A BRAVE businessman has decided to quit the UK after buying a property in a sunny holiday hotspot for just 85p and transforming it into a dream home.
After barely managing to survive living in London with the astronomical rent and soaring cost of living, 31-year-old George Laing packed his bags and jetted off to Italy to create his perfect life on the cheap.
Laing took a bold leap and participated in the one Euro Houses project that takes derelict, abandoned buildings in Italy and flogs them to people at an insanely low price.
The savvy entrepreneur jumped at the chance to stop wasting thousands a month on rent and quickly found a run-down three-bedroom cottage in the hilltop Sicilian village of Mussomeli.
Despite the crumbling walls, battered windows and overgrown weeds Laing says the 85p home was a steal from the moment he saw it.
He said: “To my left is a vista of mountains, to my right a beautiful church.
“I don’t speak a word of Italian and my hands are callused. But I can honestly say that at 31, I am happier than I have ever been.”
The property was in desperate need of an overhaul when Laing signed the contract for the house less than a year ago.
A miserable hole sat in the roof and the home had no running water or electricity.
But beyond the gloomy exterior and lackluster interior Laing saw the potential.
Three spacious storeys of room to play with and a classic Italian balcony out the front was paired with a glorious marble staircase.
Laing told The Times, his main motivation behind buying up the bargain home was for three reasons.
He wanted to “own a property without a mortgage, learn new skills by renovating it, and enjoy the sunshine and lifestyle on a beautiful island”.
Laing was well aware the renovation work would quickly add up and end up costing him well into the thousands.
Typical construction costs for a pretty big project in the one Euro Houses scheme was around £50,000 – an amount Laing knew he had no chance of finding.
But, instead of paying local labours looking to bump up every cost possible for a glorified tourist, the 31-year-old decided to do the work by himself.
With no prior background in revamping anything close to a three storey house Laing was stuck on where to even start.
Everything from furniture and old corsets to moulding wine bottles and religious statues had been dumped by the previous owner meaning it all had to be swiftly shifted.
But the main work had to be done to repair a gaping hole in the roof, a number of rotting beams and a few large cracks in almost every room.
All issues that needed urgent attention if Laing was going to have a place to stay.
The bathroom was a tiny box with the kitchen being made up of just a metal stove connected to a propane tank.
Laing has spent a few days a month up in Sicily since purchasing his first home working tirelessly to build his future kingdom.
With a tiny budget of just £15,000 for the entire project, the young homeowner is slowly making incredible progress.
But the money has slowly creeped up as before a single lick of paint was smeared on the yellowing walls a £418 agency fee was added.
An extra £2,500 needed to be coughed up for the transfer of the deeds and all the legal fees with another £1,500 going towards an energy certificate, floor plan and a range of other costs.
One of Laing’s biggest fears however is a looming £4,250 fine that many people on board with the housing scheme are forced to pay.
There are occasions when I wonder if I’ve bitten off more than I can chew
George Laing
The local authority is allowed to add a stipulation to initial contract saying that the building work must be completed within three years to avoid the hefty fine.
Laing said: “I’ve never done any of it before, but YouTube is proving a surprisingly informative tutor, and I’m taking online electrical and plumbing courses too.
“Of course, it’s not without its challenges. It’s taken me six months to get the electric switched on.
“There are occasions when I wonder if I’ve bitten off more than I can chew.”
Laing is proud of his bold choice and says despite his pals being nervy about the move he is now confident it was the right choice.
I’ve still got a long way to go, but my hope is that in six months’ time I’ll have a house to be proud of
George Laing
With one of the highlights of his time in Sicily being his morning coffee on his glossy balcony up at 765 metres above sea level.
“I’ve still got a long way to go, but my hope is that in six months’ time I’ll have a house to be proud of – as well as accumulating a set of renovation skills I can then take into another property,” he said.
He even still gets shocked every time he remembers his daily coffee or a slice of street pizza costs more than his entire house.
DEPENDING on the region, a number of towns and villages across Italy have offered the cheap €1 properties to encourage people to move to the area.
There are around 25 regions who are taking part, each with a number of properties.
Many of the areas have a dwindling or aging population and hope to build the community again.
The properties range from small houses to larger villas, but are all in a very rundown condition.
The conditions for buying each property also vary, but the majority of them need large renovation works which are part of the scheme
According to Maurizio Berti, who runs the website casea1euro.it: “The houses are owned by private individuals who often want to get rid of them so as not to pay taxes and heavy taxes.
“We are talking about dilapidated or unsafe properties that need major renovations.”
Conditions include notary fees, paying an additional three-year buying guarantee policy of €5,000 (which is refunded when it expires) as well as starting the project within two months once permits are given.
The houses are put to an auction where people can bid on them so they technically aren’t all €1.
While some do sell for €1, on average houses sell for around €5,000 euros, although some are up to €20,000.
Some of the schemes even offer to pay you money for buying a home if you can boost the economy with a new business venture.
