A town in Italy is selling old, abandoned properties for only $1.60 (about one Euro), but there is a catch! Obviously, these homes are not in great shape and would likely cost a lot to renovate. If you buy one of these homes, you must agree to renovate it within a year. If you don’t, you lose your security deposit which could be around $8,000.
So, you have to give an $8,000 security deposit when purchasing one of these super cheap homes. Reportedly there are also administrative fees which can cost you around $4,000 to $6,450. This specific town is called Mussomeli, in southern Sicily.
Another town in Italy tried this with great success. Sambuca, a town near Mussomeli, offered this deal to hopefully get rid of abandoned homes and add new residents. These small towns are becoming abandoned because many Italians are moving to bigger cities.
Currently, there are around 100 abandoned homes for sale but that number could go up to 500! If you love to renovate homes and have always wanted to live in Italy, this might just be a good deal for you. This honestly sounds like a great HGTV show!
When looking at the website for more details, it looks like it will become a television show. A pop up appears that says, “Ever fancied your very own place in the sun but never quite within your reach? Well, look no further as ITALY WANTS YOU! This Sicilian town of Mussomeli is giving you the chance to buy a historic home for just ONE EURO.”
It continues, “If you think you have what it takes to bring one of these houses back to life a NEW PRIMETIME TV SERIES wants to hear from you…Whether you’re a seasoned developer looking for a new investment, or a restoration novice in the market for a holiday home we want to follow your story as you FOLLOW YOUR DREAM.”
Sambuca’s deal was similar but had different fine print. If you bought a cheap house in Sambuca, you had to agree to invest $17,000 over a three-year period to fix up the home. So, you have more time but you also have to agree to invest way more cash!
This is just a reminder that if something sounds too good to be true (for example, a home for sale under $2), it probably has a lot of fine print. However, it could be a great opportunity for some people! What do you think about this Italian deal? Would you take it or leave it?
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