Investor · Washington, DC · Member since 2013 · 135 posts · 39 votes
I am interested in learning more about the programs in Italy that offer houses for 1 Euro to restore. I am considering purchasing one to restore and rent as a guest house with a women's investing group that i manage. Has anyone looked into these 1 Euro houses? Anyone have recommendations on agents in Italy? (I think several of these are in Sicily, so perhaps an agent in Sicily?)
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
6y
I haven't done it but I did some looking into it because my wife and I love Italy. I actually just read an interesting article a couple weeks ago with an update from several people who have purchased homes there: CNN Travel: We bought a $1 house in Italy. Here's what happened next.
Seems to be mostly positive reports, at least from those interviewed in the article. I think it would obviously be more of a challenge to do the renovations for those of us from the US than the other buyers from the EU who can be there in a short couple hour flight. But, as you'll read in the article, people are doing it.
The other thing I took away from the article is that, even though prices start out at 1 Euro, it may be worthwhile to spend a little more (4,200-10,000) and get a property in better condition that requires much less renovation but is still a good deal. Especially if you're a US buyer and trying to do it all from so far away. Might take years off the renovation.
Anyway, just some things to think about. Hope it works out for you if you decide to go through with it!
I read the same article and a couple others @Kyle J. I would like to learn more on this as well. Does anyone know where the listings for $1 houses can be found? Thanks