Buying a house for one euro: Buyers face these obligations

Structural change in the regions

The reason why in Italy some dilapidated houses are offered is due to structural change. Since the 1950s, many regions have been affected by a population decline – the emigration of the younger generation has never stopped and there is hardly any immigration. For this reason, so-called “ghost villages” emerged, which consist of houses that no one needed anymore and are now dilapidated.

The 1 euro house program is one Rural municipality initiative in Italy, which sell abandoned buildings for a symbolic price of one euro to combat vacancy and depopulation.

Meanwhile take around 70 Italian communities take part in the program. The municipalities – especially in regions such as Sicily, Sardinia, Calabria and Abruzzo – want to attract new residents to historical ones town centers to revitalize and invigorate. It is often about getting new residents to take a job on site so that the entire community ultimately benefits. Many of the houses are in very poor condition, due to… Danger of collapse can hardly be entered or no longer have a roof.

What this means for buyers

Whoever buys commits himself to his residence register in the municipality and renovate the property at your own expense within a period of three or five years. A renovation plan often has to be presented to the municipality and buyers need an Italian tax number. If communities additional funds for renovation or for opening a business in the house, buyers must commit to living in the house for a certain period of time.

Sicily is also currently tempting tax advantages: Who his place of residence and the tax center of life relocated to the island from abroad can, under certain conditions, represent a significant part of its value Income tax get back. The affected buildings are often under construction Monument protection in historical old town centers – and empty for many years. It can therefore take a while until one Building permit is present. In addition to the renovation and purchase costs, interested parties must expect expenses that are not apparent at first glance.

Renovations at low prices

In Austria There are no state or municipal 1 euro house programs. “We don’t have such extremely structurally weak regions,” reasons Reinhard Lembacherreal estate agent at the Raiffeisen real estate brokerage (RIV). However, in this country too, private individuals often sell major renovation projects for a low price.

An example of this is this Country house in the Mostviertel with barn, which is offered for 95,000 euros. “The Roof “It’s broken, the heating is defective,” says Lembacher. He recently sold a house for 85,000 euros that had settled and the facade was torn off. “Land and location count,” Lembacher explains the price. You can find something for as little as 40,000 euros, for example in Burgenland.

Buyers must keep in mind: Additional costs such as property transfer tax, land register entry and notary or lawyer fees are incurred in addition to the renovation costs, even for very cheap houses.

Ten percent of the inventory with damage

Is there a market for objects of this type? “Yes, there is a market, but it is not the most lucrative for brokers because the… Provision based on the purchase price,” says the expert. Lembacher estimates that ten percent of the existing houses show real damage. The expert knows this because he partly focuses on older ones Inventory objects specialized in the eastern region. The market is tight because Handyman are too busy for such renovation work. But if you’re handy, you can get a house so cheaply.