The Truth Behind Italy’s 1 Euro Houses | Everything You Need to Know

hi everybody and welcome back to my YouTube channel many of you have asked me about those one Euro houses in Italy and did I buy a one Euro house well keep watching to find out as you may already know from watching my channel I acquired my charming Little Italian house during the tumultuous period of the pandemic my journey began in mid-February 2020 when I arrived in Italy in search of a house to buy only to return to England shortly thereafter it was during this period that I decided to make an offer on the house that I fell in love with during my search however as fate would have it the world abruptly grounded to a halt due to the pandemic delaying my final closing on the property until the end of November 2020 but before purchasing My Little Italian house I too was captivated by the Allure of those famed one Euro houses in Italy so I delved into extensive research devouring every single article I could find reaching out to some agencies all driven by my curiosity but the possibility of such an incredible deal so today I wanted to share with you what I Unearthed during my exploration in 2019 and 2020 and explain why ultimately I chose not to purchase and pursue a one Euro house nevertheless my decision does not diminish the potential value in this opportunity and I'm going to outline some key insights if you're interested to help kick start your own one Euro Journey like many of you I was drawn to Italy by its Rich culture delectable Cuisine laid-back lifestyle fascinating history and enchanting language it's truly a breathtaking country and I yearned to have a piece of it for myself hence the prospect of acquiring a property within my budget particularly one priced at just one Euro it did seem incredibly appealing however it's important to note that most one Euro properties in Italy are primarily located in Sicily and southern Italy whereas my heart was set on Tuscany and so this was one of the factors that led me to rule out the idea and I'm actually curious to hear from you all in the comments down below if you've ever contemplated purchasing a one-year-old house and what factors may have held you back or moved you forward thrilled to say that this video is sponsored by surf shark which has helped me so much especially when traveling abroad and to Italy of course so if you have some travel plans coming up anywhere in the world listen up because you're not going to want to leave home without surf shark let me explain a little bit about surf shark it's a VPN a virtual private Network and it helps to keep your details and information safe online like I said I traveled Italy every six weeks so I always use surf shark whenever I need to get online anyone who tries to Snoop on me isn't able to see what I'm doing or where I'm doing it from did you know that when we connect to those public Wi-Fi's at cafes restaurants or even public spaces it's less safe and therefore really really important for you to use a VPN on these public networks because it encrypts your data and keeps your details and information safe on those public Wi-Fi's so anyone who tries to Snoop on you won't be able to see what you're doing or where you're doing it from you can even access your bank safely even on those public Wi-Fi's and I feel so much better and safer when I use surf shark plus it's so easy to use you just download the app onto your computer and you can switch to a different IP address in a different country which hides your own IP address from hackers so that those hackers think you're in one country when you're actually not but I have to admit the big bonus for me is streaming I can travel anywhere in the world especially Italy and in just one click uh I'm able to connect to let's say an American server and access the biggest movie catalog on Netflix so surf shark is offering you an incredible Deal use my code VI Countess to get an exclusive deal an extra three months free at the link down below so can this be a good deal you might wonder I was wondering the exact same thing here in this video Let's explore why Italy is selling these houses for a symbolic one Euro so as a growing number of young Italians gravitate towards Urban centers and modern careers many picturesque villages in remote regions are gradually being abandoned with dwindling aging populations so some elderly Italians for example have no family to inherit their homes resulting in these properties being basically bequeathed to the local authorities who then have to face this huge dilemma of what to do with them meanwhile younger Generations May inherit these properties in areas where they have actually no intention of residing however owning a second home in Italy does come with the burden of property taxes especially for these municipalities who had to take them on so it makes it then more lucrative for the municipalities to sell these underused houses at a nominal cost rather than maintain them hence approximately 25 Italian municipalities are enticing prospective owners with the opportunity to purchase a house for a mere one Euro the underlying idea is that having these homes renovated and inhabited in the coming years would be of a greater benefit to these towns than selling them at their full market value but what's the catch you might ask Well you certainly won't be acquiring a pristine move-in ready Villa the houses offered in this program are often in a state of disrepair and do require substantial structural Renovations you'll be investing in a fixer-upper rather than an immediately livable residence nonetheless the cost of Renovations remain relatively affordable compared to other countries ranging from approximately twenty thousand to fifty thousand Euros depending on the size of the property now while most of these houses are quaint Village Homes or Cottages some are a bit bigger that are available for one Euro and therefore have a higher renovation price so do bear that in mind but before diving in it is imperative to conduct thorough research