THE UGLY TRUTH ABOUT 1 EURO HOMES | Italy's Cheap Houses Explained
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- เผยแพร่เมื่อ 8 ก.ย. 2024
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They are selling houses in Italy for 1 Euro ($1.19) but what's the catch... the truth is that Italy has been seeing a population slump particularly in the rural areas. Older homes are not being taken over by the next generation resulting in a decline in population and ruins being left behind. With all the nostalgia that is the renaissance its a shame this is happening but there is hope!
The catch is most of these $1 houses are a total mess, deemed unsafe, or flat out UGLY. They need to be renovated and sometimes reconstructed to make it livable again. But what do you expect they are $1. The argument is is it worth it when compared to other properties that are also really cheap. Do you spend $30,000 repairing your Ugly $1 home or do you spend $30,000 for a move in ready home that has been upkept.
The hope in all of this is that the Italian government is paying out a super bonus tax credit to home owners that are doing major renovations that fit the broader strategy for Italy. Homes that are structurally repaired and facade improvements are benefit from 110% tax credit...mean your repairs are fully paid for. Now that's awesome!
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I want to move to a town like this. I would love to rebuild a house for my personal use. Thank you for these videos.
Thanks for watching it's totally possible do you work remotely now?
Let's team up Lo Bos 😊.... if You're single and don't wish to be alone in the beginning 😊💓
@@popybarua3216 thanks for the offer
@@Karl__Pierre I wrote to Lo Bos as I saw another girl thinking of the same! I thought in case she would like a partner in Happy crime!
You're kind, so I edited my comment addressed Lo Bos
@@Karl__Pierre I actually recently lost my job due to the federal shut down from the new president. I work in construction.
Thank you and Grazie for uploading this video.
I live in England, my family is originally from Calabria and I am considering buying a €1 home in southern Italy in Calabria or Sicily.
Your videos are really helpful thank you! I am just wondering how easy it is to get workers locally?
Thank you again!
I would say relatively easily the towns are small and the people want work. I only have resources in Mussomeli
@@Karl__Pierre thank you for getting back to me.
Please could I send you an email as I am potentially going to make an appointment to visit the properties in Mussomeli in the coming months, and would appreciate any advice.
Grazie Mille!
@@Katrina-jj4rs hi Katrina. Message me through cheaphousesinitaly.com
Thank's for the INFO. It was very useful!
You're welcome
This is the most informative piece I've seen on youtube on this topic, thanks so much for sharing it
Glad it was helpful! Are you considering 1 euro homes?
Sure, CHEAP TRASH that will Cost You $100,000 Dollars to FIX IT.
Definitely not 100k
Based on your own commentary--the reason to purchase the €1 home would be to get the government credit that would cover the cost difference of the $20K +/-, which would ultimately go towards the renovations.
Also, older people moved to the newer parts of town bc they became too old to do their own work on their homes. And their children moved away for Uni and then work, and didn't come back, leaving these towns with no "new generation" to keep the towns modernized or turn them into tourist destinations. That is also why there $1 home programs have stipulations and rebates. Versus purchasing homes for a few 10's of thousand more, allowing more freedom to do what you want with your purchase.
Correct
Thanks for the videos. As someone that has had buying a home in Spain and Italy for retirement purposes, this hit the nail for me. Lots of videos as of late on how t buy, where to buy, etc. However, what you never see or hear about is the logistics of it and tax implications for an american. Assume the simplest scenario of one being an employee in the US making $100K/year or same income as a self employed individual. Assume retirement fund is already being maximized yearly. What are the tax implications for the purchase? Any of it deductible? Does it have to be reported in the US taxes? Do you pay yearly property taxes in Italy and how does that affect your US taxes? Does any renovation costs count towards US tax deductions? Would love to have someone break all this down in a video in a simple way. Sure, this has 100 different permutations depending on invidual circumstances, but make it generic but not too superficial at least.
Great ideas for a video will cover! I know an account there that can guide me.
I would do what you did for sure for other people's homes. However for my home I really think I would want to have a home I can build from scratch (1 Euro).
Really. Why?
Hi Karl, was just thinking of you earlier, because CNN published an article- did you read it?? It seems like there are a ton of people interested in the $1 homes, doctors, scientists, humanitarians, retirees, some with roots- a wide variety. It’s very intriguing to me. One thing I noticed they all had in common: they all would like the homes to be move-in ready to avoid renovations!
No I haven't. Send me the article link please. I've thought about providing move in ready homes.
