IT sounds too good to be true when Italy launches houses for just €1 – with a number of towns and villages offering the “bargain” deals.
However, while the houses can often really cost just €1, they can also require a lot of doing up, with provisions in place.
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Upfront fees range from €2,500 to €4,000, which includes notary fees, secretarial fees, taxes, as well as other expenses to be allowed to purchase the property.
The renovation costs, however, are the ones which will cost the most.
Many of the properties are simply shells of former buildings, meaning there is no running water or electricity.
Some are better conditions than others, with a number on the Casa 1 Euro website which shows some of the buildings on sale, having doors and windows, basic kitchenettes and even balconies.
They also vary in size from one-bedroom to multiple bedroomed villas.
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According to the website, who also offer advice for anyone thinking of buying the one euro houses, it can cost upwards of €700 per sqm.
With properties ranging between 43sqm and 100sqm, you could be faced with bills up to €70,000 to restore.
According to Maurizio Berti, who runs the website: “The houses are owned by private individuals who often want to get rid of them so as not to pay taxes and heavy taxes.
“We are talking about dilapidated or unsafe properties that need major renovations.”
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Thankfully, many of the authorities and locals offer services and aid to help anyone who has moved to the properties, with construction companies on hand.
Mr Berti said the Italian government is even offering restoration grants up to 110% of costs to get the property converted.
Also, €70,000 is still a fraction of the cost of a house in the UK – and you could end up with one-bedroom flat or a much bigger house.
The majority of houses are used to move to the local area and become a home or B&B, while others use them as holiday properties.
Salemi in Sicily is the most recent destination offering more than 30 properties in need of renovation for just €1.
Santo Stefano di Sessanio in Italy is even offering you up to £40,000 to move to the region.
