Calabria Joins The Ranks Of The 1 Euro Italian House Program

1 Euro Italian House
Italian Balcony

Ciao Amici (Friends!)

Chris here from Super Savvy Travelers!” And in the last few weeks over 200,000 of you have heard that phrase on our Super Savvy Youtube channel. 
Thank you! It has been a pleasure being in communication with you all!

Honestly the 1 Euro Italian House trend has just gotten bigger and bigger. A couple of weeks ago, I swore to you that there were none in Calabria that I could find.

Well, it appears that Mayor Michele Conia has risen to the challenge and made 1 Euro Italian houses available in his community of Cinquefrondi.

Cinquefondi literally translates to “Five Fronds” and the village is named for the fact that there were five separate communities of Greek and Byzantine origin that all came together and formed one community during the Middle Ages.

1 Eur italianhouse
Ancient Italian House

Cinque Frondi is located on the bunion of the boot that is the Italian Peninsula. It rides along the crest of the Aspromonte Mountains and affords access  to the sea on both sides.

1 Euro House Cinquefrondi
Cinquefrondi

Mayor Michele, along with many other mayors in the region have been attempting to reverse the depopulation of their towns and villages due to the exodus of young people who have had to leave and look for work in the more populated areas.

He has christened his repatriation project, “Operation Beauty”  and we whole heartedly support him in his efforts.

Cinquefrondi has also advertised the fact that it is a “Covid Free” community in that they were able to side step the COVID virus completely.

In fact, much of Calabria was able to escape the ravages of this virus by shutting down quickly and keeping a close eye on it. I have heard that there was not a single case of COVID in our village of Santa Domenica Talao either so well done to all of our mayors and city leaders in Calabria! You guys did great!

Here is a map of where we are n Santa Domenica Talao for comparison.

Santa Domenica Talao map
Santa Domenica Talao; Riviera Dei Cedri

Now let’s go over some facts about the 1 euro Italian house programs.

Normally if you elect to purchase a 1 Euro Italian house, you have to have a 5,000 Euro deposit. In addition if you do not complete the renovations within 3 years, you will be facing a fee of 20,000 Euros.

In Cinquefrondi, the 5,000 Euro deposit is waived but they ask you to purchase an insurance policy in the amount of 250 Euros per year until the works are complete.

The 20,000 Euro fee is in also effect in Cinquefrondi if the works are not completed in three years.

So it appears that the community has tried to sweeten the pot dramatically in order to bring people in.

Maratea
Ancient house in Maratea Centro Storico

That said, is a 1 Euro Italian house for you?

In addition to the factors listed above, there are other factors you need to consider.

  1. The houses available for 1 Euro in Cinquefrondi are very old and are located in the ancient part of the city.  These ancient houses lean on each other. What happens to the structural integrity of the building as a whole? Can you fortify your house so that it doesn’t fall if the others never get renovated?
  2. Does the housing market in Cinquefrondi support a renovation cost of 10-20K Euros that it will cost to renovate one of these places.
  3. How can you protect yourself if the builders get backlogged and it takes longer than there years to renovate?

None of these questions are designed to put you off the 1 Euro houses but merely to have you take a look and see if this will work for you.

In any case I would definitely run everything by an attorney because he will know what questions to ask and what points to clarify in a contract.  We highly recommend Nic Metta at Studio Legale Metta for this purpose.

This may be the deal of the century for you so check it out thoroughly!

Now I want to give a shout out to Dave and his Youtube channel Dauv0. Dave is in Mussomelli (Messina) Sicily and has his finger on the pulse of everything about 1 Euro houses all over Italy. We will be teaming up with Dave for some really fun and exciting projects so stay tuned to both of our channels. You are going to love it!

If you are looking for a 1 Euro Italian property. You need to watch our video on the subject. This will give you the truth abut 1 Euro Italian houses.

AND if you are looking at purchasing a property in Italy and/or moving there you MUST study our online video course and Ebook. It gives you EVERYTHING you need to know about purchasing a home and/or moving to Italy.

You can also get your personal Move to Italy Action Plan/Checklist here.

Free Action Plan/Checklist
Free Action Plan/Checklist

Caio!

Chris

Everything You Need To Know About Purchasing Your Italian House

Purchase property in Italy

Everything, EVERYTHING You Need To Know About Buying Property (For As Little As 1 Euro) And Moving To Italy; Avoid The Pitfalls That Could Cost You Your Dream!

Ciao Friends!

Congratulations on your plan to purchase property in Italy. The rise in popularity of the 1 Euro Italian houses has enticed many people to start looking at making the dream of owning property and possibly living in Italy a reality.

BUT There are so  many possible pitfalls!