I think anyone interested in these homes should pay a RENO FEE but come to them when they are fully livable. All the bureaucracy seems like a waste of time when the locals know better how to deal with taxes, electricity, tools and supplies etc.
@@MsElke11 I'm thinking about just building a team and doing it all my self because I get so many inquiries and things are just slow in Sicily. I could turn over about 40 properties in 2 years if I focused on it. I do think that with all the foreigner interest Mussomeli will be a unique slice of Sicily
@@Karl__Pierre This is precisely what I saw you doing when I saw the article! Build a team😎👍
Thank you for this top notch, quality content. Grazie mille!🎉
Thanks for watching. Are you thinking about buying your own 1 euro home?
I have debated these options for quite some time. It really just depends on the condition of the 1 Euro home, but more than that I want to know I am not time-bound to do the work, and that I own it outright from the start. So I have opted for the same route as you, to buy for a little more and work on it from there. Thank you for this video, I look forward to your updates!
Awesome, I think that is the best decision for you.
I understand there are fees and it adds up to maybe $75000 but still it's less than most houses anywhere.
Much less than $75,000! I think my $12,000 house was liveable I couldn't believe how cheap these homes were.
@@Karl__Pierre hi. May I ask, when you find a property in Italy that you wanted to buy, how do you pay for it if you are a foreigner. I already got a n Italian tax code. What a acceptable form of payments. Is it cash only? Can I pay with my credit card or personal check to pay for notary public, delinquent taxes, etc? This is in relation to the 1 euro homes. Thank you
@@MattEthanandMe wire transfer.
May I ask, when you find a property in Italy that you wanted to buy, how do you pay for it if you are a foreigner. What a acceptable form of payments. Is it cash only? Can I pay with my credit card or personal check to pay for notary public, delinquent taxes, etc?
Answered another but wire transfer
Hi there, I love the information you’re putting out. I am aware that this was posted to years ago. I’m curious what the rental market and Airbnb market looks like in this Italian town, and if someone could have much of an income from renting or Airbnb being there? Thanks again and all the best. Fiona.
These aren't good as investments. At best you're looking at 200-300 a month in revenue
They are in pretty bad condition but it’s not like the $1. Houses in Detroit, yeah it costs a dollar and then you inherit the liens, back taxes, etc. Detroit could take a lesson from this. It’s a beautiful country, it’s worth it. I’ve seen other vlogs and the Italian tradesmen are really excited about working on this.
This is as an excellent upload with great information. Thank you.
Thanks for the feedback
€1 that will become €70000! + many hours of hard work. Sounds like a bad investment. I bought a room in Bangkok for $35000 in a fully functional area with big malls, schools, hospital and many restaurants and parks bearby. A place where people really live and not a ghost town. You can find great properties in Phillipines or Cambodia too ready to move in!
Imagine someone you said you wanted to buy a horse and someone came along and said you should buy a zebra or an elephant
@@Karl__Pierre buy a zebra and paint it as a horse!
I am young, very young, and this is calling to me greatly. I have no idea why but Italy has always called to me
Make something happen
But if you demolish the remains and rebuild a 1€ home can you change the house plan or you have to follow the exact previous house plan and if you can do so how much would it cost to do the applications for the new plan
You can do whatever as long as it fits the look and feel of the neighborhood
By which point you will have paid €15,000+ and could have bought a made house.
Appreciate the honest, inside info as always!
Any time!
2 TO 3 YRS REFURBISHING ...IS GOOD. I ALSO UNDERSTAND YOUR REASONING OF. $1EURO VERSES $5000. 👍
Thanks
Do you find that the taxes/maintenance expenses make it worth it if you live in America as a vacation home? Also how do you manage being a landlord in another country
It's worth it depending on how much you earn as a vacation rental and how much you spend on your usual lodging. If you want to spend summers in the same place every year and monetize it Somewhat when you're away it could work but if that's not your style I would simply rent AIRBNB when I travel that way it's not your concern.
Regarding being a landlord from another country it's nothing but making sure you have support. You will need cleaners, landscaping, contractor/handyman. With that in place is just text messages via what's app and google translate.
ahoj :-) you touched a bit availability of materials in the video. how is it with availability of work force (craftsman) to do the renovation? or willingness to do the work? whats price of work in Italy?
There are plenty of people looking for work. Prices vary and lower than USA.
Great video. This guy learns to blink at 2 minutes lol.
...
excellent information, thank you Karl.
Thanks Giselle. I'm actually here now.
