Was Italy's $1 Home Scheme Worth It? | True Cost | Insider News
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- čas přidán 9. 05. 2024
- The $1 property scheme attracted people from all over the world to buy old homes in dying Italian towns. But did it work - and how much did they really spend? We spoke to Tam and Gary Holm ( / @tamandgaryholm ) and Danny McCubbin ( / dannyforgood ) to find out.
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00:00 - Intro
01:02 - Meet Tam And Gary
02:00 - Their Home In Sambuca
03:28 - The Transformation
03:49 - The History Of The 1 Euro Home Scheme
05:54 - Meet Danny In Mussomeli
07:10 - Look Around Danny's House
08:14 - The Deputy Mayor
09:06 - Did The 1 Euro Scheme Work?
09:44 - Danny's Good Kitchen
10:55 - Tam And Gary At The Winery
12:33 - Top Tips For Potential Buyers
12:36 - How Much Did They Spend?
13:31 - Credits
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Was Italy's $1 Home Scheme Worth It? | True Cost | Insider News
my favorite thing i learned in this video was about The Good Kitchen, i think the work they're doing there is really cool, giving back to a community that they are stepping into
It looked to me like he was bored out of his skull and this gave him something to fill his days and feel good about himself
Giving back to the community.Hahaha
But who payed the 11oo Bucks ? And, how ?
@@henryc1000why the haha?
@@sd-ch2cqas a french we used to see (before brexit) a lot of brits coming in the south west renovating very old houses with respect and taste. These people tend to be very passionate about others cultures and are mostly generous to the village where they are.
The guy who's feeding people is an instant asset to his new community. What a lovely person ❤️
Lol bot
Solution: Give sicily back to tunisia. 🇹🇳🇹🇳🇹🇳🇹🇳🇹🇳🇹🇳
But the term “community” doesn’t apply in Europe and Italy, here it doesn’t mean the same thing. He’s an asset to the town but saying community is strange 😅
I want to know his back story.
unless you know the guy, you wouldn't know how lovely or how nasty he is.
The plumbers, carpenters, and contractors etc are probably real happy about this!
Renovations will cost between 500 (cosmetic) and 1500 euros per square meter.
IF you can find honest contractors, that is.
If you get scammed and need to go to court ... good luck with that. 🤣
Thankfully the Mafia is there to keep the competition down, and prices high!
Yes, that was the plan from the town.
That’s the work they wanted to get into the area anyway
That is fine by me. Local jobs!
Wow Danny’s a gem. Moves to the town and helps the locals. That’s really fantastic.
Great if you can afford it.
@@flowerpower8722 And as long as you're not a criminal.
@@grdfhrghrggrtwqqu I don’t understand what you mean. Who’s a criminal?
A 4,000 Euro agents fee on a 8,000 Euro property? Absolutely sounds like a scam.
Agent still has to do same amount of work on 8K property as on a 200K property
@@dtmt502 yeah work...10 papers haha its a scam
but the workt hey do is a joke for that kind of money@@dtmt502
Are you suggesting a sicilian real estate agency is involved in some sort of mafioso scam? Shame on you! Let those people enjoy their old property in the middle of a volcano riddled earthquake zone in peace of mind, resale value is for survivors, not sicilians!
@@dtmt502 50% agent fee is still crazy, no matter what and no, they don't have to do same job for 8k property
The agents are the real winners here 😊
Totally
I'd actually say the carpenters and electricians to be the unsung winners in the long run.
That like 15c commission
The builders as well as the materials and fittings suppliers too.
Agents collect the many fees.
The problem with this is that it doesnt solve the town being vacant, because folks like them bought a vacation house.....not a home
Sad!!! I would live there 🤷🏽♀️🤦🏽♀️🤦🏽♀️🤦🏽♀️ But the work really helps. They should all hire local property managersvtoo, and gardeners!
HA - and eventually the locals will start using it when they are not there - and eventually someone will transfer the title from the new owners - and eventually it will be sold - HA - and they will lose ALL their money - that is ITALY - HA -and an agent will make another EUR4.0K - HA.
It does. Even holiday homes bring money into the town economy, which gives them more funds to make the town more liveable. Eventually it will become so attractive that people will start living there on a full time basis. Some already are.
When I first heard about this program, I thought there was an owner occupancy requirment.
You have to live there for a minimum of 5 years if you buy a house
Bought a house for 1 €, ended costing 158,000 € . House in an abandonaded town in italy. This couple have too much extra money for sure.
For that kind of money, they could easily have bought something nice and ready to move in. Plus, they can afford a few times per year making that significant flight (I'd guess they probably spend at least a night in Rome or somewhere before they actually fly into Sicily). So for the three of them, just going there is going to cost at least $4,000 flying economy. I guess it's better than going to disney world, and if they have money to burn, better to burn it on poorer people than buying a boat or some silly car...
They bought two homes... A lot of you must have skimmed thru the whole video.
@@memorylane3457 not exactly, they bought 2 buildings but it's now one home. And they rather needed to buy the second, and while spacious, it does seem like sometjing huge
They are just not willing to admit that they made huge mistake...
@@fnerf0 thats right
"1euro" house with 4k agent fees and another 4k deposit for what it is a house in ruins. Sounds to me like Danny was a lot smarter and bought a ready to live house for about the same initial price without having to spend 160K on top. Which is to say the least ridiculous amount for an obscure town in Sicily.