You are dealing with a completely different property purchase process, a completely different building and renovation model, you don’t know the language and worse yet, you don’t know what questions to ask your attorney and tax specialist. And having them educate you can be hugely expensive.

As you may know, I have literally done YEARS worth of research on purchasing properties not only in Italy, but also in Spain, Greece and other European countries. With my husband, I have successfully bought and renovated several properties in Southern Italy.

In my experience as a real estate expert, here are just a few mistakes I have heard, read about or experienced myself in various different countries:

*When we were first looking at properties, we were approached with an offer to purchase a property for 120,000 Euros. 10 years later that property NEVER got built. Had we paid, we would be out 120,000 Euros.
(POSSIBLE LOSS 120,000 Euros)

*A person recently came to me with an offer to purchase an apartment for 10,000 Euros. The contract turned out to be a rental contract that guaranteed the BUYER ongoing fees! She would not have owned the property at all!
(POSSIBLE LOSS 10,000 + 1400 Euros per year + other possible fees as yet undetermined!)

*A property “renovated” by a friend of the agent that was completely messed up. That property is STILL on the market 10 years later for almost half of what the buyer paid to renovate it.
(POSSIBLE LOSS 100,000 Euros)

*A property in Spain where the buyer purchased and moved in, only to find that the builder had not gotten the required permits and the place was torn down. Of course, the builder was long gone.
(ACTUAL LOSS  325,000 Euros)

Obviously this is only a partial list of the pitfalls I have seen.
And without someone who knows and has been through the process to guide you through it, you could make some very expensive and heartbreaking mistakes.

Since purchasing our house in Italy has been such a life changing event, we want to be able to share our knowledge so that you can avoid the pitfalls and obtain your dream.

For that reason Pete and I have gotten down to some intense research and answered every question we could possibly think of. Then when we were almost done we asked for YOUR questions so we could be sure we addressed EVERYTHING you needed to know.

We also had to pull in all of our experts from the legal, real estate, and economic fields so that we could be sure of giving you the correct data.

And we did it!

Welcome to “Everything, EVERYTHING You Need To Know About Buying A Property And Moving To Italy; Avoid The Pitfalls That Could Cost You Your Dream” online course and Ebook!

This online course is designed to be light but also packed with vital information. The Ebook can be printed out and tabbed, highlighted and notated so that you know EXACTLY what to ask you legal and tax specialist so you save time and money getting EXACTLY the advice you need from them.

And since our passion is to help others find their dreams, we purposely priced this offer at LESS THAN YOU WOULD PAY FOR HALF AN HOUR WITH YOUR ATTORNEY.

Attorneys and tax professionals are vitally important but they can be expensive if you don’t know what questions to ask them.

We knew you would love this course but that you also would want to know how to book your perfect BNB for your property viewing trips.

Staying in a hotel is not an option because you won’t get a feel for what it is like to live in a town or village unless you LIVE there even for a short time. So we created “Your Guide To Finding The Perfect BNB For Your Property Viewing Trips” Ebook. This little gem helps you create your viewing trip experience so that it matches as closely as possibly your actual living experience so you can make the best choices possible.

This Ebook is a FREE GIVEAWAY that comes with your course.

AND since we know that finding your perfect property takes time and that you may spend way too much time filtering through properties that will not work for you on real estate websites, we created your “Find My Property Dream Checklist” Which ALSO COMES FREE with your course!

With all this area information we feel that we will send you out into the world of Italian real estate armed and ready for anything!

And all for less than half an hour with your attorney!

Click here for details on how to get this vital package of information!

And write us with any questions you might have! And subscribe to our Super Savvy Travelers Youtube channel because we will be continuing to post super valuable content for those looking for properties or who just love Italy!

Happy House Hunting! We will see you in Italy!

XO Chris and Pete; Super Savvy Travelers, LLC

More Truth About 1 Euro Italian Houses

Italian hill town
Italian hill town

Ciao Amici!

A couple of days ago I was searching online for more 1 euro Italian houses for my online course. I have created a special Ebook that tells you where to find them!

But I noticed that there were not many at all in Calabria so I asked our town architect and historian, Antonello Lucchesi if there were any and he sent me back some very interesting information. Antonello deals with sales and technical assistance for notarial deeds as well as handling renovations and designing beautiful houses.

Italian hill town

Here is what he had to say about it:

In Italy, the houses and land are registered in the land registry and they are identified with a number on a map.

Each home has a value which is multiplied by 126 (which is the coefficient or factor for non-residential houses in Santa Domenica Talao) and this gives a value.

This value MUST be declared in the deed of the notary, proving that payment was made by bank transfer or check for taxes to be paid to the State based on that value.

