Italian Town Is Selling Homes For Only €1 And Not Even Taking In Deposits
Image via Shutterstock
While small Italian towns have been giving up homes at a sale price of just €1 (US$1.20), they typically require a deposit between €2,000 and €5,000 (US$2,400 to US$6,000). If you’d truly like to stretch your Euro, though, you might wish to make your way over to the town of Laurenzana in Basilicata, where a deposit isn’t necessary at all.
The town’s mayor, Michele Ungaro, told CNN that Laurenzana isn’t taking in deposits because going through a long-winded registration process can deter people from making the move, “particularly if you’re a foreigner.”
Normally, prospective residents will have to pay out an amount of money to guarantee fulfilling renovations for the houses before a certain period; only then will the deposits be returned to them. This is because the dwellings are usually rundown or abandoned, and will require repairs.
Ungaro said this isn’t the strategy Laurenzana is taking. “We want this adventure to be a pleasure, not a burden. That’s why we are not asking for any deposit guarantee to ensure the works are speedily carried out,” the mayor noted.
Instead, buyers will have to submit a proposal and illustrate their restyle plans. Upgrades must start within the first three months of purchase and finalized within three years. This might be easier said than done, though, as Ungaro said new homeowners should be willing to shell out at least €20,000 (US$24,000) on their own to complete the job.
According to Travel + Leisure, many of the properties date back to the 1800s. Archways and iron balconies often front these stone and red brick houses, but several of these structures have become shabby over the years.
Those interested to find out more about the initiative can head here for additional details.
[via Travel + Leisure, cover image via Shutterstock]
Also check out these recent news
