If you want to visit Italy, it will probably run you at least a few thousand dollars, but now, you can buy a house there for just one euro, or $1.11. That's the price of a bunch of homes in the Sicilian town of Mussomeli. Sure most houses in Sicily cost between $300,000 and $3 million, but for pocket change you can own one in the hillside village. Not surprisingly though, there is a catch. All the houses up for sale have been abandoned, so the new homeowners will be required to renovate them, and that can carry a pretty hefty price tag.
So what's the deal with the low prices? It's part of a not-for-profit project that hopes to revitalize the town. Many people left the town in the countryside decades ago to live in the big city, but selling the houses cheap means getting new residents, and with new residents comes a boost in the local economy.
As for the fine print, buyers need to hand over a refundable security deposit of 5,000 euros ($5,526) and must renovate their home within three years. For a 2,000 square-foot home, that could run about $150,000. The project has to be organized within a year and work needs to start on it within two months of the building permit being issued, otherwise, the buyers might lose the house. Additionally, there are annual taxes that will need to be paid - those cost an average $3,500.
The good news is, many of the homes are in pretty good shape. You can find one for yourself here, but be aware that Mussomeli, while gorgeous, is still a 40 minute drive from the Mediterranean Sea and 60 miles from the nearest airport in Palermo.
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