Just discovered this guy he is excellent at exchanging information
Thank you
Excited for these videos as I’d like to get a blue print of what to do and invest in owning a few rental properties abroad in Europe and Asia. Thanks for the info. Karl. You videos are spot on, clear and transparent.
Suggestions where I can look for cheap properties to purchase in France?
Thank you!
shoot me an email at karl@solislapierre.com I have a few contacts.
@@Karl__Pierre sent you an email. Thx
@@Freespirit512 perfect
@@Karl__Pierre hi Karl, pls let me know when I shall expect to hear back from you with list of contacts? Also, if you know someone I can touch base near Brussels? I appreciate your generosity. Thank you!
@@Freespirit512 this weekend I'll get to it
If someone buys a house for $1 dollar or 1 euro and no expects that will no spend a decent money, YOU MAY BE FROM ANOTHER WORLD.
Lol
I'm Guessing you don't get the super bonus for renovations on the 5,000 Euro home?
yes you can doesn't matter if its $1 or $100,000
You forgot to mention the mafia.... another huge negative if you're planning to start a business.
Gotta pay taxes...
This is great info! Thks!!
You're welcome
This Covit hit exactly when I was gearing up to go and find something like these tiny homes!!! Feeling so frustrated, that's why I said I'd be envious 😔
Now The more I watch the more I get hope of being there..... 💓 📿
Thanks so much you guys are working hard to get us genuine information. I like Dauvo and Your information.... very down to earth and simple.
Soon enough!
"The covid hit exactly"... or maybe (and is sad to write it but...) it will bust the one euro properties because there's is going to be available a lot more of this houses due to the lost of population by covid 19
I went to uni in Italy. Go. It’s worth it. I’m trying to figure out a way to go and retire.
Julie Montagu an American married to a Brit Aristocrat has not the one euro, home but an inexpensive one that she’s doing up as a vacation airB&B she bought it online during the lockdown and is working on it now. She’s a bit flaky but genuine for a minor celeb. Her vlog is often very funny.
@@armando3965
It’s not a Covid thing it’s an aging out thing. Young professionals go to Firenze, Roma or Milano to work and don’t care about these flats. Going on vacation is coming to the USA and Disney. Imagine?
When the people my age and older die so do these towns, save one. It’s a good investment and the government is making it easy.
I think a five thousand euro home makes total sense! Thanks for the advise!❤
You're welcome
Awesome information! We are planning to buy and have learned a lot from hour videos. Hope coincide with in Sicily one day! It is a small world, right! Best wishes
Anytime just stay in touch I'll be around
Thank you for taking time to reply
@@Karl__Pierre Thank once again Karl, for replying, We are visiting Palermo in June/July 2022, special interest in Terrasini. Will visit Mussomeli for a day or so. Not sure if by then yous property will up to be rented , please let me know. I will continue to follow your videos. We currently have a home in Fort Myers and if you are near by let us know, lunch on us!
@@robroman6453 cool gives me an excuse to fly over there. Email me at Karl@solislapierre.com subject line Fort Myers flying so I don't lose track
I think i would lean towards the €1 euro, and make the layout to suit my needs. I haven't seen many examples of these. I think everyone has different areas they would like to spend in a reno, but seeing different examples of ones already renovated would help. Thanks so much for this video!
Coming soon ( actually in the summer) when I'm there I'll be showing much more.
@@Karl__Pierre Awesome! Thanks so much! Also how much are architects if they help you with designs, and new floorplans? Is it a percentage of the reno cost?
@@Karl__Pierre hi. May I ask, when you find a property in Italy that you wanted to buy, how do you pay for it if you are a foreigner. What a acceptable form of payments. Is it cash only? Can I pay with my credit card or personal check to pay for notary public, delinquent taxes, etc? This question is in relation to the 1 euro homes. Thanks a lot.
Love your content ❤️❤️ Thank you for sharing your journey, as I’ve been highly considering purchasing one. Have you branched out to Portugal and Spain to find some there??
Have been thinking about it but haven't yet. Time and travel restrictions lol.
Brother what is the name of the town you bought in?!
Mussomeli
The one bed is lovely for solo traveling people!
Yup or couple
Hi ENTP LIFE, your video is very informative, thanks!
I see, your experience concerns mostly Sicily. Do you probably have such good experience or knowledge, on 1€ way or any other or similar, about other parts of Italy, say its central part?
No I don't but in my profile I have a link to The Davo. He's more aware than me.