Yeah. If I were to buy a house in a foreign land I'd also go for the ready-to-live house and avoid all the hassle with contractors.
In many places ruins+contractor tends to end up being more expensive than a house that's already finished (unless you are really knowledgeable about construction work and can do a lot of the work yourself)
@@sd-ch2cqin my country in India with 160k euro would have got an mini palace with good amount of workers to live like a king 🙄in lavish area
@@svanimation8969 Yeah, but if people have to choose between Italy over India, 98% would pick Italy(no offense). Don't ask me why though, who would not want to live as a Maharajadhiraja?
@@AlphaOmegaXIII heck yeah lol !
When u will see mansion's in India in random natural place ur eyes will come out in hands ! Only few big cities messy ! But mostly India is so beautiful ! And worth every penny ! I mean u can experience all what u want if u have money u get everything at least better than a ghost town in some European countries ! If u look at by states and its HDI then u will understand what I mean !
They bought two houses, so it's 82.5 k per house. And they spent a lot of money connecting the houses, making them into one. So it would probably come down to 50 to 60k per house, if they didn't. And they went with that big roof terrace and seemed to have renovated it to a very high standard.
The scheme worked for the town. However, with the sum of 165K that this couple paid, one could afford a renovated house along with a vineyard!
House in a town and in a village are a bit different things.
i'm not sure it worked for the town, they wanted to increase the population but this people treat it like vacation house
for that price, you can buy a village in Bulgaria!
Exactly... @@cristibaluta
more like a vanity investment, with the price u pay, the house is still not worth half of its in market value unless the town becomes a tourist hotspot or commercial center some years down the road
I think in general the scheme works very well. Even if people don't stay there 100% of time, they did bring a lot of business to local trade. They will be much more likely to spend a few months there, instead randomly flying around the world.
What's more, each renovated house makes the town looks nicer to live in and more people might follow.
It's a SCAM, not a scheme.
@@Flat_Earth_Addy How?
@@GoyFromFinland They are not 1 Euro homes. They are 200,000 Euros.
Danny is a real gem, top notch guy who serves and integrates into the community. Gary and Tam seem like they were already extremely well off, never needed the "deal" and only used it to get themselves a cheaper vacation home to spend a week or two a year. Two completely different classes of people.
Community is a strange word to apply in Europe, it doesn’t exist here. We use this word for a different meaning ah ah
The most ridiculous statement in all video was: 'a home like this in LA would cost over one million dollars' only Americans can think like this. These people spent 160K Euros for a 60-70K Euros resale value. When starting this kind of project, you must evaluate the market value of the renovated property. Thinking that you made a great deal because the same property would cost twenty times more in central London is simply idiotic.
you base this off of the resale value, what if they never sale the house and keep it for generations, surely then it wouldn't be idiot
RE is ALL Local so they Lost $80K.😝😝😝😝
@@TheFavoriteColors It might be, but you cannot put a hypothec on the future. Can you? On the other hand, you are asking your future generation to live in a place with no jobs and no future for young people, and that's the reason why those places are deserted in the first place, otherwise the price of properties would be completely different. BTW. I lived in Italy for 20 years, and believe me you don't want to work, fight with a byzantine burocracy and pay absurd taxes over there....
Greetings from Scotland
at least they have 4.5 bathrooms...
@@jimshoe402 Well, unless in an unlikely future that dead-in-the-water place becomes a tourist attraction, yes IMO they are 80K Euros under.
I'd like to see some perspective from the locals who aren't elected officials
The ones eating the free spaghetti looked pretty happy. 🍝
@@craigemmett2425 Nobody will mind that nice person and very telling that you focus on the aspect of the free food, and not about the community building and his efforts to belong.
@@craigemmett2425 those are tagliatelle
They presumably voted for that mayor, so i guess they don't hate it.
But i imagine there are also a lot of people who think the tax-cuts for rich foreigners could have had a better use.
@@sd-ch2cq What tax cuts did anyone get?
They bought houses that were off the tax roles, renovated them and now pay taxes. And it looks like the agents, contractors and supply companies are getting business that would not have happened.
I'm italian, i really can't understand some of the comments. What did you expect? Being handed a brand new fully functioning home? And not paying any taxes or fees?
In America non esistono i notai, quindi non capiscono.
Ma fami.un piacere ne che siamo tutti fissi perche siamo 'Americani" We pay taxes and have agent fees here too. Not as ridiculously dishonest as yours. 😅😅😅😅 fools. Is the Gucci suit getting too tight?
What do you not understand? A scam in which they are simply looking for suckers who will spend their life savings on renovating shacks in ghost towns? What about the reasons why people left those places? No jobs, no prospects, crime?
If you are sleeping on money and have no place to throw it, you can play with things like this. A normal person will buy something they can afford, in a place where they want to live.
Sono americani cosa ti aspettavi?
Yes, they take 1 EUro literally and they also forget how much it costs to buy a property in the USA.
That Danny guy is good in serving the town he transplanted to. It's nice that there are people that have a vision to help where they decide to stay.
Agent fee of 4k euro is INSANE
Not entirely, depends on the context but Italian agents for house purchases ask for anywhere between 2-4%, some of the shittier ones even asking for 5%
When you account for the total price of the house the calculation kind of adds up
I guess those fees include the notary and the purchase tax. The agent will probably only get 1000€
@@ThePieMaster219The house cost 19,000 euro. They paid 4,000 agent fee. That is 21%. It does not add up at all.
