Yes, you can actually buy a home in a historic Italian Village known for its fine wines and clean beaches…and the best part, is that you can buy one of these for the cost of a medium fountain drink at McDonalds. With a small catch, of course. Enjoy! Snap/Insta: GPStephan
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These homes are being sold in a small Italian Village among the Mediterranean island of Sardinia. The area boasts zero smog, luxurious beaches, and low crime…seems like a bargain, right? Well, kind of. The population of this town has slowly been dwindling, shrinking from just over 2200 to 1,300 with much of the younger population moving away to more populated areas, and an overwhelming amount of middle-aged, childless couples. This leaves the small town of Ollolai with a plethora of abandoned homes in deteriorating condition, and at risk of one day becoming a ghost town.
So the solution? Sell the homes to $1 to lure investors in and help revitalize the area and ignite the local economy. But, in order to actually buy a home for $1, you have to agree to a few minor conditions.
1. You have to begin restoring the property within one year.
2. You also have to finish the renovation within 3 years to make the property habitable.
3. You need to keep it 5 years before selling.
Many of these homes are stone-built from the natural granite within the hillside….and oh, they’re over 200 years old. They’re estimating the cost of renovations to be about $25,000-$35,000…but realistically, it might be more depending on how extensive you decide to renovate.
Overall, it seems like a pretty good deal for someone who wants a relaxing vacation home away from the hustle of city life. While we don’t know about their rental rules, this could make an amazing getaway or short term furnished rental to pick up for the all-in cost of a Toyota Prius.
However, if something sounds too good to be true…It’s a relatively poor village town. There’s almost non existent trade. There’s not much to do. There’s very little right now to bring in money besides offering $1 homes. There’s still a very traditional way of life here…shepherds are still making fine cheeses, and artisans are still making woven baskets…there are no apple stores or In-N-Outs…Because it’s so far removed from mainland, getting there isn’t as easy as getting on a bus or train - and bringing in materials will pose its own challenges.
But, realistically this could be good for someone who doesn’t mind the slow, village life that’s far removed from the city…if so, this could be a steal. I think we’ll start to see more tourism into smaller areas like this as the more populated, well-traveled destinations become too mainstream and lose their authenticity. So long term, this could pan out well!
For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
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The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
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The Book on Rental Property Investing: https://goo.gl/qtJqFq
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