so look at exploring different regions immerse yourself in the local culture and connect with the residents from my own research I discovered that all the properties that I considered came with hidden costs and responsibilities which then becomes the buyer's sole responsibility once the purchase is made additionally there are legal fees for purchasing property abroad and that can amount to anywhere around three to five thousand Euros and some municipalities may require a quote unquote guarantee fee which can range from a thousand to ten thousand Euros depending on the town and the renovation projects cost in order to demonstrate your commitment to improving the property furthermore vague promises about future Renovations just won't suffice so new owners are typically required to submit detailed renovation plans within 2 to 12 months of purchase depending on a location and then commence the work within one year and complete the work within the following three years and it's also worth noting that not all properties end up being sold for just one euro popular houses can spark bidding wars and actually sell for 5 000 Euros or even twenty thousand Euros and specific requirements can vary by municipality so some may demand that you reside in the house after the renovations While others may allow you to purchase it for use as a holiday home or even a small business such as a bed and breakfast these are all the things we need to look out for so should you wish to visit more frequently once you've bought your one-year-old house applying for Italian residency is of course an option and it entails demonstrating sufficient Financial Resources to support yourself without seeking employment in Italy personally I opted not to pursue Italian residency as our historic house here at mapperton which is open to the public Demands a significant portion of my time consequently I make little brief trips to my Italian home approximately every six weeks staying for just around three to four days but it is rather amusing because upon my return to fivizano where my little Italian houses my neighbors often inquire about the duration of my stay and then we share a laugh because my answer typically ranges from three days to four days although on occasion I've ventured to say una setimana which is a week which basically elicits laughter from everyone knowing that for me that is quite a long stay so if you're still intrigued and eager to get started you can find one Euro houses listed on websites like one eurohouses.com case one Euro dot i t and property in Sicily dot estate as well as on the official websites of individual municipalities such as the community of sambuca and Chita di Torina in Sicily auctions to Italy also features some properties priced at two Euros additionally Europe dot properties offers case studies and guides on how to navigate this unique opportunity so all those links are in the description down below after sharing my reasons for not pursuing a one-year-old house I also wanted to provide guidance on how to embark on this journey as I did go through some of these steps before acquiring my non one Euro Italian House first and foremost can foreigners buy when your house is in Italy absolutely even non-residents without a telling citizenship can participate in the one Euro home project and purchase a property at this symbolic price however it is mandatory for foreigners to obtain what's called uh kodiche fascale which is an Italian tax code to fulfill the tax obligations and this code also serves as like a unique identification tool when interacting with public bodies and the Italian public administration so you might be asking well what is the codiche Pascale it is literally a tax identification number essential for various purposes in fact I use mine all the time so such as opening a bank account or buying or registering a vehicle or even a property you have to have it signing a lease working entering contracts with utility companies and even purchasing concert tickets online that is true in essence it's required for a wide range of activities the kudiche fiscale is issued by basically the Italian Revenue Agency and it's a plastic card similar to size to a credit card and it contains your unique 16-digit alphanumeric code obtaining a codiche fiscale is relatively straightforward process and your buyer's agent can assist you during my own purchase process which occurred for brexit few I didn't have to appear in person making it a very smooth experience for me however I've been informed that in most cases you must apply for your uh your code in person at your nearest uh agencia de la entrate which is the tax revenue office so now let's delve into the necessary documents for buying a one Euro house in Italy to secure a house for one Euro you'll also need to submit specific documents along with your application including a proposal outlying your renovation plans documentation demonstrating your eligibility and then a declaration committing to sign the public deed of property transfer and then assume all of those Associated expenses I think I'm done here anyway I hope that this information proves helpful and if you are considering purchasing a property in Italy especially a one Euro property um again do check out the links down below thank you all so much for joining me be sure to subscribe like and absolutely leave your comments down below because your insights and experiences are always greatly appreciated Mo Presto bye everybody

Channel: American Viscountess

Views: 132,446

Keywords: julie montagu mapperton house, julie montagu american aristocrat, mapperton house, aristocracy documentary, meghan markle, prince harry, american aristocrat, American viscountess, julie montagu, mapperton, viscountess, viscount, Luke montagu, prince and princess of wales, the royal family, all things royal, royalty, real royalty, bridgerton, the crown, royally obsessed, Italian house renovation, restoration, King Charles III

Id: Oz9uhNJF9Yo

Length: 14min 0sec (840 seconds)

Published: Sat Sep 16 2023