@@Isimud It specifically says 4,000 euro agents fee. No mention at all of notary or tax. Tax on purchase is 2%. On 19,000 it is less than 400. It still makes no sense unless they got scammed.
I was thinking the same. And also, why is an agent involved at all?
What do you expect? It's a 1 euro house. You expect a lick of paint and move in? Don't be ridiculous.
They paid 20,000 euro
Depends on your standards, I know some people that wouldn't even paint that over!
I mean tbf I still say they won, I assume had they bought a completely normal house/appartement it would have cost them more than what they paid now
And it wasn't 1 euro, not even close.
@@mabeScthey wouldn't fix the roof or plumbing?
Very rustic 😅
Danny made my day. Feeding all those people is a truly beautiful way to become part of the town.
You got to love retired Americans, they fought for years against universal health Care, and were vehemently opposed to people immigrating to the country that didn't speak the language.
Now they are moving to countries not speaking the language and enjoying their healthcare system. You can't make up this level of hypocrisy.
Immigration is at odds with social services.
The video actually begins at 12:30
Thanks m8
Thank you
Legend
Cheers
The answer is 160,000 euros. Skip the video
I think it's a brilliant idea. All that money spent on the house renovations is work, and business for the local town, while also upgrading the its outlook as well.
Yaaa, but this is southern Italy. Economy is in the gutter and young people are leaving in droves. That's isn't where the future will happen. You have yo pretty much accept that you'll never recover that "investment". That's a write off.
@@mysterioanonymous3206 it's still can turn into a vacation resort for elders or people seeking for calm retreat/ vacations
@@REMPLACEMENT-TV look, much of Italy is aging out, shrinking, being deserted and abandoned for the cities. In fact, that is happening all over southern Europe, and the trend is accelerating. There is no shortage of vacant homes, and there will more and more. Italy. Spain. Portugal. Greece. Only the "best" locations will be of interest... I'm not saying it can't work, but you're tied down, bills keep coming, that capital is tied up. Better think twice if that's really what you want.
@@mysterioanonymous3206hence …
@@REMPLACEMENT-TVThere are much better places than in the middle of Sicily. Even old retirees will be bored out of their mind. Most of these towns have no touristic attractions except some church! You don't need to spend money to see a church in a crumbling old town.
On the one hand I think the cost (total cost) is worth it just to live in such a beautiful landscape. On the other hand, this report answers zero questions about the reality of living (and working..?) in an ancient and remote Italian town. This is literally the perspective of two wealth westerners who have the money to do up the houses lavishly and live there part time whole maintaining a life back in the US/UK. For anyone actually looking to LIVE there full time, I imagine there are many compromises and drawbacks that are not immediately apprent. Still, that landscape....THOSE views! 😍
Work? What work? 😂
Only thing to do is online, remote jobs. Idk if it's this town or another I was looking at, but the closest major city is 8-10 hours by car.
@@jaysho5461 Exactly. Hence my question mark. But they didn't even touch on this rather important topic of how woul- be residents could attempt to make a living there. Bit of an omission IMO.
@@jaysho5461 8-10 hours by car? You will be in France or Switzerland or Austria - get a map!
@@mediterraneanworld you're missing the mountain parts. Those roads are much slower
Honestly isn't it better to retire early to the Mediterranean, eat good food and enjoy the sunshine, instead of riding the underground to an office every day? We get so caught up in having the new car or jet ski that we lose sight of what really makes us happy.
So the american couple didnt actually move there, they use it as a holiday home.. And it sits empty the rest of the time?
and they pay property tax since it's a second home, which those Italian towns really need. It peanuts, like 500 euro a year but still it becomes an active property so it's win win for everyone.
Yes, since they're not from a european country they can only visit for 6 months out of the year anyways on a tourist visa. They could get an investor visa if they invest a total of €250,000 in the country, but that couple is the epitome of an "LA couple". They just threw away €100K on a whim and never actually intended to move there.
Or they rent it.
They pay tax and when they come over they spend. That's the main reason for these schemes, having more people is just a bonus.
It's the same issue on why there are ghost towns in Italy. Once you're there, how are you going to gain money? There are no job opportunities in these old late medieval/baroque towns. In the middle ages people were farmers, carpenters, butchers, etc.
Now you can't live by just doing that on a small scale. These towns are a relic from the past and only someone with a remote job can live there (and not even that since internet sucks there).
For 160K € you can buy nice renovated house anywhere in Italy or Spain or Portugal.
Yes but you wouldn’t be in a ghost town in Sicily …..,
Well not ANYWHERE, but somewhere, yes
that buys you a 2 or 3 bedroom home in a smaller Spanish city, not Madrid, BCN or Valencia
Hello the point here is to régénérate old village city center...of course you cam always grab agricultural land to an old farmer in Greece or Portugal and get your new cheaper holydays house
In my country India u can buy a
Good large palace with bunch of servants with swimming fool and tennis court and so on ! In a lavish area !
Not gonna lie. If I could afford spending $100k on a house I would prefer buying it in Italy rather than in Canada or US. The weather, culture, cuisine, feeling of community and amazing Scilly landscapes... Sounds like an incredible place to live
Yes, you can do so, buy a house in Sicily and come to understand you are illiterate in the language, come as an outsider to a relatively small and parochial community, and your better livelihood causes resentment among the many who will think of you as an interloper. Locals ain't dumb; you chose to live there 'cause it's cheap.
