1 Euro houses in Italy? Isn’t it too good to be true?
There are lots of questions about schemes like these but rest assured that this scheme is absolutely true and legit!
Yes, you read it right!
So if you’re planning to get out of the metropolitan rat race and live a simple life, then this is your chance.
Read on to find out more about how you can get your dream home in Italy.
What Is the Scheme of 1 Euro Houses in Italy?
Over the past few years, many towns and villages in Italy are offering properties as cheap as 1 euro.
The main reason behind such a move is to encourage and attract people to restore dying communities and revitalize the population.
The 1 euro houses in Italy range from small to large villas but most in a rundown condition.
These houses are majorly owned by private individuals who are trying to get rid of them to avoid paying heavy taxes.
These houses need major renovation which is also part of the overall 1 euro houses scheme.
How Does the Auction of 1 Euro Houses in Italy Work?
You need to attend the auction in Italy. In case you’re not able to attend the auction, then you must have someone like an attorney, lawyer, or a proxy who will be bidding on your behalf.
The process may prove to be a bit costly, especially if you don’t win the bid and the house.
What Are the Renovation Charges?
It varies depending on the property and it is definitely more costly than 1 euro.
However, we’ll try to break down the cost to help you get a better understanding.
· BONUS SISMA – RISPARMIO ENERGETICO
As per Italian law, an individual is allowed a maximum of 96,000 euro tax break, per house unit.
· EMILIA ROMAGNA BONUS
If you’re an EU citizen and are planning to renovate your property in Emilia Romagna, you can get a benefit of 30,000 Euros regional contribution.
· VETTO BONUS
Anyone purchasing a house in Vetto, the municipality makes a contribution of 1500 Euros to each house owner.
What are the other charges that one needs to play while buying a 1 euro house in Italy?
Other than 1 euro, you need to pay other charges including:
· Property tax purchase
· Annual property tax
· Notary deed
· House renovation
A few quick tips for you while you’re planning to buy a 1 euro house in Italy.
· Pick your project
Choose the house bearing in mind factors including the area, the taxes, the deposit, and the criteria of renovation.
· Don’t plan on remote buying
Buying a house based on virtual experience is not always good. You must be present there to experience reality and make a mindful decision.
· Have a plan
Never plan to buy 1 euro houses in Italy on a whim. Do your research properly.
· Don’t be fixated on one property
Make sure you have at least 3 options in mind. Things may not always work out in your favor. Accept it, embrace it and move on.
· Pep yourself and budget well
1 euro houses in Italy come with a renovation cost (in most of the scenarios), so be prepared with a mental work of what you’re planning to tackle first.
· ·Be realistic
Dealing with 1 euro houses, you can’t set up unrealistic expectations.
What sounds ridiculous may actually be a way to owning your dream home in Italy.You need to attend the auction in Italy. In case you’re not able to attend the auction, then you must have someone like an attorney, lawyer, or a proxy who will be bidding on your behalf.