Italian town on Sardinia offers to sell homes to Americans for one dollar

[Carolinian]

Italian town offers Americans homes for just $1

In a move to rejuvenate its community and attract new life, a charming village in Italy is offering Americans the chance to own a home for just a single euro.

www.dailymail.co.uk

 

[ScoopKona]

I ran the numbers the first time this scheme was floated in Sicily. Three real-estate investing friends and I all go in on multiple properties. Renovate them (as per the terms of the contract. It's not just toss a Euro at the mayor and get the key.) These houses are small, crumbling and ancient. But they have to be restored -- not torn down and rebuilt.

Then assemble the multiple units into a B&B. Each of us would live on site for a quarter each year and manage the B&B (it worked out that each of us wanted a different season).

Breaking even would take somewhere near 50 years. And have fun trying to get anything done in Sardinia or Sicily. It's not like driving to Home Depot with a list of supplies.

We decided against it.

 

[Talent312]

I ran the numbers the first time this scheme [buy a home for 1-E] was floated in Sicily... And have fun trying to get anything done in Sardinia or Sicily. It's not like driving to Home Depot with a list of supplies.

As shown in the HGTV episodes: Fixer to Fabulous: Italiano.
Jenny and Dave Marrs renovated an ancient villa.

 

[WinniWoman]

There’s a catch with those “ deals” our tour director told us. You have to get them fixed and move in in a certain amount of time or you forfeit the house- something like that I think.

 

[ScoopKona]

As shown in the HGTV episodes: Fixer to Fabulous: Italiano.
Jenny and Dave Marrs renovated an ancient villa.

And that's the only way I'd want that project -- with a television production company footing the bill and providing logistical support. How much you want to bet they assembled a crew of the most kick-ass construction workers in Italy? And handed them a limitless charge card for getting building materials fast?

I'd get sick of the project after the 30th "forse domani" or so.

 

[TravelJoy]

And that's the only way I'd want that project -- with a television production company footing the bill and providing logistical support. How much you want to bet they assembled a crew of the most kick-ass construction workers in Italy? And handed them a limitless charge card for getting building materials fast?

I'd get sick of the project after the 30th "forse domani" or so.

What's the deal with the free digital nomad temporary housing can you just live rent free temporarily, that sounds a nice way to live a month or so, any strings there?

 

[4TimeAway]

What's the deal with the free digital nomad temporary housing can you just live rent free temporarily, that sounds a nice way to live a month or so, any strings there?

Camping in a ruin for free?

I think the safety aspect is not so good. There are so many cheap TS to use.... Why not just resort it?

Seriously, there are so many options.....

 

[ScoopKona]

any strings there?

Enormous deposit required which is only returned if the house is restored in short order.

 

[TravelJoy]

Camping in a ruin for free?

I think the safety aspect is not so good. There are so many cheap TS to use.... Why not just resort it?

Seriously, there are so many options.....

Reading the site it sounds like it isn't a restoration unit the state provides rent, they wouldn't have to if it's a ruin.

 

[Glynda]

Some have an age limit as they are trying to revive/repopulate, that you establish a business in the village and complete the project within a certain period of time, etc.

 

[Carolinian]

One can also find houses that carry no restrictions for a few thousand dollars some places in Europe. For a couple of decades, it has been popular with Brits to buy houses in Bulgarian villages in the mountains in the vacinity of Veliki Turnovo and near the coast and restore them, sometimes as a vacation cottage but often to move there themselves. These houses cost a few thousand pounds and are generally structurally sound but need some changes for western standards like indoor bathrooms. Culturally, even if they have flushing toilets, those tend to be located in an outbuilding, not the main house.

If one wanted to restore a property in a town like this in Italy, it might be wise to see what could be bought at a cheap price directly from a landowner, as those would not have the contract restrictions that the one dollar houses have.

 

[Timeshare Von]

I saw that too, and pondered "what's the catch?" . . . and then read all of the details. LOL . . . no thank you.

 

[ScoopKona]

I saw that too, and pondered "what's the catch?" . . . and then read all of the details. LOL . . . no thank you.

The fine print really isn't all that bad. The deposit isn't going to kill anyone who is serious about fixing up an ancient Italian house.

The problem is getting materials and workers who consider the new homeowners problem as big a problem as the new homeowner. There's going to be a lot of "it'll get done when it gets done."

Meanwhile, the actual "drop-dead-deadline" clock keeps ticking.