question of leaving your job, but some buyers were retired, some had connections in Italy already, and some went there to start businesses.

And these small towns saw many benefits. Renovations created many jobs, new entrepreneurs revitalized the towns, and people from all over the world settled in Italy. Some people who went to check out the program found other homes that weren't as cheap, but were in better shape and still a bargain. One man bought a four story house with two bathrooms for $15K that needed relatively few repairs. It's not for everyone (it helps if you speak Italian), but some people saw their dreams come true. (via Digg)

No comments: