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Italy - house for a £1, some paying you to live there...

Veronica

Veronica

Administrator
I read an article somewhere which suggested that these deals are not as attractive as they might at first seem. Most of the properties are in very poor state of repair and cost a lot of money to get to the condition that you have to commit. It sounded as though for anyone who is handy and able to do all the work themselves these properties might be a good project but otherwise probably not worth considering.
 
F

FWL

Active Member
I think you are right @Veronica

You need to committ to doing the work on a certain timescale. However when you dig a little deeper this is actually a good use of public money.
  • Local tradespeople will benefit from housing work
  • The local economy will benefit
  • Tourist numbers should rise
  • Long term tax income should increase
While on the surface it seems like a con its actually a good investment for the future by the local authorities.
 
Veronica

Veronica

Administrator
Agreed it will be good for the local economy and save some of the old villages from becoming deserted ghost towns. However my point is that some people might think that they can get these old properties and do very little to them so end up with a very very cheap property but this is not the case as there are very stringent conditions which must be adhered to.
I still think though that it is a great idea and anyone who is prepared to put in the work (and money) needed to restore them, in the end they can have a lovely home or rental property in a beautiful part of the world.
 
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Longterminvestor

Administrator
In theory, if the local economy becomes more active you would hope that you might be able to show a long term profit on your property (including the cost of work).
 
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