@@scottloar Probably true, but it depends on how the incomer fits in. But the population can see their town dying around them, it might give them hope that their town can revive, especially (Though unlikely) if they get a young couple to settle with children.
@@scottloar then you say fine be stagnant and rot then lets see if that will improve things
What about the mafia?
@@eibbor171 No, that's what you said, not me.
Sorry but they did not do the house justice. It looks like a cheap US flip…
What do you expect for a cardboard home?
They showed very little of the actual houses. We saw more of the winery the couple was eating dinner at than the houses!
@@nikkikindinger2718 All part of the scam.
Sicily has a growing water crisis.
I would suggest doing a deeper dive before buying property there.
is water the only problem there
@@vito5258, they have a serious invader problem there, too.
@@AFAskygoddessyep, that family from states should have done more research, hopefully they are rich enough to swallow this bad deal and move back or somewhere else
@@vito5258i hope for them aren't amongst the tech-workers that got laid off, because Italy is still going to expect them to pay taxes on that house
@@sd-ch2cqyou are right.. in my experience if something sounds too good to be true it probably isnt, in majority of cases if people leave particular area or do not want to settle there one should defintely ask the question why? before any other actions are taken, p.s the tech workers thing, unfortunately many in that business are used to safe corporate enviroments and when they get confronted with the harsh real life it is not pretty
I'm not sure that you picked the best example. I mean, if they buy each next door house they see on sale, it will of course change the deal. Now it's also obvious that couple is not lacking money.
in LA you need to bring home 4k in a low end job and 7k+ for a middling job.
I think they probably either saved up or have some remote job.
100k an average household in usa or germany should be able to muster in like 8 years or so.
Seriously. These people live well in LA, and they refurbished multiple properties into one vacation home. They also went in completely naive and ignorant, but are well off that they could afford to be.
I feel like they intentionally picked a bad example to get people to not want to do this. I see that in media reporting all the time: don't be fooled, there is a definite agenda here (especially when they didn't show the price paid until the end). Videos about the 1 euro plans are generally negative because the people who own the news outlets don't want you to spend your money in other countries.
Would be better if they were giving away plots of land for a euro. I’d much rather build my own house from the ground up then spending a fortune trying to refurbish garage.
The problem is the lack of reputable contractors. And if you have to go to court, it could be years before your voice is heard. That’s according to an American travel consultant whose YT Channel used to pop up on my feed.
guys ... there are plenty of rich people for whom the resale value isn't the issue. look at what people spent on digital ape pictures. to have another home, fully renovated in Sicily is the point.
you are right...but what is also true is that for 160K you can get something quite decent without having to rebuild it. Plus, we didn't really get a good look at the home after. The american couple, the interior was still totally unfurnished. there's ikea on sicily, but still, that's going to be another 10K
I still think about this project. Thanks for the informative update.
The whole thing seems to be heavily stacked against the buyers of these 1 euro properties. Meaning that the buyers are very dependant of the skill of the local renevators (since i think they have to use local renovators instead of being able to choose the renevators that they want to hire) while there is at the same time a chance that they could lose the house if they arent able to renovate it in a certain amount of time. Not to mention most of these houses are located in somewhat isolated towns where population is rapidly dwindling downwards and where most services (schools, hospitals, restaurants, grocery shops etc.) might be relatively far away. Also rather than using 130k or so for a 1 euro house I would rather just try to buy a cheaper house with plumbing and electricity already installed in it.
I've renovated three derelict houses in rural France and never spent more than the market value of the properties worth. The key is making it livable and functional. You then get foreigners wanting a holiday home who are prepared to spend their money in the local economy thus bolstering and reviving the village. I've been at it for 20 odd years and contributed towards the revival of a faltering community.
Waking up to a beautiful view and living among a tight-knit loving community like that is the real value.
The couple doesn't live there. They're investors.
don't fool yourself, the community doesn't want them there
@@user-sp9om6ff3g Yes, that is interesting. It depends how they accumulate, I guess. The guy with the community program is pretty amazing. The 2 investors clearly don't come for the people and that's another story. They are not saviours of the community, they are takers.
if that's true they are terrible investors,no way that house will ever sell for the 180k they invested in it,if you want to live there,climate and people are very nice but property has no value,noone invest in real estate in sicilia,sardegna,calabria e puglia outside of some specific sea front high tourism spots and noone of those spots has "1$ homes"
@@nextinstitute7824the maffia says 'thank you, now give me the keys'.
That's why crime-ridden communities look terrible: nobody wants to invest because any display of wealth will get stolen and/or destroyed.
NOT a scheme… it was stated in the beginning EXACTLY what the person would have to do in order to buy these $1 homes. I still laugh at these when I hear them say “I thought I was going to buy a new house and not have to put money into updated the home” 😂
"Scheme" does not imply deceit
A housing scheme is not innately malicious. But also it was super naive of anyone to even imagine thats the deal they would be getting. This was obviously deals for renovators
😂😂
another thing is you cannot turn around and sell the home. It has to go back to the town. You cannot even give it to your children as inheritance.
thats not good
Ha, ha, ha and I thought it was just a lose-win scam. But in this case it's a lose-win-win 🤣
No way?????
If that’s the case then aren’t they basically just leasing the properties ?
Can't even leave it to your kids...
Of all the things mentioned in the video, this little bit of info in a comment is the ultimate deal breaker for me.
