Inside Italy’s $1.60 houses: The reality of buying a cheap home

Buying a home for less than a $2 coin might be seen as an offer too good to be true – and for plenty of people who take up the challenge, it is.

Many regions in Italy have offered houses for just €1 ($A1.60) in recent years, as a way to regenerate their dwindling populations.

However, buying a home in Italy for a fraction of the price you’d normally pay seems too good to be true – and for some people, it is, The Sun reports.

It may come as no surprise that when you buy a house that cheap, it might come with a few teething problems.

From difficulties tracking down a notary, to problems finding a surveyor, to working out who actually owns the house, the challenges are endless.

But if the result is owning a home in a picturesque town in a country filled with red wine, pasta and pizza, it might be worth all the hassle.

Mussomeli in Sicily is one place that offered cheap homes.

Some have shared their advice after they bought cheap homes in Biccari, Italy, with many often costing more than the special €1 ($A1.60) as advertised.

Mariano Russo, an Argentinian with roots in Italy, bought a refurbished two-floor house with a panoramic terrace for €7000 ($A11,200).

The notary for the purchase deed cost him an extra €3000 ($A4800), and once everything was signed, he looked forward to moving in.

But he was not prepared for the nightmare that many people who have purchased similar properties have experienced – when you are purchasing the house from multiple owners.

If a property has more than one owner, all of them must agree on the sale, otherwise it can't go ahead.

Mr Mariano’s home had two owners, who were sisters, and they did agree to sell the property to him, so it did all work out for the best.

But he warned any other tourists thinking of buying abroad to check how many people own the property, as you don’t want an unknown heir popping up to try and claim it down the line.

Retired engineer Rolf Bauer, from Germany, found a house and immediately fell in love with it.

He bought the renovated three-floor home with its vaulted ceilings, panoramic views and a cellar, for €30,000 ($A48,000).

Unlike Mr Mariano, he had no problems with multiple owners, and his sale was straightforward.

But while he was furnishing his home, he did something quite unusual – he had all of his furniture shipped from abroad.

His advice to others thinking of buying Italian homes is not to shop locally as prices, and sometimes quality, can be better if you buy from further afield.

“It depends on what you want and whether you have contracts of suppliers in other places like I do,” he said.

“It’s always good to take a look around and compare stuff.”

The houses are often riddled with problems. Picture: www.case1euro.it

The process of buying a cheap Italian home was more complicated for Russian interpreter Aksana Kilmavets.

She was helping a businesswoman from Moscow buy a three-floor home with vaulted ceilings, marble staircases and a panoramic terrace for €15,000 ($A24,000).

The problem was Ms Kilmavets could not find a notary to witness the signatures on the deed, which meant the process was taking longer than they expected.

To speed it up, Ms Kilmavets’ client decided to wire the money to the notary without seeing the house, which was a risky move.

Once this was done, the client flew to Italy to sign the deed and discovered that the notary had accidentally added the wrong address.

“Luckily we double-checked or we would have ended up buying someone else’s property,” Ms Kilmavets said.

“So it’s probably a good idea to see a property before you buy it.”

A woman bought and renovated three €1 houses in Sicily, and she warned that the cost of renovations will likely run into the tens of thousands of dollars.

This article originally appeared on The Sun and has been republished here with permission