4 places abroad where you can buy a house for $1
In some parts of Europe, governments allow people to buy abandoned homes in remote locations, usually for as little as $1. Dispatches Europe stated that the reason behind this initiative is that people of working age continue to leave small towns and villages in rural Europe. As a result, they left behind homes that did not appeal to today’s buyers.
See: 5 Expensive Home Renovations You’ll Probably Regret
Learn: 3 things you should do when your savings reach $50,000
In an effort to revitalize these areas, the $1 home trend continues to grow as more countries offer the program to potential buyers. Four countries in particular became among the most popular.
Four states where you can find many $1 homes
Dispatches Europe shows that Italy’s total population fell by a staggering 384,000 in 2020. This was the largest decline in more than 100 years. While there are thousands of homes available across the country, the majority are in poor condition and most cities are selling them to interested buyers at €1, with auction prices tending to be higher. The houses are so cheap, some people even buy two.
There’s a catch, though: Buyers have to invest heavily in rehabbing the home. This does not include tax surcharges, the cost of connecting to local utilities, or real estate agent commissions. It is reported that it is common for new owners to spend around €30,000 on homes that are generally only around 700 square feet.
France is not the first country to offer €1 homes for sale, but you will be able to find decent sized homes (about 1,000 square feet) for sale at €1.
Similar to Italy, this program is designed to return people to remote villages where most indigenous people have moved to cities and other large urban areas for more opportunities. In some regions of France, such as Saint-Amand-Montrond, there is a requirement that you must physically live in the home, begin renovations within 6 months of purchase, and have a plan to complete the work within 2 years. To add, you are not allowed to use the home as a rental or Airbnb property to earn income.
Discover: 5 expensive home renovations you’ll probably regret
The village of Legrad, located in northern Croatia on the border with Hungary, has begun selling abandoned homes for one kuna, equivalent to $0.16. As of mid-2021, the city has listed 19 homes for sale. So far, 17 homes have been sold. Before you can get a house in Legrad, you must be financially stable and at least 40 years old. Additionally, you’ll need to commit to staying for at least 15 years. It is not specifically stated that you have to live in this Croatian rural village for 15 years, but you only need to continue to own the property for that long. To sweeten the deal, Ivan Sabolek, the mayor of Legrad, says the city will cover 20% of home renovation costs, which equates to 35,000 kunas, or about 5,000 euros.
The Republic of Ireland follows in the footsteps of some of its European counterparts. In a bid to repopulate its windswept, rural islands, “Ireland will pay you (pounds, dollars, euros) to move to a remote island,” Dispatches Europe explained. The country will also provide grants to move to rural islands.
Why would Ireland be willing to pay you money to move? This is because very few people want to live in remote and remote areas of the country. Communications to the mainland from the Irish islands are challenging, and often depend on weather and tidal patterns.
Our Living Islands is a 10-year Irish initiative to repopulate around 30 islands. In the June 2023 announcement, it was indicated that the Government of the Republic will pay up to 84,000 euros if you purchase an old, dilapidated and abandoned property located on one of these remote islands and renovate the house.
It is worth noting that if you are not an Irish citizen, you will have to apply for a long-term residence regime in accordance with Irish immigration laws.
The $1 home trend continues to grow with remote work and digital nomadism that has taken shape since the start of the COVID-19 pandemic and is here to stay. If you’re feeling adventurous and looking for a fresh start, love to travel far, or it’s time to retire and are looking for new life experiences, a $1 home might be right for you.
More from GOBankingRates
This article originally appeared on GOBankingRates.com: 4 places abroad where you can buy a house for $1
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.