It doesn’t matter what they do to this house it will degrade again . Here is why - if you look at the original walls they have flaking paint , mould and a type of plaster from this era which is coming off in parts -but intended to allow the house to breathe. The first thing foreigners do is cover the building with paint , modern plaster and tiles plus new windows. This creates a layer around the house which is almost unbreathable. The buildings in these villages are not made with proper foundations . When it rains etc the moisture from the base of the house will rise through the walls . This causes all the new paint and plaster to start coming off after a few years. Effectively the outer layer they put on starts to peel off faster than the original materials .So effectively foreigners always cover the old house with what they think are repairs that will just continue to create problems for them. In the Netherlands , Germany, UK , Norway , Denmark, Sweden and a few other places houses are built with correct foundations and moisture control even the old ones. In Spain , Portugal, Italy this doesn’t happen the same way . If you walk through any modern city in these countries check the paint on the buildings and the mould inside it is endemic.
This is why locals buy more modern houses and leave the old ones as they are not worth the hassle.
humidity, the building envelope, and a "hygro-thermal" zone. This isn't TV; people buy/act like consumers and assume a "reno" is done the same way as back home. No, it's not the same.
what's the solution then? how should these homes be renovated? or should they just be left to collapse?
@@leej-wp9ft the Portuguese leave them, that's why they're sold cheap.
if it was worth doing the locals would have done it.
unless they are mostly elders , sometimes you need a good global plan to relaunch the economy and recreate some atractiveness
the locals have already left.
The locals gave up those houses because they couldn't even afford the tax (they said it in the video). How could they afford to renovate them?
This €1 home started a very long time ago around 2011 I recall. Shortly after the recession ironically.
The people that buy these are idiots. The people left because it’s too much hassle and there is nothing there.
If you google “houses for sale in Palermo” you can find amazing properties in the city.
For half of what they have spent lol
They’re morons and you can see they have made a mistake, trying to justify how much they really have spent.
It’s a pipe dream, no one gives up a house and walks away lol.
The stipulation for these to be repaired is also stupid.
I recall people didn’t know they have 2 years and have to use local builders and materials.
It’s a scam unless you have money and you are an idiot
Us locals know that such an adventure would cost you double the price of buying a new one, let alone all the legal restrictions you have and the bureaucratic nightmares you'll face. I wouldn't do this here on the East Coast, which is considered the most advanced and "rich" part of the island, figure in a rural town in the middle of nowhere where nothing works as it should, starting with unreliable power and water supplies. No thanks.
What is also ignored is the fact that they revamped an Italian town house to Anglofy the interior. It's obviously going to cost more to do that, as there would be no one local to provide the interior that they wanted.
I was so sad they tore out that actual bathtub to put in a boring tile floor for a shower. Even updating it to a modern bath would've been better. They just made the home extremely cheap-looking like a cookie-cutter US apartment.
@@EC-jd9ejYeah, same. If I was renovating an old townhouse like that, I would want everything to be opulent and old-worldy.
I agree and it destroyed the character of the house. I mean if they wanted to live in an LA house stay in la. I hate that they quote modernize the inside of that beautiful old home. You can upgrade the plumbing and electrical without destroying the design features of the home that make it beautiful old Italian home.
@@yougeoThose tiles... I know they're dark and démodé, but you can do better with them.
The fundamental issue with towns like these is that *a lot* of the for sale properties haven't been lived in for half a century or more. Many didn't even ever get running water.
Glad to see an update and the possibilities of good communities that can develop. Awesome.
They say "do your research" and then said they spent 170k€ on that house in that location that will be dead in another 100 years. For that money you could have gotten a bigger better place in a equaly beautifull remote environment elsewhere. They were completely ripped off with the agency fee of 4k per house, no sane agency will charge you a 25% fee unless you are american and fall for it.
Does it matter? The people in the house will be dead, too. Not everything in the world has to be an investment. I hope they enjoy their home, and it serves them as a place of happiness, and security.
@@happynewzealand I am not saying they should not go for it, just don't portray it as a well-founded financial decision :)
@@CharlieTheNerd91 Fair enough.
You don’t know what you’re talking about. Real estate agents in Italy are generally, with a very few exceptions, bottom feeders. They always rip people off with crazy fees, Italians included. There are certain professions that are never made pro bono out of a good heart but to make a lot of money and fast. Plenty of real estate agents ripping people off left and right in other countries too. Nobody is forcing anyone to buy a medieval home while paying an extortion fee to an agent. For one you could do the trip with a friend who’s a civil engineer or architect and go for another property that is 5k or 10k and structurally sound.
It's really cool that these people did this. I think it's a fantastic project for anyone who really wants to do it, but first you have to want to live in the place. Then, if you really do want to live in that place, you have to think about what is the best use of your budget. These medieval old towns are not the most practical places to live: access can be difficult, neighbours can be really close, houses come with all kinds of surprises and need a lot of upkeep. You have to do a proper budget and compare with what it would cost to build your own place or to buy a plot of land suitable for a prefab on the outskirts of the same town. Of course, if you really want the romance of the old town, then go for it!
You can walk everything in the town anyway especially if it’s touristic
Going to a vacation home once or twice a year doesn't help build the community, the town, back up. That wasn't the point.
Well actually they bought and did a house up and the local gov got loads of fees. better than nothing .
$160K and you're still in a dead town, in the middle of nowhere.
