Italy’s One Euro House Program has made headlines, but for many who took the leap, it was a nightmare. Australians are flocking to this opportunity, but experts say the reality is far from idyllic.
The program makes sense: buy an Italian villa for $1 million or enjoy life in a renovated home for under $2,000. However, those who have tried it warn of huge financial strain and hidden costs. Fees, bureaucracy, and renovation deadlines can add up quickly.
In fact, buying a one euro home often means paying €3,000 to €5,000 upfront, with a commitment to full renovation within two to three years. If you don’t finish on time, you lose the deposit. Italian heritage protection and multiple permits mean the process takes years, and costs often exceed building a new house from scratch.
A US woman who almost fell into this trap shares Jayla’s warning: “Whatever you think you’re going to pay, double it just in case.” With fees adding up to over $9,000, navigating the Italian system can be frustrating. Despite these drawbacks, the program remains hugely popular, drawing thousands of inquiries from around the world.
Source: https://www.realestate.com.au/news/bad-dark-side-of-buying-2-home-in-italy