You can occasionally find wrecks for sale at rock bottom prices in Italy, but their purchase requires careful consideration as there often are many hidden pitfalls.
Yes you read it right. And no, a zero isn’t missing. It is really possible to buy a home in Italy for €10,000—but it is not for the fainthearted. Properties priced at (or less than) what it would cost to buy a car are usually wrecks in need of complete restoration. They are very often located in remote countryside. And, of course, they are extremely rare.
Bagging one requires a thorough search of estate agents’ listings, extreme diligence—some wrecks just are more trouble than they are worth—and a good dose of luck. Making it liveable calls for hard work and a substantial investment.
But the advantage of buying one over a more expensive home, is that you can spread the restoration work and costs over time to meet your needs and financial situation. And you end up with a country home that is entirely tailored to you.
So how do you go about getting a really cheap wreck? Start by identifying a rural area that isn’t hugely popular with foreigners and hasn’t yet been hit by the restoration craze—some parts of Piedmont, like the Val d’Ossola, the farthest reaches of the Aquila province in Abruzzo and parts of the Isernia province in Molise spring to mind.
Then run a search for listings priced up to €50,000, having a care to set your minimum price at €5,000 if possible—this will weed out all the expensive ‘Price on Application’ homes. And if you are wondering why you should run a search of up to €50,000, there are two reasons. First, this is usually the lowest available price point on most property searches. And, more importantly, if you are willing to up your budget from the price of a Fiat Panda to that of an Alfa Romeo 159 (around the €25,000 mark) you’ll find much greater choice.
Once you have found some good wrecks at the right price, go for a viewing. Then go again. And again. Don’t be lured by the prospect of a bargain. Ask yourself, and the agent, why the property is so cheap. Apart from the obvious—it is remote, it needs to be completely redone—are there any serious problems lurking?
A few of the questions to ask are:
Is the wreck reachable by road, even if a dirt one?
Does it remain accessible if it snows or there are heavy rains?
Does it have, or can it easily be connected to utilities?
What was the wreck’s intended use? If it is an agricultural building, for example, it may not be possible to obtain planning consent for change to residential use.
Don’t just rely on owners and agents. If possible, ask a surveyor that works only for you to come and take a look. At the very least, go and speak to the Ufficio Tecnico of the local Comune (town council), which is usually a good source of this kind of information, and can help clarify any potential ownership issues.
It is very important to verify whether the wreck is correctly registered with the Agenzia del Territorio (the Italian equivalent of the Land Registry), whether it is subject to any ties, and whether someone has been squatting in it—always a risk with run down homes. Also consider whether there are any constraints on restoration, as this will limit what you can do with your wreck and up the refurbishment costs. And check if the road is big enough for machinery to reach the building easily, or you’ll see your expenses balloon.
If you get the all clear under every respect, get a rough estimate for the renovation costs before putting in an offer for the property. This will give you a feel for how much you will end up spending. Don’t be surprised if builders tell you that it is cheaper to tear the place down and rebuild it with reclaimed materials than it is to restore it, and, in either case, expect the costs to be in the several hundreds of thousands of euros.
You may find that, after all, it is better to buy a more expensive property where you can move in right away, especially since you will not be around to oversee the renovation work. Or you can decide that you are not particularly desperate to get into your Italian home in the next six months and spreading the cost over time is well worth the restoration effort. Then, and only then, go ahead with your offer.
Meanwhile, to get you started in your search for a €10,000 home, we have found a few available for sale at or below this price point:
A rustico with garden, in need of complete renovation, part of a group of homes. Priced at €10,000 through Studio Borgo (part of the Tecnocasa group):
http://www.tecnocasa.com/piemonte/vchn7 (in Italian, or call +39 0163 25175).Small rustico in need of complete renovation in Vintebbio, Piedmont. Priced at €10,000 through S2 Immobiliare (part of the Tecnocasa group):
http://www.tecnocasa.com/piemonte/vchnr (In Italian, or call +39 0163 459396).Stables and haystore in need of complete renovation in Poggio Filippo, Abruzzo. The renovation project has already been approved by the local authority. Priced at €7,000 through Tecno Abruzzi (part of the Tecnocasa group): http://www.tecnorete.com/abruzzo/aq2a2 (in Italian, or call +39 0863 6544).
Small wreck in need of complete renovation, with scope to add one more storey, in Paganica, Abruzzo. Priced at €10,000 through Studio Aquila Centro (part of the Tecnocasa group): http://www.tecnocasa.com/abruzzo/aqcs1 (In Italian, or call +39 0862 419999).
Stone village home, structurally sound but in need of complete renovation in San Buono, Abruzzo. Priced at €5,000 through Immobiliare Caserio:
/property-for-sale-in-italy/italian-property/ol... (+39 0873 801202).Panoramic stone village home in Castelbottaccio, Molise, in need of complete renovation. Priced at €5,800 through Immobiliare Caserio: /property-for-sale-in-italy/italian-property/an... (+39 0873 801202).
