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1-Euro Houses

1eurohouses.com

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Re: 1-Euro Houses

#51

Post by ciguy »

SuoDuanDao wrote: post #31
ciguy wrote: post #17

I looked into this pretty extensively when Italy announced it and like most government initiatives there it's a borderline scam and was done for the PR not because it makes sense. Each of these houses requires extensive renovation work, usually of the type that can only be performed by an expensive specialized contractor. Besides the expected costs for this work (Which will be at least 20k Euros up to 200k or more) y…

In theory, could someone who wanted to spend a year in Italy buy one of these houses for 1 Euro and just not initiate any of that repair work?

No, you cannot live in the house until it is certified as habitable. Like many things in Italy this would no doubt be flexible with the right "permits" paid for to the right officials. But the houses would likely have no working electricity, heat, water or plumbing. So you wouldn't really want to live there anyway.

Re: 1-Euro Houses

#52

Post by Aeolun »

imtringued wrote: post #30
throwaway0a5e wrote: post #23

If after a decade of reading about $500 houses in Detroit people haven't figured out what "cost of compliance" means then they probably never will at this point. When you read the words "$ house" the words you should read in your mind are "dilapidated building in a municipality with crazy back-tax scheme that would make the California RMV proud and probably also regulatory capture by relevant trade(s) that inflates t…

You get what you pay for. Less extreme example: When people sell their house 30% below market rate then you have to prepare yourself for the possibility that you have to spend that saved 30% on remodeling the home. Cheap properties usually have problems but estimating how much it costs to fix them is difficult if you are not the owner. However, the owner knows that it would take X amount of money to repair the home s…

If you get a bunch of land for basically free and have to build a new house that’s still great though.

Re: 1-Euro Houses

#53

Post by Aeolun »

pulse7 wrote: post #40

Most of those 1-Euro houses are in Sicily, Italy. This is connected to the fact, that "la famiglia" ("the family", mafia) is controlling everything in society. They will even give you presents worth more than 1 Euro, because they know they will get every cent back from you. If you stay long enough there, they will give you orders (like "you need to make this and this") and if you refuse to do it, they will - and I am…

> they will - and I am not kidding or making it up - just kill your children

Gonna need some form of source on that claim before I’ll believe it.

This sounds like something that happened once, but not regularly.

Re: 1-Euro Houses

#54

Post by corty »

RHSeeger wrote: post #50
stevoo wrote: post #43

Earlier quoted context omitted.

And what would you'r solution be? Take from them the houses they worked their whole lives to acquire and put them in elderly homes? They have paid their share to society by providing the taxes for 65+ years that they have worked and brought us where we are today. Those homes are not vanished from the market. They will be inherited by their children and so on. Land taxation is by my opinion inherently bad for that spe…

I really don't understand this argument. Land taxes are supposed to pay for the various services in the area (schools, roads, etc). You don't pay your fair share and be done, you pay every year because those services cost money every year. If, at some point, you can no longer afford those costs (excluding those situations where social welfare safety nets are supposed to help), you move somewhere else. You don't get t…

In Germany thats what income tax is for. The municipality receives the money and funds local infrastructure from it. I think the rest of Europe is at least similar in this regard.

One can argue about which system is better, but taxing elderly people out of their homes would never fly politically over here.

Re: 1-Euro Houses

#55

Post by corty »

Aeolun wrote: post #52
imtringued wrote: post #30

Earlier quoted context omitted.

You get what you pay for. Less extreme example: When people sell their house 30% below market rate then you have to prepare yourself for the possibility that you have to spend that saved 30% on remodeling the home. Cheap properties usually have problems but estimating how much it costs to fix them is difficult if you are not the owner. However, the owner knows that it would take X amount of money to repair the home s…

If you get a bunch of land for basically free and have to build a new house that’s still great though.

Yeah, but you won't. Conservation laws will prevent you from tearing down the old house and instead oblige you to invest to prevent it from falling over on its own.

Re: 1-Euro Houses

#56

Post by Aeolun »

staz wrote: post #21
bobwernstein wrote: post #3

don't fall for it. The market says these aren't worth buying. Don't go against the market.

> There's an old joke that has two economists coming across a $20 bill on the sidewalk, which goes: > The young economist looks down and sees a $20 bill on the street and says, "Hey, look a twenty-dollar bill!" > Without even looking, his older and wiser colleague replies, "Nonsense. If there had been a twenty-dollar lying on the street, someone would have already picked it up by now."

I think that:

> If it looks to good to be true, it probably is.

Is more appropriate here.

Finding a $20 on the street falls within the realm of reason, and is not likely a scam. Finding a suitcase full of cash however, and picking it up probably has strings attached.

Re: 1-Euro Houses

#57

Post by bryanlarsen »

iagovar wrote: post #5

Im +30 in Spain and I thought the demographic winter would land some great opportunities to buy a home. But looking into some deserted municipalities everything keeps being expensive, despite the extremely low demand (and I know this because I scrape the listings and track em). If I want to buy a shitty house that needs restoration I'm investing over 200k. Not to mention that the land registry holds values way above…

Or you could just wait. A lot of people have been surprised that the housing market hasn't crashed. Two of the theories are:

1: supply is more elastic than demand. In other words, more sellers took potential listings off the market than buyers stopped looking.

2: governments printing money inflated investor assets like stocks and real estate.

If these are true, a backlog of listings from could flood the market next year, and the government money printing machine should turn off too. So perhaps the real estate adjustment has just been delayed.

But who knows, predicting what the market is going to in these crazy time is a mug's game.

Re: 1-Euro Houses

#58

Post by iagovar »

Arkhaine_kupo wrote: post #41
mooreds wrote: post #12

Earlier quoted context omitted.

Can you buy someplace in Spain where the market isn't awful and hold there? Or maybe the answer is to be a house renter your entire life and just save in other ways?

Spain has a big issue which OP didn't mention. We built more houses than were needed between 2000-2008. Which sadly means a ton of the emoty homes are owned by Banks, so if they devalue the houses their stock price plummets. So they are incentivized to keep the prices artificially high.

That isn't the case anymore. Most of the stock has already been sold, and what isn't sold has been transferred to Sareb, except a few ones that may produce some profit in the future.

Re: 1-Euro Houses

#59

Post by nottorp »

freemint wrote: post #38
nottorp wrote: post #29

Earlier quoted context omitted.

But that takes as much time as watching the talking head.

You might be missing that it is possible to download the subtitle using tools like youtubedl

I didn't know that... however that's like paying for a VPN and two Netflix accounts to be able to get all Netflix content.

I'd rather just ignore them if they don't want my business.

Re: 1-Euro Houses

#60

Post by bryanlarsen »

throwaway0a5e wrote: post #23

If after a decade of reading about $500 houses in Detroit people haven't figured out what "cost of compliance" means then they probably never will at this point. When you read the words "$ house" the words you should read in your mind are "dilapidated building in a municipality with crazy back-tax scheme that would make the California RMV proud and probably also regulatory capture by relevant trade(s) that inflates t…

Or maybe "$ house" just means somewhere no one wants to live. You can get a reasonable house in rural Saskatchewan without any fine print for under USD$20K.

https://www.point2homes.com/CA/Cheap-Homes-For-Sale/SK.html?...

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