€1 Homes in Europe Are Fine, But There’s A Better Option
Either way, you’re getting a bargain (and a new home).
€1 homes.
Chances are, you’ve heard about these. Whether on news reports, social media posst, or online articles, €1 homes are a quick attention grabber.
And if, for whatever reason, you didn’t stumble over these homes, I’ll give you a brief overview. The trend started in Italy, where cities, often with an older, dwindling population, began offering vacant homes for just €1.
Cities and governments offering these deals required some kind of financial investment in return for the nearly free home. In Italy, for example, after purchasing the property you would need to obtain the necessary permissions and contracts, begin renovations within two months, and pay some kind of “guarantee.” The guarantee would be money you’d receive back after the renovation, so you might end up paying a few thousand euro upfront in exchange for a front door key and the deed.
The lure of additional residents and outsider money spurred other countries like Croatia, Greece, and Spain to offer similar opportunities. Even some communities around Japan are selling abandoned properties for dirt cheap. These neighborhoods believe it is better to essentially give the house away if it means…
