Does anyone have much information on the 1 Euro homes that are offered in small Italian towns that are in need in refurbishing/remaking? Is there a reliable site that answers most questions?
I have no specific site to point to, but what I recall of bits and pieces I have seen over time, you could easily spend $250k or more on the project.
From what I can remember reading, you need to show that you have the money to do the refurbishing, show plans on what you are going to do (most places have to be restored to original) and there is a time limit to do it all in.
I do not know of a specific site that answers all the questions for each village that is doing this program but you can contact the Village of Sambuca which the place where Lorraine Bracco as shown in the tv show My Big Italian Adventure bought her 1€ home at firstname.lastname@example.org to see if they have anything left. I doubt that they do but new places are coming on board all the time. There is a website called something like 1eurohouses or something like that and it lists the towns in Italy that have current offerings available and provides some information about the towns and the email address for who to contact at the municipality. Have you read this article from CNN? It provides details about actual purchase costs, etc.
Reference the RS Destination forum for Italy, find the “2nd home in Italy” string. A commenter named Claudia (if I recall correct) gave a bunch of links to property ownership sites. And watch the Lorraine Bracco mini-series.
You have to commit to live there too, right? No flippers. Troina Sicily is the latest town that is making the offer.
Here's a site I've looked at alot.
And here's a YouTube video from the law firm advertised on the site posted above. The video is about an hour and a half but if you have the time, there is some good info there.
In the research ive done, there is no single consistent way that each Town or Commune is approaching it. Some have a 1000€ deposit, others have a 5000€ deposit. Most have a 3 year term for completing renovations, but not all. Some require you to turn the property back to the original owner in 20 years, but not all. Some have a "highest bid" protocol despite the pretence of 1€ homes. Many of the 1€ programs are already over, although there may be a second or third round.
I've found that with the cost of renovations, it's likely easier to find a place in a Town or Village you like and buy a property outside the 1€ program.
I also believe that the cost of professional fees and renovation expenses are much higher per square metre than an existing move-in ready property, although with a Reno you get to customize a property to your taste. (It's mentioned in the video link above that a purchaser can expect renos to cost between 750€ and 1300€ per square metre depending on the fit and finish. Professional fees of 10,000€ should be expected. The video is from December 2020).