A man buys a run-down house in Italy for one euro. The renovation costs him less than a parking space in London.
George L. bought a dilapidated house in Sicily for just one euro. He came across the offer by chance. While searching online for cheap properties, George discovered the One Euro House project, which offers properties in rural areas of Italy for one euro.
“It turned out to be exactly what I was looking for. A house without a mortgage, the opportunity to learn new skills through renovations and enjoy life on a beautiful island,” he told the Daily Mail.
His friends had doubts and suspected fraud. Nevertheless, George decided to take the risk and bought a three-story house in the hilltop village of Mussomeli in Sicily.
When he visited it, he realized that it was in dire need of renovation. There was no running water, no electricity and holes in the roof. However, George recognized the potential of the house and found that the renovation cost would be around £15,000 if he did the work himself. “I knew it was a huge project. But I also knew it had great potential,” says the new homeowner.
To date, George has spent around £4,500 on the dilapidated house, according to the Daily Mail – less than he says you would pay for a parking space in some of London’s more upscale areas.
Despite the initial difficulties, George insists he is happy with his decision. Every month he flies from his home in Eastbourne, East Sussex, to Palermo and spends several days in his Sicilian house to get it back in shape. And he enthuses: “It’s like I’ve won the lottery, I couldn’t be happier.”
Mussomeli in Sicily launched a one-euro house program in 2017. It’s a great success, says the deputy mayor, according to Business Insider. Almost 95 percent of the inventory had been sold within five years.
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