March 6, 2023 | Eul Basa

An Italian Town Is Selling Houses For €1 With No Deposit Required


Now's your chance to live out your Under the Tuscan Sun fantasies: Laurenzana, a small town in Southern Italy, is now selling homes for next to nothing as part of an incentive to attract new residents to the area. While it isn't exactly Tuscany, the town still has the same allure and otherworldly charm as its west coast counterpart. Homes there are being sold for just €1 each, but unlike other Italian towns that run similar schemes with mandatory deposits between €2,000 and €5,000, Laurenzana is not requiring buyers to put down any deposit whatsoever.

Michele Ungaro, the Mayor of Laurenzana, explained the town's decision to keep sales as simple as possible in a recent interview with CNN:

"At times, it can be difficult to navigate through regulation, particularly if you're a foreigner. We want this adventure to be a pleasure, not a burden. That's why we are not asking for any deposit guarantee to ensure the works are speedily carried out."

Of course, there's more to it than just paying €1 and receiving a house. Potential buyers will be asked to prepare a proposal that includes a renovation plan for the property. Work must be started within three months of purchase and completed within three years. Town officials will also monitor the progress and keep up with the status of the project.

Currently, there are 10 old houses available for purchase in the town's historic district, as well as 40 abandoned buildings throughout the area. While they will be sold at €1 apiece, many of them date back to the 1800s and will need significant improvements. Missing bricks, broken doors, invasive vegetation, and worn-down entrances are common issues in these properties, and according to Ungaro, it will take an approximate €20,000 (or $23,800) investment from the buyer to fully revamp their space.

Each home is around 40 to 150 square meters, which is a good size for a small B&B, boutique, or vacation home. Those interested in purchasing a property will have to visit the site first before finalizing the sale; however, due to COVID-19, it could be some time before such visitations are possible.

For more information, buyers can send an email to [email protected].


READ MORE

14 CDs Worth Thousands Today

Uncover 14 CDs worth thousands of dollars today, plus one bonus album worth millions. From Taylor Swift and Eminem to Prince and the Rolling Stones, find out why these CDs are so valuable and how much they are selling for today.
April 22, 2024 Allison Robertson

Budgeting for Beginners

Learn how to start a budget from scratch, including programs to use, typical expenses to track, how to organize categories, and examples of everything. From fixed and variable expenses to how often to update things, this article will make starting a budget much less overwhelming.
April 15, 2024 Allison Robertson
Meatloaf performing, Portrait of Kim Basinger

These 21 Celebrities Went Bankrupt

Even the rich and famous can find themselves in financial turmoil. These celebrities had no choice but to file for bankruptcy.
April 11, 2024 Sarah Ng

The Importance of Teaching Kids About Money

Uncover 20 ways to teach your children about money. Find out why financial literacy is important and how many Americans are negatively affected by financial illiteracy today, emphasizing the need to teach our children at a younger age.
April 15, 2024 Allison Robertson

The Gen Z Approach to Saving

Uncover the newest in financial trends, including how Generation Z plans to save (or not save) for the future. From prioritizing mental health to living in the moment, find out how the new generations are setting up their finances, and what their plans are for retirement.
April 15, 2024 Allison Robertson

The Rise of Semi-Retirement

Full retirement is no longer the only option. From supplemental income to boredom relief, there are many reasons why people are now choosing semi-retirement over full-retirement. Here's everything you need to know before you retire.
April 3, 2024 Allison Robertson



Dear reader,


It’s true what they say: money makes the world go round. In order to succeed in this life, you need to have a good grasp of key financial concepts. That’s where Moneymade comes in. Our mission is to provide you with the best financial advice and information to help you navigate this ever-changing world. Sometimes, generating wealth just requires common sense. Don’t max out your credit card if you can’t afford the interest payments. Don’t overspend on Christmas shopping. When ordering gifts on Amazon, make sure you factor in taxes and shipping costs. If you need a new car, consider a model that’s easy to repair instead of an expensive BMW or Mercedes. Sometimes you dream vacation to Hawaii or the Bahamas just isn’t in the budget, but there may be more affordable all-inclusive hotels if you know where to look.


Looking for a new home? Make sure you get a mortgage rate that works for you. That means understanding the difference between fixed and variable interest rates. Whether you’re looking to learn how to make money, save money, or invest your money, our well-researched and insightful content will set you on the path to financial success. Passionate about mortgage rates, real estate, investing, saving, or anything money-related? Looking to learn how to generate wealth? Improve your life today with Moneymade. If you have any feedback for the MoneyMade team, please reach out to [email protected]. Thanks for your help!


Warmest regards,

The Moneymade team