We sometimes hear about the property that was sold for an amazingly low price. Perhaps it happened in our local area, where someone put in a bid for a new property for sale and it was accepted.
Then again, if you’ve ever thought about moving to Italy, you may want to try picking up a home for $1 in the town of Maenza. If you are quick enough and happen to make it in time for one of their auctions, that dream could come true.
If you successfully purchase a home in that town, you will be living about two hours south of Rome. The town wants to “breathe new life” into that area and to redo some of the homes in the mountains.
According to CNN travel, Mayor Claudio Sperduti said that about 100 properties were for sale. For those people who were able to get the bid in on time, a new home may be waiting.
If you didn’t get in on the first round of bids, don’t be too disappointed. The mayor is still looking into the possibility that additional people will add their property to the list.
According to the outlet, the mayor said: “As original families get in touch and hand over to us their old houses, we place these on the market through specific public notices on our website to make it all very transparent.”
After you get your hand on a cheap piece of property, you will have three years to plunk down your deposit of $6,000 and have the property renovated. You will then get the money back after you complete the renovation.
Some homes, especially those that overlook the center of town, need a lot of work. If you happen to be a DIY enthusiast, then you may want to give it a shot.
The mayor admits that the city is not dying, as people still inhabit the old district. He does say that it needs some “fresh oxidation” with a revamp.
Interestingly, you will have to redo the home but you will not have to live in the area. That is different than many of the other towns that have done something similar, but want people to relocate.
In other words, you can redo the home and turn it into a restaurant, B&B, or even a home where you or someone else can live.