Buying a home in Italy for just one euro may sound like a dream come true, offering a slice of the country’s rich history and stunning landscapes for an unbelievable price. But is it too good to be true? Perhaps.
Beneath this tempting offer lies a complex reality that many easily overlook. While the potential to own a piece of Italian land at a fraction of the cost is undeniably alluring, the hidden costs, bureaucratic hurdles, and the risks involved in such a purchase often make the dream much harder to realize than it initially seems.
I have never personally examined nor researched all the complexities of a one euro house purchase, but a bevvy of substantial roadblocks come immediately to mind when pondering the possibility. After almost ten years living in Italy – initially as a foreigner but then transforming into a citizen and accepted local – I speak only from my own perspective on how this kind of arrangement most likely, and very quickly, could turn out to be a costly, frustrating venture. In fact, the cons stacking up against such an endeavor are what fill the forefront of my mind.
So, when a business colleague friend inquired via text message just last week on this very topic, this is how it went –
HIM:
Hey there! I am thinking of getting an escape house in Italy. No joke.
Do you know anything about these towns that offer $1 homes if you fix them up?
ME:
I get it. But. They’re not really ideal. For a plethora of reasons. Here are a few things that come to mind immediately.
You’re usually required to live there as primary residence.
➡️Are you willing to pay 50% of your worldwide income in taxes to the Italian government?
➡️Are you willing to live in a broken down desolate town in the middle of nowhere?
Not ideal.
You’re usually required to do xx dollars of renovations within xx years.
➡️ are you willing to take on a construction project in a country that can’t get anything done in a timely manner?
➡️ are you willing to try to DIY when there is no Home Depot and no Amazon anywhere nearby?
➡️ are you willing to hire labor that you can’t even communicate with and doesn’t show up to work?
Not ideal.
In general, are you willing to:
➡️ try to communicate in a language you don’t know bc no one speaks English in that tiny town?
➡️ get an Italian driver’s license bc it’s the law and the written test is 40 true false trick questions in Italian that you can only get 3 wrong – drawn from possible database of over 7000 questions from a 300 page textbook?
➡️are you willing to be stuck in a town with no internet fiber? And crappy old utility services?
➡️ are you willing to always be cold. Or always be damp. Or always be hot – bc there is no effective heating and cooling systems?
➡️ are you willing to deal with Italian bureaucracy nightmare?
➡️ are you willing to be the dumb American that everyone takes advantage of?
➡️ are you willing to be looked at, gawked at, treated differently, bullied and left out bc you are foreign?
➡️ are you willing to risk years of money and time and something that has no monetary value in return?
These are just the tip of the iceberg of the reality of buying and living in a one euro home in Italy. Not ideal.
But if you welcome these challenges then maybe consider it.
But I don’t recommend.
HIM:
Holy cannoli! You make a good case. OK I’ll rent. LOL
There can be potential rewards for those with the right skills, patience, and financial resources, however, the hidden costs, legal red tape, and the considerable time and effort required to restore these properties often outweigh the initial appeal. For many, the dream of owning a quaint Italian home may ultimately turn into a financial and emotional burden, where the dream ends up being more of a nightmare and not much of a charming escape.
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Author, MARLO DI CRASTO, is an Italian-US dual citizen and founder of Live Laugh Love Rome, a travel planning service specializing in carefully curated and customized travel experiences to all areas of Italy.