Who cares...it's a quiet town. No ass holes like the USA around you.
What in the god damn hell did they do to that bathroom??
they made it more American 🤣
Grey and White American :( gross...
the consequences of minimalism
Looks normal too me, what you wanted it to be black or golden? White bathroom is easy to keep clean, it's not most pretty but from just usibility especially as summer house it's simplicity is boon.
It's beautiful. Learn to adapt. Not everything nees to be IN YOUR FACE 😂
Still works out to sweet FA. Here in Sydney, Australia, a rundown post WWII 2 bedroom asbestus fibreboard house will go for a million dollars AU.
The fact that it is referred to as the 1 Euro "scheme" tells you that it's a "SCHEME".
Schema in Italian has the same meaning as program… like when you go to a personal trainer they give you a schema to follow.
They spent nearly $185,000 USD
They live full time in L.A. and visit a couple days a year.
this is so absurd it's laughable
this is like people who bought a time share, that are too ashamed to admit they got scammed.
185K for a vacation home in a spot you like enough to keep going back to sounds like a pretty good deal. People spend a lot more than that for a vacation home in a warm spot.
Wait, you had the fly costs back and for (15 hours trip)! The car cost to get there from the airport. The Italian gouvernement rising the tax, because they need money. More then laughable, it's tragic comedy.
@@amanielwolde What tax? IMU is very low! THey obviously have the money to live that way, so what do you care!
This Sicilian town is about to be the new hot spot to visit!! I see it already❤❤❤congrats to Italy for increasing the liveliness of its neighborhoods!!
I have visited the town of Mussomeli and it's beautiful as my mother is from the next village Aqaviva ,even if you find a half decent for 20 thousand it's a good deal it's a mini paradise
I looked into several of these one euro for a house offers .
They were for tiny, very dilapidated houses abandoned for decades that never had plumbing or heating, in mostly abandoned villages on the east coast.
The cost of renovation would have exceeded any possible resale value.
Great for romantic buyers, but not practical.😊
I think the goal is to attract people that are actually going to occupy the homes not that are going to flip them. People are moving out of these cities. The idea that you can flip a home to a new person that's going to come in and not be buying a deal is negated by the fact that everybody's moving out of these cities for reasons.
I’ve told my mother about this over 3 years ago, I can’t believe this is still a thing!!
Yes, the €4.000,- agent fee sounds scammy, but like they said at the end of the video; 'A property the same size would cost over a million in LA'. You can renovate it however you like, get a nice property for 170k? Sounds like a dream to me. I am from and live in the Netherlands, and a historical house with modern ammenities for 170k is nowhere to be found here.
paying $1 to get a house in ITALY and being surprised it needs a lot of work is the most angloid thing i have ever heard
*white people thing
@@TheAlchemist1089non white angloid peeps can also be this incredulous
What's angloid?
Yeah other groups would beg the governments for handouts and freebies "give uz da stuff 4 free" . I think they even come on boats.
@@TheAlchemist1089 buying and renocating houses is a white people thing in general , while b l a c k p e 0 p l e destroys them
To all the people saying the agent fee is a scam... as an Italian, this is how it works here! This is the injustice we all have to confront in our everyday lives here, especially when it comes to paperwork and bureaucracy!
Fidati che è meglio dare 2,000 euro a un notaio con la sicurezza che è tutto a posto, che fare come in America dove non esistono i notai.
Correct - it's not a real estate agent. It's a government notary. Flat rate. No choice 😊
That is a stupid comment, these are foreigners buying property in another country and it is not you buying a house in your own town! They handle everything for them as you saw none of these people speak Italian or have right of residency - people spend 1000's on legal services to get a permesso and a visa, but I suppose that's a rip-off as well?
It’s 3am and I just learned I could’ve bought an Italian home for €249,999 less than what I payed for my home in Missouri. That’s bs and I need to go to sleep.
My friend bought one of these houses years ago and here is what he spent on renovations in Italy on the mainland (not Sicily):
1. He had to do the entire electrical system and change the fuse box which was none existent. 2. He had to repair walls full of mold from rain seeping in through cracks. 3. He had to fix the roof which was all cracked from the sun and rain. 4. He then had to re-cement most of the walls. 5. He had to install a new kitchen and bathroom with new tiles and cabinets. 6. Then, he had to tear down the entrance stairs to the house with new cement stairs. 7. He had to change the pluming in the kitchen and bathroom 8. He had to add new doors at the main entrance and several rooms in the house. 9. He removed all the old lighting fixtures with new modern light lamps 10. Next, he painted all the rooms with fresh paint 11. Then he removed the old flooring and installed new tiling in some of the rooms and carpet or rug in other rooms. 12 He brought in new furniture after throwing away all the smelly old furniture from 50 years ago. He then put a camera surveillance system on front and behind the house. It took him a few years to do all this part time. He did a lot of the work himself to save money. But, he still ended up spending 40 thousand dollars. There is no such thing as a cheap 1 dollar house in Italy. Also, on top off that he had to pay a 5 thousand dollar fee to his realtor. Then, there is insurance, permits fees along with fees to turn on the electricity and water. If you are willing to do all that while still not being sure if the house next to you will crumble and affect YOUR house then it's doable.
and? they chose to do it nonetheless?
