More Truth About 1 Euro Italian Houses
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.
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!