Not what was bargained for: Houses in the Historic Center City of Mussomeli were on sale for one euro. Photo / Getty Images
Not what was bargained for: Houses in the Historic Center City of Mussomeli were on sale for one euro. Photo / Getty Images
The first €1 villas began appearing in the mid 2010s.
From the mountains of Borgomezzavalle to the shores of Sambuca di Sicilia, they were too-good-to-be-true deals for anyone dreaming of a new start in the sun. The houses were put on sale for a nominal fee, and tax incentives in parts of the country that had seen populations shrink.
Even Airbnb bought in on the promise of discount Dolce Vita, and is currently looking for someone to live in its 'One Euro' pensione in Sambuca. Every year the website runs a residency for hosts to take over the restored abruzzo in the South of Italy.
However not everyone has the budget of a Silicon Valley tech company to indulge their fantasies of renovating a house in Umbria.
The Euro-villas came with a lot of 'charm' - which is Italian for 'urgent repairs'.
Many of the early impulse buyers were quick to put down their dollar deposit, without thinking about the size of their undertakings.
Now a couple of years on the new owners of €1 houses have shared valuable lessons. They have opened up on the joys, difficulties and whether they should have spent their pocket change on gelato, instead.
Australian Danny McCubbin, a former employee of Jamie Oliver, was one such romantic who fell for the idea.
One Euro houses: Many holiday-makers were seduced by the discreet charm of discount dolce vita. Photo / Vincenzo de Simone, Unsplash
On top of the €1 cost, McCubbin had raised €25,000 to turn the villa into a community food project in Sicily.
"I liked the fact that the whole process was very clear and transparent," he told the Daily Mail. However, he soon ran into problems.
Legal and registration fees were a hefty chunk of his budget. Then there was the difficulty of finding local builders. A time-sensitive bung for improvements means that tax incentives to renovate the houses are due to run out at the end of 2022, so labour costs and materials have skyrocketed.
This has been further exacerbated by Covid-related disruptions.
The shrinking, ageing populations in the remote villages are the reason why the houses went up for sale in the first place, so finding builders was always going to be a challenge. However McCubbin hadn't realised what he was signing up for.
He cut his losses and resold the villa at the beginning of the year, at a loss of €3000, although he says he has no regrets. He moved the project to a rental premises down the road. With the purchase of the house, he also acquired Italian residency, which has been a huge benefit to the business.
The conditions on residency applications are cut drastically for those investing in property.
Brit Jose Ramos put his money where his mouth was and bought two one-euro houses in Mussomeli. With the benefit of an Italian family, he was able to speak the language and quickly get the lay of the land.
"I did some of the early building work myself and I was able to find workers by asking around," he said.
Californians Tonia and Steve Brauer came house hunting in Mussomeli looking for a bargain. When they saw what they could get for €1, they upped their budget to look for something a little more comfortable.
They spent €7,000 to buy an Italian do-er-upper, which eventually cost them a total of €26,000 to make it habitable. Although they did end up selling and moving to a newer house, they did not regret getting on a lower rung on la scala.
They said they have noticed a lot of young blood arrive in the town since the start of the one euro scheme.
"We have been made so welcome here and this mayor has lifted the whole town," said Tonia.