@@mediterraneanworld My point is not that it was done. My point is that my friend would have NEVER bought the house if he had foreseen all that work and headaches. There is a reason locals don't fix their own old houses and all move to another town. I'm also talking about older Italians that are already retired. That's why many towns in Europe become ghosts towns.
If you don't renovate to a certain standard within a set time limit, then you lose the property.
Good game
Literally a scam.
Probably worked out better than the $1 lots in Saskatchewan.
i was gonna go for that, but then i saw the parts that made it you know "to good to be true" and yea hard pass
It just seems that, if the primary goal was to inject money into the area and increase the population, this was the single most short-sighted way they could have done it, because it hasn't addressed either problem in the medium-to-long term.
Sure, some tradesmen benefited, and maybe cafes sold a few more coffees until the novelty wore off, but it addressed none of the core issues like a lack of employment opportunities, so when the new family's kids hit 18, they'll be off to university and won't move back.
These people seem extremely naive.
How so? The couple bought a 4bedroom 4bath vacation home for $165k. They couldn't get that in the US.
@@conchobar They spent the price of a flat on a deathtrap near a volcano that will go down in the first earthquake.
@@conchobar Couldn't you easily get that in USA too? Detroit for example can't be that expensive. I heard they also have lot of 1$ options there.
@@_EkarosYes they can.
But they cannot brag about their vacation home in a "quaint little Italian village" to their friends in California 😅
@@_EkarosWho visits Detroit on vacation? Maybe urbex guys, but it's not exactly mainstream.
Ive just recently sold my 14 th property. Total fees came to around $24 K which included:
Agent $10K
Advertising $2K
Conveyancing $4K ( sell & buy )
New land $5K tax
Removalist $2K
Development insurance $500
Goes on & on!
160k for a 4 bedroom house sounds pretty amazing for someone who lives in a town where a 1 bedroom condo is 500-600k.
Remember that you're in Europe, not exactly an area known for cheap labor. It's far better doing this in Latin America where, at least in some areas, labor is incredibly cheap, along with the land. These people are buying wrecks of houses that often need a top to bottom rebuild. They might as well almost buy just the land and build it right from the start, the way they want, not someone 600 years ago. Also it's in an area known for significant seismic activity. They have truly lost their mind.
This is just about a couple who bought a couple old houses at auction and renovated them.
Isn’t that exactly what is stated in the video?
@@jackwatson7323Pretty sure the video is titled "Was Italy's $1 Home Scheme Worth It?" which it seems to never actually show any of.
@@jackwatson7323 No.
even 100k isn't too bad, when you can't even build a tiny home for that in US.
Italy should continue the 1 Euro system. It'll be a good program to copy in other nations eventually.
Danny is the kind of guy every city needs.
A friend of mine had a barn on his land that was owned by the ministry of defence (UK).
It was falling down. The roof was caving in, the walls were bulging out in all directions, and the doors and windows had fallen off.
They gifted it to him for free after he complained to them about it and redeveloped it for a lttle under 200k and had it valued upon completion (after two years) at 750k.
Not a bad deal 🤷♂
I saw a deer at my school today.
@@sameeramadushanka5357 I'm assuming it was outside, rather than actually in the school? 🤔
I missed colliding with a deer by just a few inches last week on my motorbike 😮
@@sameeramadushanka5357 I saw a kid staring at me deer arse... VERY RUDE if you ask me
@@wavydavy9816deers like running towards moving objects
@@tezcanaslan2877 And they're normally not alone.
A mate of mine slowed down for a deer (very happy he'd spotted it) and while congratulating himself another deer jumped over the hedge and knocked him off his bike 🤦♂️
He broke his collar bone 😢
People are saying it's bad these people are buying the homes and not spending 100% of their time there, but I think it's important to note two things:
1. The job you'd need to be wealthy enough to afford the renovations of these homes will not be found in these villages.
2. Keep in mind the opportunity cost. If a second home is pushing out a full-time resident (which is what we are used to in the US), then yes that's very bad. But that's not what is happening; these homes would be empty and drags on the community, but instead someone is at least in town part of the year, spending money in the town part of the year, and paying full taxes, so it's a massive improvement.
I recall how Japan constantly has Free houses and shops... typically hides over a 5k fee for transferring ownership, and about 40k in renovations (due to all the earthquakes which lower the price) every 10 years. It is still exceedingly cheap compared to places like America, where you can buy a tiny home in a low cost area for a small price of 230k, post Covid price reduction... even prior to that, the listings I saw were around 150-170k for worse houses... At that price, you might as well wait to buy one of those 40 bedroom hotels for 700k and convert it to a business... saw a listing up in Northern America with an amazing kitchen for a staff of 5-20, a dedicated ballroom, and a separate dining room (all of which could comfortably fit 70-80 people, and possibly near to 150 people for events in the ballroom).
Unless you are a qualified or at a minimum, handy home renovator, these deals were not a great idea for people. You were always going to be charged a premium on everything, so to make it worthwhile and make money you needed to be able to do large amounts of this yourself.
they call it rubble houses.. dont even touch the walls and posts , it will crumble like biscuits.
Who? The locals who let it rot?
@@karlscher5170 the town center was destroyed by earthquakes and these homes arent made out of reinforced concrete
@@Azuria969The town center was destroyed by the laziness and indifference of southern mentality
@@karlscher5170What mentality do you have?...why do you give false news?
@@Azuria969the houses in this town are more than 200 years old, some even more
The agents are scamming those people.
as a sicilian i really hope these foreigns can mantain the sicilian aesthetic and architecture but other than that i see no issue, thank you guys for saving our small towns!
