Sambuca 2 euro homes
If you follow me on instagram, you most likely know that I have just recently visited Sambuca of Sicily. I have a much more in depth video coming out soon sharing my actual experience in Sambuca, but I wanted to inaugurate this day to celebrate the fact that I made an offer on a 2 euro home!
Actually I made 2 offers on side by side properties. If you want to know more about the result of those offers make sure to subscribe to the blog by entering your email on this page or on subscribe to the youtube channel by clicking this link.
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Unfortunately at this point, it’s too late for you to participate in this round in Sambuca, but there will be more auction rounds in the future. If that disappoints you, I suggest that you either follow me on Instagram, or join the patreon community for LIVE in depth updates regarding my daily activities and potential opportunities. That way you don’t miss out on any upcoming opportunities.
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Today we’ll talk about why I chose Sambuca, the offer process, how to get real numbers for your budget, and give you some tips what to look out for if you decide to pull the trigger on an Italian 1 euro home.
Sambuca
Ok, If you are new to this blog, here’s a few things that you need to know. If it wasn’t already obvious, my name’s DauvO and I frequently visit smaller villages which have been depopulating for the last few decades. From Piemonte all the way to Sicily, I’ve visited nearly every region viewing these so-called 1 euro homes and documenting the process.
If you’d like to know how I ended up here in Italy, you can read about that on this recent post.
Until now, I’ve merely been a spectator collecting video footage, making personal contact with municipality leaders and rubbing shoulders with locals in order to determine if these 1 euro homes are worth the effort.
In doing so, I’ve learned that not all 1 euro home communities are alike. On my last trip, I was able to visit multiple 1 euro home communities and admittedly there were a few that weren’t my favorite. I’ll be sharing those experiences soon as well, so that gives you another reason to subscribe if you haven’t yet done so.
So how can you tell whether a community is worth investing into? For me there are a few tell tale signs.
#1 Municipality
I haven’t had the opportunity to meet the mayor in all the villages I’ve visited, but I can tell you when I see community leaders leading the charge for economic growth, to me that is a good sign. You could argue that joining the 1 euro home initiative in general is a clear sign of forward thinking, but from my perspective, All you need for that is a phone call to CNN or Forbes and to add your own out of the box ‘hook’ on selling a 1 euro home and the masses will come running. That’s really not enough to prove ‘growth or forward thinking’. You need to look deeper into what else has been happening in the community over the last few years to decide if the leaders want what is best for residents. Take Sambuca and Castiglione both who sport the additional identifier…‘di Sicilia’ for example… Both belong to an organization called Borghi più belli d’Italia along with more than 250 others spread across Italy’s 20 regions. In 2016 Sambuca of Sicily took the first place position as Most Beautiful Italian Village based on a popular vote influenced by the art and architectural photos that were submitted by the municipality for that year. Since then more people have taken notice of Sambuca and the community hasn’t stopped there.
#2 The Real Estate
In order to arrive at the point of being classified as a 1 euro home village, there is obviously something lacking in regards to local investing, admittedly there are neglected properties even in the biggest cities of Italy, but when I see a community that has gone decades without an external facelift on its principal streets, or seemingly the entire village…we’re talking about thousands of properties… I see it as a red flag. These days with Italy dishing out one stimulus package after the other, there has been plenty of time for even these smaller communities to influence local residents to freshen up their real estate. Where there’s a will there’s a way!
When the entire city has been neglected, not even offering over 100 homes for 1 euro is going to make much of an impact.
#3 The People
This one is a bit harder to ascertain when trying to decide which community best suits you, because Italians in general are really great people and unless you really spend some time in the community before purchasing, it may not be helpful to you. So I’ll just say, I prefer a community where the majority of the population is on board with the initiative. When visiting a village as I’ve just described, you’ll feel like you are coming home for the first time!
#4 Location
This is actually pretty low on my list of criteria, but I know for many of you it would potentially be in first place. Something within a short distance to the airport and ideally not too far from the sea, something near the train line…doesn’t sound half bad either.
Needless to say, Sambuca has checked the right boxes for me.
If you have a moment, write in the comments what you are looking or perhaps already looked for in an Italian community?
Ever since 2016, Sambuca has been showing signs of upward growth . After being chosen as one of Italy’s most beautiful Villages, they have continued to search for new ways of adding value to their community. After getting to know them after visiting for 3 consecutive years, I’ll be proud if our community here on Youtube can help the world take notice of this little Sicilian town.
Offer process
Alright.. Let’s talk about the offer process. In order to purchase a 2 euro home in Sambuca, all interested parties were required to submit an envelope with their offer enclosed. In it, contained personal identification, a declaration of intent to purchase (containing the offer details, and proof of payment of the deposit of 5000 euro which will be held by the city in the event of winning the auction. It is refundable apart from 25 euros for transaction fees and will be returned after project completion. Just think of it as an insurance policy to make sure bidders are serious.
Bids were to be submitted by 1pm Nov 5th 2021 and at this point, we are awaiting the results which if this round is anything like the previous round, will be made available to all participants and I believe the public within the next few weeks.
