Can you really buy a house in Italy for just 1 euro? Too good to be true?

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Selling houses for 1 euro in Italy. Such an idea first appeared in the southern part of the country in the 2010s, but since then it has spread and there are already offers in the north of Italy as well. It is being actively discussed on various websites, including Reddit.

It might seem like a tempting proposition for those living in the tropics of Singapore - but is there a trap here, and is the €1-per-house price realistic? Here's what you should know:

Why would someone sell a house for 1 euro?

There are many small, gorgeous towns in Italy that are on the verge of disappearing. The population is aging, jobs are scarce, all the young people have moved to the cities, and towns like Mussomeli can be hard to reach. Therefore, selling homes at reduced prices serves two purposes:

• First of allit helps revitalize the city. These houses that have been lying unattended for years can be an eyesore, and renovation helps to resurrect the city.

Even if you just visit as a tourist and use it as a vacation home, it can help boost the economy.

SecondlyIt is part of the Italian tradition to preserve these abandoned houses - some of which may date back several centuries (this is important for reasons described below). So there are good reasons why cities do this, and you can be sure that - if you use legitimate sites and sources - it's not a scam.

How did someone purchase a house in Italy?

Although not the same as Mussomeli, someone has described in detail the experience of buying a home in northern Italy. This description is from an American's perspective, but most Singaporeans will face the same costs and administrative requirements. Here is a list of some of the costs:

• Real estate agent's commission: 3000 euros plus VAT
• The fee for the law firm is 5500 euros plus 450 euros for the representative's travel expenses for the transaction arrangement.
• Notary fee: 4900 euros

However, if you want to follow this path, there are a few things you should know before moving forward.

It's important for you to remember:

• Before buyingDon't forget about the HDB qualification rules.
• Most houses requiremajor repairs.
• These objects can be complex.for resale.
• Legal representation is important.
• Some aspects of the housemust be preserved.
• Property ownership is not related.with resident status.
• You will probably have to pay.Paying in advance for everything.
• There could be better options., which are still cheaper.
• Don't forget about the rules for acquiring HDB.before buying.
• A lot of work will be required.for repair.
• Selling such property can be challenging.
• It's important to have the right legal representation.
• Preserving the facade of the house is mandatory.
• Property ownership is not related.with your resident status.
• You will have to pay the majority.amounts in advance.
• There is a possibility that there are other, better real estate options.which are still cheaper.

Acquiring such houses can be an interesting option for Singaporeans who have the means to pay in cash. Especially if you prefer to live in a quiet rural area. However, we couldn't call it a real estate investment unless the cities experience a surge in tourism interest. Finally, many things can be purchased online, but you really need to go there and see everything for yourself to make an informed decision.