A town in Sicily, Italy, called Mussomeli is selling houses for just €1 (approximately $8,000). This initiative is part of an effort to revitalize the town and attract new residents.A town in Sicily, Italy, called Mussomeli is selling houses for just €1 (approximately $8,000). This initiative is part of an effort to revitalize the town and attract new residents. The houses being sold are in various states of disrepair and require significant renovation. Buyers are responsible for the cost of repairs, which can range from €20,000 to €50,000. To purchase a house through this program, buyers must first submit an application to the municipality. The application should include a detailed plan for the restoration of the property, as well as proof of financial means. Once the application has been approved, buyers have three years to complete the renovations. If the renovations are not completed within three years, the municipality will repossess the property. So far, over 100 houses have been sold through this program, and many of them have been successfully restored. The program has been praised for its potential to revitalize the town and attract new residents. Here are some of the key details of the program: * Houses are sold for €1. * Buyers are responsible for the cost of repairs, which can range from €20,000 to €50,000. * Buyers have three years to complete the renovations. * If the renovations are not completed within three years, the municipality will repossess the property. * Over 100 houses have been sold through this program, and many of them have been successfully restored. * The program has been praised for its potential to revitalize the town and attract new residents.
“Buy your dream for €1 in the fantastic city in the Sicilian hinterland, just a few kilometers from the enchanting beaches and historic temples of Agrigento,” says the Case 1 Euro website.
“In Mussomeli you experience old Sicily, the real Sicily. Mussomeli is the city of Manfredi Castle and traditions. In Sicily you not only buy a house, but you also get the chance to experience our culture, our traditions and the slow and relaxed life in one of the most peaceful and safe countries in the world.”
A mention at Via Generale Cascino 44 – a ready-to-renovate house in Mussomeli.Credit: Box 1 euro
Unsurprisingly, one of the frequently asked questions on the website is: “Is it true or is it a joke?”
The answer? Yes, it’s real. The program is fully managed by the municipality.
The works can be carried out with or without local construction companies, but there are builders and architects based in the city.
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Buyers must travel to Mussomeli to physically inspect the property and obtain a quote for repairs and updates. If the amount is satisfactory, the potential buyer completes a purchase application and must submit it in person at the municipal offices.
The contract outlines the time limit for the restoration (three years until completion) and includes a €5,000 (approximately $8,000) deposit to the municipality, valid for three years, which they will keep if the buyer fails to meet their obligations and vacates the property . property in ruins.
And why are the houses so cheap? Tax reasons of course. The tax structure makes it financially undesirable to own more than one property. If a family inherits a second home, it may make more sense to flog it for a pittance.
“In Italy, property taxes on the first home are not paid (only for Italian citizens),” explains the Case 1 Euro site. “If you have more than one house, you have to pay for it. Many citizens who own more than one property therefore have to pay a maximum tax to the Italian government, so they prefer to sell the houses for €1, rather than pay an additional tax.”
This article was originally published on domain.com.au.
