Scoring one of these homes isn’t easy, though. Like owning a home anywhere, there’s some red tape to cut through before you can begin your dream life. Each home must be renovated in three years or the owner risks losing their $5,595 deposit, according to the program website. There are additional transaction fees, too, so you’ll have to have a little more cash in the bank than the initial $1.12 to buy the house. Those fees include administrative and transaction fees, which could set you back about $4,500.
You’ll also have to cover the cost of getting yourself and your belongings, over to Italy more than once. According to the program website, potential buyers have to visit the home for inspection before making an offer. Then there’s the cost of renovations, which — as we mentioned — are all on the homeowner. Still, that’s significantly cheaper than it would be to buy a home in the United States, where Business Insider reported the average home costs about $279,500.
Other Italian towns, like Sambuca and the Sardinian town of Ollolai, have run similar programs. So, if you’re still interested despite all the hoops you’ll likely have to jump through, you may even have some options to choose from.
Depending on your budget, it might be cheaper to book a flight to Italy and stay in an Airbnb. You can pretend you live there for however long your stay is, and you won’t have to get your hands dirty in the process.