I could have submit a bid in person while visiting Sambuca… but instead I opted to do what I imagine most others had to do.. Send participation by mail… but with limited time, I ran the risk of not entering by the deadline. Fortunately, while in Sambuca, I met some amazing locals that were able to print my documentation and deliver my closed envelope to the community for a last minute auction bid.
Our Project
The general consensus when visiting these properties is that a 1 euro home does not actually cost 1 euro. When visiting Sambuca I met multiple new home owners that have invested multiple 6 figures in order to make their 1 euro home truly theirs!
Many HGTV fans across the world experienced Lorraine Bracco’s 1 euro home remodel (at least the TV optimized version of it) and have been convinced that a 1 euro home remodel is just not feasible with smaller budgets.
My mission with this one euro home purchase is to show you actual budget numbers when restoring one of these 1 euro homes. 2 euro.. In this case… We’re going to follow a base budget and you’ll be able to see the result of that here on this channel.. Full transparency! I didn’t even target a simple project! I specifically chose the house that in my opinion needs the most intervention and could potentially remain neglected.
Pay attention to this… there’s actually going to be a way for you to participate in this project yourselves both online and in person if you so choose. In addition, during this remodel, we’re going to be looking out for additional ways to benefit the community.. So be excited! For now I can’t say a lot about it since I don’t even know if I’ve won the property, but if I do… you can be the first to be notified if and how to participate yourselves by sending me your email by following this link… I’ll just give you a moment to do that….
..Pause for effect…
If you have a minute to share this blog or the video above… it will really help get the word out! We need a lot of people in order to make this dream a reality …
Awesome!
I’m excited to work with you guys in finding a way that we can make a positive impact on Sambuca! I also invite you to write in the comments any ideas you have on how we can help Sambuca .
How to start budgeting
One of the biggest challenges you will face with an Italian renovation project is getting solid estimates before the project is in your possession.
I face this challenge on a more or less daily basis… The conversation usually goes something like this…
Ciao! Can I get an estimate for a project I am considering?
What do you mean?
For example, Can you provide a range of price per square meter for the services you provide? I just need to get an idea of what prices are in the area…
I would need to see the property…
Ok I understand, but you obviously have a lot of experience, can you use an example of your past work and tell me some kind of range for a mid level remodel?
No..no.. There are too many variables.. I really would have to see the property..
No Joke!
There are obviously outliers to this situation and plenty of professionals that do an outstanding job.. But especially when dealing with a heavy structural project… The muratore especially will nearly refuse to offer any useful information..
So what are your options… ?
Aside from doing a lot of leg work of pricing out everything yourself, The following are your best options during your due diligence phase.
Contact a Professional
From my experience, assuming you have a functioning level of Italian it’s best to start at the Architect or Geometra level. You’re going to need one for any mid sized to large project, so it’s a great first step. Often they will have already collaborated with multiple professionals in every category. They could ask for a consultation fee, but if they feel that assisting you in gaining these quotes will bring them more work for the future, they may be helpful.
Hire a Project Manager
You could hire someone more versed in Italian renovation projects to do the leg work here in Italy for you. This is advantageous for completing your project from a distance. Your challenge here, especially you DIYers out there, will be trusting your new hire to care for the project as much as you do. Those of you who can’t stay in Italy for longer than a 90 period will have yet another reason to pursue this course. If you’d like to know how I can help you, Visit the Italian Real Estate Services Page.
Get a 60 second Quote
Last but not least, I have to mention a new service that hit the Italian real estate market recently.. That would be Facileristrutturare.it.. Just as the name states, Italian remodel budgeting couldn’t be easier.
I’ve attempted it myself and within about 60 seconds, I received a quote on a theoretical property in my area. Check it out using the link in the description! Just remember, you are likely to make project changes and find prices don’t follow a general estimate such as what can be provided in 60 seconds, but at least you’ll have a quick idea of what an Italian remodel could cost you for a specific area.
What to look out for
Ok, let’s get to the last section since I know you’re busy.
What are the real dangers of buying a 1 euro home?
Here in Sambuca, if you subscribe to the youtube channel, you’ll see a video showing the 2 euro homes that were available this round. I have to say.. At first glance, a few of them seemed ready to live in.. I wouldn’t say Turn-key because that implies some level of comfort and quality, but perhaps you could use it as a base shelter if necessary. Upon accessing the upper level of one of these in particular….I was instructed to avoid walking in the center of the floor…Why?
Well.. What seemed liveable from downstairs, was apparently one wrong step away from collapsing on my head.
A trained eye will know what to look out for, but let’s just say in general if it is a 1 euro house, most likely you’ll be budgeting for a heavy more structural remodel in one way shape or form.
Potential Issues
Types and age of Roofing systems
Water infiltration
Asbestos products in the roof
Lead pipes.
Lack of gas lines.
General access to the property
Lack of heating systems
Age of services in general.
I truly hope you get a local professionals opinion on the costs of renovation involved before pursuing a 1 euro home because it really could become a headache if you aren’t ready for what is to come.
That’s it for now! Be sure to use the link for how you can participate in our upcoming project!
