Offically Brought My First and Second Home in Europe

[Calaf]

I brought 2 abandoned house in Cinquefrondi, Province of Reggio Calabria, South Italy for only 2 Euro (£1.80 or $2.26) (Full Deed of Land and House)

The conditions was that I have to refurbish the property then pay an annual €250 policy insurance fee until the work is completed. The estimate is between 1/2 to 2 years and would cost anything between $22k to $70k. And the last condition is that it is within 2 years or I get fined $44k (22k per house) Really the biggest gamble I took, but i think it will be worth it

Best opportunity right now, and the town is COVID-free too. Best Investments right now, cause it will have value.

 

[Calaf]

Personally never been there, but I think it will be worth it

 

[Calaf]

Weather not bad too, and the city looks quiet.

 

[SomaliWadaniSoldier]

Goodluck with the conditions

 

[Calaf]

Goodluck with the conditions

I never seen it yet, but I really am scared of what am i gonna see

 

[SilentE1001]

I never seen it yet, but I really am scared of what am i gonna see

Where did you buy it from...

Share the site and service

 

[Octavian]

I brought 2 abandoned house in Cinquefrondi, Province of Reggio Calabria, South Italy for only 2 Euro (£1.80 or $2.26) (Full Deed of Land and House)

The conditions was that I have to refurbish the property then pay an annual €250 policy insurance fee until the work is completed. The estimate is between 1/2 to 2 years and would cost anything between $22k to $70k. And the last condition is that it is within 2 years or I get fined $44k (22k per house) Really the biggest gamble I took, but i think it will be worth it

Best opportunity right now, and the town is COVID-free too. Best Investments right now, cause it will have value.


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looks haunted

 

[Calaf]

Where did you buy it from...

Share the site and service

I directly contacted the Commune after reading about it , After all I am a Italian/British dual citizen.
The Commune then referred me to the property owner, and then I brought it off them with their permission.

www.comune.cinquefrondi.rc.it

I never been there yet though

looks haunted

Abandoned for a couple of years, but might look like a good investment later on

 

[__08]

That’s cool. Good luck with it all.

 

[babooshke]

You bought a favela

 

[Calaf]

You bought a favela

I just pray that it ain't looking like this

 

[Invader]

Mashallah.

Say wallahi for two euros though

 

[Invader]

Also if you get fined 44k do they still take the property

 

[Calaf]

Mashallah.

Say wallahi for two euros though

Wallahi the land and the house was 2 euros (each 1 euro) and 250 for Insurance per home, but the houses are not really the best ones (abandoned, in need of dire refurbishment)

 

[Calaf]

Also if you get fined 44k do they still take the property

No, they fine you till you refurbish the home, for every year after 2 years

 

[Yukon_Niner]

I've thought about doing that too, buying a home for 1 dollar and then refurbishing it. I saw it years ago in Italy.

Btw Is it in Sicily ?

Oh and once you see it tell us what it's like

 

[Ras]

I brought 2 abandoned house in Cinquefrondi, Province of Reggio Calabria, South Italy for only 2 Euro (£1.80 or $2.26) (Full Deed of Land and House)

The conditions was that I have to refurbish the property then pay an annual €250 policy insurance fee until the work is completed. The estimate is between 1/2 to 2 years and would cost anything between $22k to $70k. And the last condition is that it is within 2 years or I get fined $44k (22k per house) Really the biggest gamble I took, but i think it will be worth it

Best opportunity right now, and the town is COVID-free too. Best Investments right now, cause it will have value.


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You have to be careful in regards to taxes and crime in the area.

South Italy is still stuck in pre Rome era.

Looks perfect for short term rentals. Maybe $1,000/month if you put 10-15k in to spruce it up.

Don't overspend though.

Easily flip it for 30-50k depending on where it is.

 

[Calaf]

I've thought about doing that too, buying a home for 1 dollar and then refurbishing it. I saw it years ago in Italy.

Btw Is it in Sicily ?

Oh and once you see it tell us what it's like

Insh'allah when I go there, I will show the real looks

It is located in Cinquefrondi, a 3 hour ride from Sicily

 

[Calaf]

You have to be careful in regards to taxes and crime in the area.

South Italy is still stuck in pre Rome era.

Looks perfect for short term rentals. Maybe $1,000/month if you put 10-15k in to spruce it up.

Don't overspend though.

Easily flip it for 30-50k depending on where it is.

It really looks like a potentially good investment post-covid, the town had no cases, so that will attract some tourist, and in terms of research, more is needed inshallah

 

[Ras]

Or build it for yourself as a getaway pad.

Who knows it might appreciate in value over time