“People sometimes think that it takes hundreds of thousands of euros to access the property, but here that is not true,” says the buyer of a house in Sicily for 1 euro.
About to turn 30 years old, George Laingborn in the United Kingdom, faced decades-old mortgages on little more than shoebox-sized London flats.
A little research on the Internet showed him that in some places in Europeon the other hand, could become the owner of a multi-bed home in a picturesque location.
After also circling Bulgaria, Laing stumbled upon one of the first sales of 1 euro houses in Italy.
Laing, who runs Internet auctions and buys and sells antiques, is now renovating his first house in Sicilyalready on the hunt for more bargains.
London was too expensive, so I bought a 1 euro house in Sicily
“I lived in London and more than 30% of my salary went to rentso when I decided I wanted to invest in property, I had no way of saving for a deposit,” says Laing.
“If I had wanted to buy a house, my credit score wouldn’t have been high enough to get a mortgage.”
Cwith a budget of about 5,000 euros (“It was all I had in my account at the time”), Laing abandoned the London idea and narrowed his options to Italy’s 1 euro house plan.
“I have no real connection with Sicily. I went there on a school trip when I was about 14 and I don’t really remember anything,” she says.
He says the Mussomeli community seemed “up, not down,” with many improvements in spaces communityso he decided to choose a property there.
Did not see photos of any of the properties beforehand
Los 1 euro home plans in Italy have gained popularity since the first sales, and now many town councils put photos and descriptions of the properties on the Internet in advance.
However, when Laing invested, came to see the Mussomeli structures without any prior information. “I didn’t think much about my decision because I didn’t see any of the properties beforehand,” he says.
“When you arrive that day, You are with 10 other people and a woman who takes you around town with a bunch of more than 100 keys. and decides to show you the houses he wants.
The property Laing chose was on sale for 1 euro and in relatively good condition.
“The roof wasn’t falling in and seemed pretty solid,” he says. “Also, my lucky number is 11 and that is the house number.”
“When you pay about 5,000 euros in total (including notary fees) for a house, you can’t be too demanding.
ADVERTISINGHe was also looking at the houses with an American who had already bought three and seemed willing to get several more.
“I took him aside and asked him to let me just have this one,” Laing says. “She took a little convincing.”
“There is no unlimited supply of houses and councils receive thousands of emails about them, so there is some pressure for them to say yes.
Under the terms of the plan, George You cannot sell within three years of purchasing. But after that time, he is free to do whatever he wants with the property.
ADVERTISINGWhat it’s like to buy a 1 euro house in Italy
After agency and attorney fees and an energy certificate, Laing He had a property in Mussomeli for 5,000 euros in his name.
“In London you wouldn’t get a shed for that,” he says. “He paid more than 1,000 euros in rent, so this house only cost me five months to rent (in London)“.
The plan that Laing followed required him to renew the roof and exterior of the house within three years.
“They can put you a fine of 5,000 euros if you don’t do itbut city councils are lenient because of COVID disruptions,” he says.
ADVERTISINGLots of work to do
Laing had his work cut out for him. Although there were beautiful marble staircases, original lamps and mahogany beds, there were also there were smashed doors, disintegrated walls and cracks.
“I could have paid a surveyor to tell me there’s a huge crack in the house, but I already know that and the house hasn’t moved in two or three hundred years, so I don’t think I’ll do it anytime soon,” he says.
“The most shocking thing, however, was that there was a lifetime of possessions in the house because the owner had left unexpectedly.
Laing spent his first trips to Sicily cleaning closets and chests, but now he has launched install a bathroom on your own.
ADVERTISING“I’ve never done it, but YouTube is amazing and it doesn’t have to be perfect,” he says.
We still have to connect water and electricitybut that hasn’t stopped Laing from staying in his house while he makes repairs.
“I stay home for two days. Then I get to the point where I desperately need a shower, so I spend the night at the local hotel,” he explains.
“Besides, I have only used hand tools to renovate the houseso it’s going to be great when I can use power tools.”
ADVERTISINGGeorge has created a guide to help other people who want to buy property in Italy.
What is the real cost of buying a 1 euro house in Italy?
In addition to the 5,000 euros of purchase costsLaing says he has spent about €300 on materials so far and is saving money by trying to do as much of the work himself as possible.
“I do everything on a very small budget,” he says.
Describe the approximately 1,500 euros of travel expenses y hotel as the biggest expense so far.
ADVERTISINGAt the end of the reformwhich will include the installation of two new bathrooms and a kitchen and the transformation of the basement into an independent apartment, He estimates that it will have cost him less than 15,000 euros.
Laing says he is already thinking about buying another property in the area and He hopes to have 10 properties in Italy by the time he is 35.
“I would highly encourage anyone else interested to take the trip as well,” he says. “People sometimes think that it takes hundreds of thousands of euros to access property, but that’s not the case here.”
“You don’t have to stay stuck where you are.. Now I have a better chance of being able to afford a flat in London having renovated this property. “You just have to take the risk.”
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