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An Italian town sells “dream homes” for 1 euro, on more flexible terms for foreigners

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An Italian town has offered its abandoned homes for sale for just € 1, without the usual need to pay a deposit like plans for other homes in the country that were previously offered for sale at the same price.

Laurenzana, in the southern region of the Italian Basilicata, is attracting new arrivals by eliminating typical conditions for deposits and legal fees that can rise to more than 5,000 euros.
All the mayor is asking is for potential buyers to complete the renovations within three years and are willing to spend at least 20,000 euros to restore the homes to their rural glory.

Lorenzana is the latest city to adopt a € 1 sale scheme to entice new residents to increase its dwindling population.

But while most towns and villages require buyers to deposit a deposit to secure their deals, usually in the range of € 2,000 and € 5,000, to be recovered once the renovation works are successfully completed, Lorenzana decided not to do so.

“We want to help newcomers buy the home of their dreams without complicating tedious procedures and strict requirements,” Mayor Michael Ungaro told CNN after launching the initiative in February.

He added, “Sometimes, it can be difficult to go through the legal regulations, especially if you are a foreigner. We want this adventure to be fun and not a burden.”

He indicated that they would rely on “goodwill and commitment” from buyers, while monitoring the progress of work in real estate.

As with the other adopters of the house plan for € 1, Lorenzana requires that buyers commit to renew their properties, which could be in various cases of damage, and that the project be completed within three years.

Work must also start within three months of purchase, and buyers must be prepared to spend around € 20,000 renewing their new properties.

Prospective buyers must present a comprehensive renovation plan before considering their proposal, but Lorenzana authorities are trying to keep the paperwork to a minimum to make the process easier.

There are about 10 abandoned homes in the historic city center being sold as part of the scheme, most of which are in reasonably good condition, and another 40 homes needing more intense work.

A man who moved from London to Sicily through the € 1 initiative recently shared his enthusiasm for the project and encouraged others to “take it forward”.

The man named Danny McCubbin, a 56-year-old digital consultant who has lived in London for 17 years, took the initiative after seeing articles about the scheme.

He settled in Musumle, a town of 11,000 inhabitants on the island of Sicily.

Source: The Independent

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