We are trying and also to be as respectful as possible. 😊
Why would they replace the old tiles???
To be honest I think this is an amazing deal. Instead of saving a lot of money you have to pay to the bank just to get a loan you can spend your savings on making the house you bought your home. That is how housing should work.
We heard about it through CNN.
That’s all I needed to hear.
I love this!!! Remember hearing about this a couple years back, always wondered how it turned out. Like he said, who wouldn’t want a house in Italy
Sambucca is a beautiful place. A truly different way of life. I loved the back streets
This is the same ordeal with the abandoned houses for sale in Japan, high permit costs and materials is what’s getting people.
Think about the quality of life in that part of italy ... is absolutely priceless .
Problem is if that they wouldn’t get even near that price if they tried to sell it
As a person who finds peace in solitude and work remote, i can definitely see myself in these small towns, in my lovely italian house away from big cities ❤, im in my 20s now but after i get married i might buy one for real
Lets be honest here. They seemed real real green to rebuilding or or construction work in general.
I wouldn't summarize the experience based on how these two experienced it.
Especially since they are Americans in Europe. Just the cultural things are a challenge for these two, let alone sourcing the right materials for a renovation like that.
Theirs some abandoned homes in Pittsburgh PA that you can genuinely buy for $200. I inspect condemned homes and buildings for a living, and once theyre cleared of any hazardous building materials, the county, or property owner will spend thousands demolishing it and removing all the rubble off the property, so instead they’ll sell it, it’s not like Zillow or anything you have to kinda know somebody or talk to ur local county, Around me in Pittsburgh they’re row houses an only take up 0.1 acre of land between other homes so the land it self is worth basically nothing but I’ve seen 4 bedroom abandoned homes that I’ve inspected ended up being sold for a few hundred dollars and than the new owner dumps 50k-200k into it and than they have a decent property that they’ll live in, rent , or just flip for a profit. But yeah selling houses for only a few hundred dollars is actually common, thing is, they’re run down decrepit and usually cost around 30k just to make it so the county won’t condemn them and force them to destroy it lol
I know people from the US that just want to live somewhere that has healthcare.
This makes sense if you have locals buying it. You can't save a village by having people from all over the world living together.
Very informative, always wondered about those homes, of course suspected there would be a lot more involved than just getting a cheap home. One has to be prepared to put a lot of work and a lot of money into it. Many years....
For people who like to invest in a home there and for the towns, that is a win win of course..
Seems like if you do your due diligence can be an insanely good deal but doesn't seem like lots of jobs in the area so unless you're independently wealthy or can remote work full time might not work out for you if you need a job where you live.
€4000 for agent fees is NOTHING. If you you buy a $300,000 in the US, you just paid $18,000 in agent fees.
In most of Europe the fee for an agent is about 15-3000$ Just because agents are insanely expensive in US, to the level they could be considered scammers, doesn't mean 4000 euro is nothing. To be an agent, you don't really need any qualification, and the work is fairly stress free and no 9-5 days... Looking at the work they actually do, it is a lot... There is something rotten in the state of Den.... I mean the US.
@@incognito7843 if you haven’t heard, MLS (the Multiple Listing Service - the giant database of homes for sale) is “considering” that sellers will no longer be required to pay the buyer's agent. The buyer will need to negotiate and pay the agent that finds them a house. My speculation is that buyers will end up paying ANOTHER 3% of the sale price or need to do all the footwork themselves. With the median sale price of an American home being well over $400,000, that means another $12,000+ in real estate agent fees will be paid by the buyer… if my prediction is correct… and it probably is.
I don’t understand what the problem is here!
Is there anyone out there really thought that it will be cost only 1 euro? Really??
Interesting subject! Thanks
Damn, I would love to live in Italy. BUT, I could never live in a house where my neighbour's house is 1 millimetre away.
There is great danger that having renovated the house to their requirements, they will end up with something unsaleable. Italians, particularly in Sicily, would see no reason for as many bathrooms as bedrooms; nor would would most other Europeans. This kind of reconstruction has to be sensitive to the mores and culture of the host town.
Plenty of homes, even in Europe, have each bedroom ensuite, plus one for guests, plus another by the pool.
@@fantabuloussnuffaluffagusI have never seen such a thing in Italy, which this programme is about.
@@nicolek4076 You said "most other Europeans" and while not European, I have a house in Marbella, which has more bathrooms than bedrooms, as do most of the homes in that neighbourhood.
people generally add more bathrooms when they can but there may not be the space or the city won't permit it. Have to ever been to NY or Boston? Many properties with 1 bathroom! Now people want better and more bathrooms as well as ac due to rising temperatures.
In 2011, you could buy a condo in most German cities for between $50K-150K which had a 10%-12% rental yield. These Italian places will never generate a sensible return in either rental income or capital appreciation.
if you remember one rule, that renovation costs 5-6 times than you initially thought, you can make better decisions from the start
Fees and renovations for these homes seem to be nothing compared to housing prices in the US. 100 year old wood frame houses with lead paint, stone foundations, and mold/mildew problems go for upwards of $100,000-200,000 in rural/suburban New Hampshire. If you could buy one of these houses for $1 it would be an absolute steal, and some are in worse condition than these Italian homes.
You buy the land ...not the property in USA....Learn more....!!!!!!!!!!!!!!