ANOTHER Italian town has put their houses on sale for €1 – and you won’t even have to pay a huge deposit. The town of Laurenzana, located a few hours south of Naples, is offering the abandoned homes to help repopulate the area. Previous schemes which have seen the bargain houses for sale have required […]
ANOTHER Italian town has put their houses on sale for €1 – and you won’t even have to pay a huge deposit.
The town of Laurenzana, located a few hours south of Naples, is offering the abandoned homes to help repopulate the area.
Previous schemes which have seen the bargain houses for sale have required large deposits as high as €5,000 to allow work to go ahead.
Laurenzana mayor Michele Ungaro said they have decided not to enforce this to make it easier for people to buy and renovate.
They told CNN: “We want to help newcomers purchase the house of their dreams without making it hard for them to follow tedious procedures and tight requirements.
“At times it can be difficult to navigate through regulation, particularly if you’re a foreigner. 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. It sounds as a sort of threat.”
They said that they will also discount additional costs such as for purchase deeds, some of which can cost upwards of €2,000, and instead charge just €300.
The mayor added that they are relying on “good faith” of the buyers while checking they are still renovating the property along the way.
As with all of the other properties which have gone on sale as part of the €1 scheme, buyers must agree to renovate the properties as many don’t even have electricity or running water.
Some restrictions require a certain amount of money, or to follow a strict time frame.
Buyers who opt for a house at Laurenzana must start renovations three months after buying it, but has three years to complete it.
The mayor also advises anyone who is interested to email ahead of buying with plans and designs to speed up the process, as well as confirm if it will be a holiday home, B&B or shop.
Houses range from 40sqm to 150sqm, and buyers are advised to have around €500 per sqm to renovate.
This means depending on the property you buy, will have to spend between €20,000 and €75,000 to complete.
The town dates back to the 12th century, with the ruined Laurenzana castle overlooking the hills, and is known for local delicacies including calzone filled with salami and gnocchi with turnips.
Earlier this year, the tiny town of Troina even offered some potential buyers €25,000 (£22,000) to do up the dilapidated buildings.
Another destination to sell the €1 houses is Salemi in Sicily, which had more than 30 properties in need of renovation.
A number of the town’s buildings have been left empty for decades after an earthquake hit the area in 1968, leaving a trail of structural damage in its wake.
We revealed the work that goes into the €1 houses, with many having no running water or electricity.
Here is everything you need to know about buying the properties in Italy.