Hi, thank you! I found it - DauvO. I'll look it up.
Best.
Hey karl,
Do you pay taxes for both your properties in Italy?
I will haven't gotten a tax bill yet
After you gave that info I think I would go your route. Sounds more enjoyable lol.
Also, Thanks for this video. Super detailed!
Glad you enjoyed it!
I want to be able to see for myself however, a more premium home sounds like the way to go. Just need Europe to let in this American!
Same here hahaha. Cough cough sneeze sneeze lol
What about visas? Can you move in Italy with US passport to live there permanently after you get a 1euro home? Do you ever get an Italian citizenship?
Ownership doesn't equal residency. You will have to meet with an immigration attorney to guide you on best possible advice
@@Karl__Pierre can you mention some options that would be available for a US citizen if they get a property in Italy. That is if you are aware/have researched. It would be unfortunate to get a property in Italy just to find out I can’t stay there longer than 3 months.
@@sorary8573 yes I can do a video on the topic
Hi thanks for the information, I've only just accidentally come across this story and as I was thinking of moving out of the UK to of all places the Ukraine, um before the war started, this is now my main focus for a retirement home in a few years time, I'm the wrong side of 60. in the Ukraine I was thinking of somewhere with a little bit of ground so as to grow a few of my own vegetables.
I'll also now be looking around other parts of europe, but not Spain because of the legal land and property laws they have there which have seen far too many people form the UK lose everything after finding what they thought was their dream home.
There is alot of rural land in Sicily and pretty cheap as well. I haven't heard about issues with land in Spain. What's happening there? Any links to share?
Isn’t Palermo in Sicily ? I heard you say they have to go to the main city in Palermo for materials
Yes it is. That's why you would have to go to the main city. Palermo is the big city in Sicily.
Thanks for the info. What is the yearly tax amount that the Goverment charhes for these homes?
about 600 a year
Premium
Premium is better
Bro you could literally find a euro on the way to the house. You may as well buy one for the heck of it
There are still closing costs that add up to around 3500 euros
@@Karl__Pierre yes that’s true. But where I’m from you’d be laughed at for trying to buy property for 3500€. Run down houses cost around 50,000€ here
What about the EU citizenship? Do we have to apply for it separately? Would really appreciate if you can shed some light onto the matter
EU citizenship will not be obtained by buying a home but rather through proving you are retired earning $3000/month or making a golden visa investment which I think is at least $250,000
@@Karl__Pierre Thanks for the reply..
Dude, super cool video. Would be nice to see a lot more of the b-roll while you're talking.
Nice way of calling me ugly lol jk. I agree. More broll would be helpful for story telling but I have to be in Italy for that.
where do you normally find the homes?
Best to visit and work with agents in the town.
Did you have any issues gaining a residency visa after the purchase in this area?
Ownership does not get you residency
@@Karl__Pierre that means u have to spend another sum to get residency( any seprate rule for Asians )
Do you have a visa? I’m in the process of getting my Italian citizenship (duel with US) but it takes quite a while. I’m interested in the mid price 5000. My husband and I are nomads at the moment and also in our 50’s any advice appreciated 😌
I don't have my full time residency I also bounce around. If you get dual you'll be fine. I don't have that option.
The thing is that You got the Money man , you are. Wealthy black American who can do what ever he wants around the world because of your Wealth , we want a World in which there are no Private or State own properties , and above all to Remove the mr eh from the World and replace this Filthy capitalistic World with Cooperation and Sharing of the Commune of people by the People .
Otherwise the cycle of Miseries ,poverty and Crimes will continue for ever .
Communism doesn't work it's anti mammalian from what I observed ...not only in mammals, but a hierarchy of dominance emerges as a by product of the reproduction process across the animal kingdom
@@Karl__Pierre ... I never said Pure Communism man , i meant a world without a Central Government or Police state , but a World where Commune of People cooperate and share their resources with Each other , where there is no Private property as well , this take highly advanced Human Creatures , who have overcome all those Human Instinctual Weaknesses ....
@@ironfistarrival you're talking about a different species altogether
Hi, I like your video and want to know more about these projects.
More to come! Also email me at info@entplife.com to get some more information.
Is this 1 Euro program still going on?
Yes
Email me karl@solislapierre.com subject line Sicily
What about light and heat payment cost ?
fairly low. As I start to have bills I will updated on those costs.
