The goal of the govt. program “casea1euro” is to combat the devastation of inhabited cities that are far from tourist routes. Often, €1 houses in Europe are privately owned, where the owners want to get rid of them in order to avoid paying taxes and excessive maintenance costs for houses that are not used. For the most part, these are crumbling or dangerous buildings that need reconstruction. In some cases, we are talking about houses built in the 80s and 90s.
Obviously, a buyer who purchases houses for 1 euro assumes certain obligations and must guarantee:
— Provision of a project for the reconstruction and revaluation of real estate within the period established by the municipality (usually 1 year from the date of purchase).
— Payment of notarial expenses for registration of the transfer of ownership and cadastral renewal.
— When all building permits are obtained, start works within the time frame set by the municipality.
— As a guarantee for the completion of the construction work, the buyer must take out an insurance policy worth between €5,000.00 and €1,000.00. The policy expires when the work is completed, usually after 3 years.