In the event that these taxes are not paid and the minimum value is not declared, the Office called the Revenue Agency can carry out a tax assessment asking to pay the unpaid taxes plus penalties and interest.

Antonello brings this to our attention so that we understand it and take it into consideration when looking at a 1 Euro Italian property, or any property, and that there are tax consequences.

While Santa Domenica Talao a supply of ruins, they are not valued at zero with the above formula so this has to be considered in the asking price of the house.

Antonello let me know that many of the houses in Santa Domenica Talao have been listed on agency websites but that none are exclusive listings. He can offer any of them at any time.

He has suggested that we work together to bring you videos and photos of these properties so that you can have a realistic idea of what they look like.

Antonello can provide floor plans and even renovation suggestions and estimates with the local builder. I think this is a great idea and we will be working on this when we arrive back in Italy.

So this is why you don’t see 1 Euro properties everywhere. It is also something ask about if you do purchase one of these properties.

I hope this helps!

XO Chris

The Truth About 1 Euro Italian Houses

Italian house
Photo credit Pixabay

 

Italian house
Photo credit Pixabay

Ciao!

I hope you all are following us on Youtube! We have gotten some really great traction over there and some of the videos are really taking off!

We are trying to put up informative and fun content that we know you want to see and it looks like we are succeeding so thank you if you have gone over and watched any of them.

By far the most popular video on YouTube is the one where I talk about the 1 euro Italian houses that are so popular nowadays and whether or not these are a wise purchase.

This video is up to 7,400 views and just keeps climbing. The other popular videos are the ones featuring our house renovations and several other renovation projects in our village of Santa Domenica Talao.

Every week I get several letters from people asking about purchasing a property in Italy and wondering if they can make their Italian dream come true.

Italy street
Italy street, Alexander Nagelstad

Now, these 1 euro Italian houses have gotten everyone’s attention. It is a BRILLIANT marketing campaign.

But is it a good deal?

Well, it might be but here are a few things that you need to keep in mind.

The homes that are selling now for 1 Euro are abandoned and have been for a long time.

First of all, let’s go back several generations and find out why these towns and villages are abandoned in the first place.

Seaside town
Seaside town

Back in the late 1800’s and early 1900’s many Italians, especially from the South. left their homes in Italy for the dream of a better life in America.

Life in the rural districts was difficult back then. The weather was capricious and one never knew whether the next year they would still be able to eke out a meagre living. Many left with the idea that they would be back after seeking their fortunes but they never returned.

Over time the properties that would have been inherited by the sons and grandsons fell into disrepair and ruin.

This was a long time ago and many of these properties are in pretty rough shape. Generally these are the 1 Euro Italian houses.

Most of them are found in the historic centers of so many hill towns and seaside villages. Some are wedged in between other houses that have been cared for and perhaps renovated and most are in a pretty severe state of disrepair.

Italian house
Guillaume Meurice

So that said, are they a good deal?

Well, it depends on so many different factors.

One of them is the state of disrepair. If the walls are intact and not crumbling due to a roof failure, it will be less expensive to fix up than one that has had the roof fail completely letting water leak into the walls and destroy their integrity.

Once that occurs, there is substantial repair needed and sometimes you may have to take the walls down to the foundation and rebuild them from the bottom up.

In the case of a house that is seriously damaged, make sure you get a good inspection and estimate on the repairs in writing before you purchase it.

A better purchase would be a house that is still pretty much intact, only needing cosmetic repairs like new floors, windows, kitchens and bathrooms. These are not generally for sale for one Euro but many times they are really inexpensive because there are so many of them.

ARCHITECTURE ITALIAN
Architecture Italian

Also kitchens and bathrooms are very inexpensive tp purchase in Italy, especially in the South. Ikea does have branches in Italy where you can purchase DIY kitchens for not very much money.

Another factor that you want to pay attention to in shopping for your Italian house is that in many villages, there may be one architect and one builder, You have to make sure that you can work with them and that they are honest and reliable.

Talk to others who have gotten renovations done in your village and ask them about their experiences.

Bear in mind that the houses for sale for one Euro are not anything like any houses we have here in America. Many of these houses were built centuries ago with whatever building materials they had to hand.

Centuries old walls may be made up of old roof tiles, bits of rock, mortar and sometimes even wood canes like the ones we found holding up our ancient roof. Miraculously we have not had leaks under that part of the roof as the wood canes are black with age and somehow still standing.

Honestly there is so much to finding and purchasing your house in Italy. It is very difficult to put it all into one blog post.

Do go watch our Youtube video and stay tuned as Pete and I are putting together a consultant package for those who are interested in having experienced help in this area.

Once you have your dream firmly in place, it is time to begin!