I am retiring and want to move to Italy. I live in Belgium. Can I contact you,? I have a couple questions. One, I don't speak Italian. The others, I'd like to ask in private. Thanks
Sure email me info@entplife.com subject line Sicily
You can also book a consultation at entplife.com
I want to look at some premium listings.
email info@entplife.com subject line Italy and I can get you connected. Just make sure to leave details in email as to what you are interested in.
I prefer the premium houses like you, it makes more sense, nice but I already have a house in Brazil and one in the Florida keys, had the one in Brazil on Airbnb but hard to deal with the cleaning lady and people take advantage of you being far so rented annual now, best think I did, the Florida keys it's easier to manage being away, in Italy would like to see how things are there but if I didn't have any houses I would be all over that!
Nice, where in Brazil would love to have you on the channel to talk about it!
Do you have a link for the premium listings?
I have something better the agent managing it. Email me at karl@solislapierre.com subject line Sicily
@@Karl__Pierre sent, tysm
Well I'm not sold if I want a tiny home out of the city I don't have to go to another country to find it plus doesn't make sense to buy home in a community that's dead and turning it into a air bnb for a town with barely any tourist is ridiculous and most of those homes need about 70 thousand plus so just save your money not worth your time sorry that's for suckers but good video thanx but no thanx
There's always Detroit and Camden
Do they check credit there ?
No. Also if your US credit is jacked up FIX IT lol make sure your credit is good.
We gonna talk about mafia tax?
Haven't experienced yet
Thanks! How long are you allowed to stay in Italy as a foreigner with a property there?
90 days every 6 months so basically half the year
How can I get there? Is there anyone out there that can help me make this new beginning happen in my life before I go mentally insane 😅
Sure email me info@entplife.com
On your magic carpet what kind of question is that sign karl
@@wayneminor1936 I happen to have a magic carpet.
How do you find the more premium?
Same agents. The agents will show you the inventory they are representing, and everyone knows everyone so they can also inquire on other properties.
@@Karl__Pierre Thank you for the response. You just can't imagine how much I desire to live in Italy. When I was a teen, my family spent every summer in Italy. THANK YOU THANK YOU THANK YOU!
@@EricOnTH-cam email me info@entplife.com subject line Sicily. I'm actually going to start assisting people with purchases, rehabilitation, and property management.
That place is dead!
Which place?
Hi Karl.....hope all is going well!!!....Can I ask is Nicolo from mussomeli as I'm interested in the super bonus🙋
hi he is not from mussomeli but is an accountant in Italy and works directly with Mussomeli Mayor. Email me karl@solislapierre.com subject line Sicily Nicolo so I can make the introduction
Hi , hope you are well ? I m from Pakistan ,I m interested in it ,can I buy if yes then how?
Yes you can buy. Do you have travel visa to Italy?
@@Karl__Pierre No i have not , can you plz give me your email i wana talk
Where is the video link talking about the renovation credit??
Great catch! Let me send that to you and add to the description
th-cam.com/video/XzhZeVoQVyY/w-d-xo.html
Thank you!
@@julienmelo7854 you're welcome
Wow
Yup
Your speaking the truth
Thanks for noting it!
Is the 1$ program still on?
Yes
Email me at info@entplife.com subject line Sicily Dollar Homes. From there I can make some introductions. I have a team there now to help source, purchase, and remodel. I also have a turn key option where we do everything.
Will do, thank you!
Imagine you buy 1 dollar house and complaining
It would make you a crazy person lol. $1 can't complain about anything but the process at that price point.
You mean 5000euro???
?
I admire you
You doing the right thing the right way for the right reasons
I will like to work for you....be your eyes and ears in these places ....Angel
Are you currently in Mussomeli?
@@Karl__Pierre I am in the states ...Tampa ..Florida
@@Karl__Pierre I am employed right now ..but...I will like to talk to you about the future projects that you mentioned in your videos that I could be a assets to your company...
@@Karl__Pierre I am 49 years old fluent in Spanish American Citizen with expience in the Hospitality Business
Man you rock !
Thanks for the kind words.
I gave up watching your video after three minutes. I wanted to hear more details about the investment itself and now so much about the other blah blah blah stuff
Sorry
You give up easily this probably isn't for you... or check out the actual series where I cover the entire process.
🤔🤔
what?
SUPERBONUS INDEED.
Needed lol
A Castiglione di Sicilia vendono case a 1 euro.C"e' l'obbligo della ristrutturazione che puo' costare migliaia di euro💒👋
Hello
@@Karl__Pierre Hi👋😊
Bla bla
Bla