Last year around this time, news outlets relayed announcements of $1 homes in Italian run-down suburbs. Young adults are moving to urban cities like Milan and Rome. While the older generation slowly diminish. This is leaving the neighborhoods without business and funding for school, parks, etc.
In order to combat this issue, the local government offers abandoned homes for 1 euro, which equates to a little over a dollar. This is a common practice in Europe, with the intent to lure tourists and the younger generation back to these towns. It’s not as simple as it looks though. You must fill out the paperwork, and usually commit to spending X euros on renovations and completing the project in Y days.
The frugality in me wanted to see more. After reading the commitments and of course the uncertainty, I lose interest. The other day I was curious about those $1 Italian homes. Hoards of people flocked at the cheap homes. Was it all worth it in the end?
I read some news articles. Overall, I think the families were happy with their purchase. I read a couple of testimonials from Europeans. They were looking to have a summer home for their family and future generations. Due to Italy’s famous charms, they now want it to be their future retirement home.
Others came to see the suburbs. The homes were too rundown for their liking. Instead, they opted for a more expensive (still cheaper than regular homes) that required fewer renovations. Some of these more expensive homes will be used as a summer home and others for a home-stay like a B&B.
The prospects seem positive. There are still homes available for only $1. It’s not just in Italy. Like I said, this is common practice in Europe. If you love European life, take a peek into some local listings and see if you can snag a deal.