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Several Italian towns are selling vacant homes for ?1 to counteract population decline caused by young locals moving to cities. About 25 municipalities offer these homes, hoping new owners will revitalize them and boost local economies. These properties often need significant renovation, with costs varying from ?20,000 to ?50,000, plus legal and guarantee fees. Italy?s ?superbonus? tax exemption covers 110% of renovation expenses. Buyers must submit renovation plans soon after purchase and complete them within specific timelines. Eligibility varies by town. For instance, in Mussomeli, Sicily, buyers handle all sale-related costs, start renovations within two months of a permit, and finish within three years. Interior changes are permitted, but the exterior must remain unchanged. Buyers should verify local requirements, as some areas necessitate residency after renovation, while others allow using the properties as holiday homes or businesses. Non-residents and non-Italian speakers might face extra hurdles. Participating regions include Emilia-Romagna, Abruzzo, Campania, and Sicily, each with unique opportunities for prospective homeowners. Posted By Ghost |
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