Deal Or Scam: Those $1 Homes In Italy?

Posted: February 27, 2024 | Source: www.cnbc.com

Hundreds of people have bought homes in Italy advertised in the US for one euro, or about $1.05 US. These are mostly dilapidated homes with problems such as mold, cracked foundations and flooding. The idea came in 2008 from the mayor of Salemi, Italy where many homes were still damaged and vacant following a 1968 earthquake. Buyers agree to rehab the home within a few years. Although the restorations usually cost many thousands of additional euros, the idea has proved to be a good deal for both the towns and most of the home buyers.