Italy's 1 Euro Houses - Success or Failure After 10+ Years?

[@ZeeZeeCat]

There are reasons why houses in Italy are so cheap. Although they are located in beautiful areas, several factors make these investments unattractive. Most of these areas have limited job opportunities, deal with poverty, drought, and closed, aging communities. Additionally, the probability of selling the property in the future is low. Furthermore, many of these locations are seismically active. Practically the entire country of Italy lies on a subduction zone where a few continental plates meet, resulting in daily earthquakes and tremors. Italy is also home to numerous active volcanoes, some of which are huge and very dangerous. For instance, the Ischia-Vesuvio-Campi Flegrei triangle (the latter considered a supervolcano) has been behaving quite restlessly recently.

[@RafaelDiFuria]

Thank so much for raising those points! Actually funny enough some were in my notes for this episode but never made it into the recording. Thanks for adding to the conversation!

[@eile4219]

This is happening in many countries. This is Not just Italy problem. You can find those from Spain to Japan. There are rural houses that are so cheap, maybe not 1 euro cheap, but you can get them for under 20k 10k, ect. The reason like you said no job, everybody just leave, nobody wants to live them.

[@doinavegas]

great tips, Rafael! A lot of people thought they could just do a DIY on a €1 home.

[@seandavie3672]

Very interesting. I think the initiative has certainty had some success if the crumbling houses have been renovated and saved. As an aspiring expat there are some beautiful if not out of the way places that appear great value in terms of $$$ and lifestyle. That said, residency is sometimes tricky too.

[@celticwarrior777]

What people dont talk about I s the THOUSANDS of euros in work these 1 euro homes need you get a time limit to complete the work bringing it up to code or you lose it. The builders must be local. Theres an unwritten rule in Italy, you dont bring in outside builders. Often these local builders are very slow and backlogged long waits to even start rhe work. Pushing your time limit to get the property up to code. Getting a hold of builders, electricians are a nightmare in Italy. Its a long process to get your property up to code by builders and electrician

[@RafaelDiFuria]

When it comes to 1 Euro houses, it seems to be not actually an unwritten rule but a very clearly established rule. In many of the locations I’ve looked at it’s a requirement. Personally I’d prefer to look at a place available from a private seller.

[@gb4939]

I don't know abroad but in France, we have that kind of programs too. I saw a documentary about a village in France that was doing that. "1 euro house"... but you had to engage yourself to make something like 75 000 euros of renovation within 5 years. So, the real title should be "75 001 euros house". That would be more honest... And if the house is located in protected area (wich are basically everywhere in France...), you will have to deal with the "Architecte des Bâtiments de France" (a state institution that will decide for you how you have to renovate the exterior of your house but... with YOUR money, of course...). If that the case, good luck....... Real estate in France is crap.

[@charleslupica]

Channels that focus on renovation put the minimum cost of renovations at 1500€/square meter. A complete ruin is probably 2000 / square meter. So yes, in most cases it’s probably better to buy something that is legally habitable.

[@celticwarrior777]

Ive watched lots on this any often its ran into 100 to 200 thousand on cost. Many hVe abansoned them ehen realising the extortionate cost of builder fees

[@RafaelDiFuria]

It’s funny how a cheap how can be so expensive 😆

[@Matteogrisaffe]

The €1 homes almost seem to be a bait and switch and may have just created a lot of landlords rather than actual permanent residences. Then with the fees and rules in place, it would still come to about €50k on the cheap side. Which is a shame as I was hoping to move to my commune in Agrigento

[@RafaelDiFuria]

Have you looked at non-1€ house options in the area? I know in some places in Italy it’s possible to buy an apartment for that price that’s move in ready. Maybe not modern, but liveable.

[@Matteogrisaffe]

@@RafaelDiFuria I’m looking into just buying a house, but yeah. I’m going for the non €1 as I want to be able to pass it to my son. I think revitalization of these small towns is a great idea. But people aren’t going to buy these cheap homes once they see the terms and conditions.

[@jodiehebert8285]

I heard you have your spend at least 15k to make the place livable.

[@RafaelDiFuria]

Depends on the specific place, to me that sounds like it could be on the extremely low side.