The article headline on the $446k renovation cost is very misleading. They did not spend that much on the $1 (which they actually payed 6,000 euro for). They ALSO bought the property next door for 22k euro and combine the two into a literal mansion with four bedrooms, two terraces, sauna, library etc etc etc. $446k for all that is super cheap.
edit: the last link is also a lie. They did not buy a 1 euro house, they bought a 10k euro house (presumably not part of the 1 euro program) and renovated it themselves.
> We bought a $1 house in Italy. Here’s what happened next (CNN Travel article)
> the last link is also a lie
I was wondering if “lie” was too strong a word, but no, CNN is straight up lying in article’s title. Deep into the article they admit it:
“I’ll be honest, we didn’t buy a €1 house,” he says. “We were shown something like 25 old buildings, some badly in need of repair, so at the end we opted for a three-room decent building for €10,000 and I invested more money in the renovation.”
This looks like a follow-up to the initial flurry of interest. Have seen a few YT videos of this process, and my recollection is that the overall cost was pretty hefty once you factored in required renovation.
It's been a very common thing to see over the years, the COVID outbreak was particularly bad in Italy so I guess that took away more of the elderly population while the younger population seek more security and middle class jobs in towns and cities.
Edit: thanks everybody!
I bought one of Sicily's famous $1 homes and spent $446K renovating it - https://news.ycombinator.com/item?id=42371806 - Dec 2024 (2 comments)
Italian town is struggling to sell off its empty homes for one euro - https://news.ycombinator.com/item?id=39812671 - March 2024 (28 comments)
Old towns eager for new blood sell Italy homes for $1 - https://news.ycombinator.com/item?id=29058053 - Oct 2021 (124 comments)
1-Euro Houses - https://news.ycombinator.com/item?id=24195000 - Aug 2020 (190 comments)
We bought a $1 house in Italy. Here's what happened next - https://news.ycombinator.com/item?id=21552701 - Nov 2019 (3 comments)