Property is big business, even better when they are cheaper. Everyone loves to pay less for things they love. Good old buildings as cheap as chips.
With the Black Friday bargains out of the way, we are now set for another bargain hunting session over the Christmas holidays, but these are not real bargains when compared to life changing bargains like the ones below. We are talking castles and Chateaus here and cheap ones at that.
Fan of the TV programme “Escape to the Château” will understand that it takes a lot of time, energy and skills to buy and renovate an old building especially the size of a castle. Not everyone will have the determination of Dick and Angel to take on a 45 bedroom castle, but for those who can, the reward can be huge. If you have not watched the show, which is on channel 4 in the U.K, then you need to get a glimpse on YouTube.
If you are into property development, you can easily get hooked on the show, here is a clip https://youtu.be/kMqmFhap33I
Italy and countries like Germany have seen not only a drop in the population of the country, but also the movement of people from villages into cities. As a result of this need especially for young people to find new opportunities and live in urban areas, many have left properties in the villages unattended. In most western countries, unused properties attract local taxes . In some parts of Italy, the owners of such properties have gifted their homes to the local authorities to avoid paying taxes on them.
Many local authorities or municipalities in Italy decided that rather than allow these properties to crumble, they will auction them out to people interested in buying and renovating these buildings. In a move that at the time was unprecedented and wave of publicity these sometimes derelict buildings were auctioned out to mostly foreigners looking for bargains and holiday homes.
Let the buyer beware
As you will expect, there are conditions attached to buying these homes for €1. Yes, you need to spend your own money to fix them, but if you are an entrepreneur, this can be a great opportunity to acquire a place that you can invest time, money and imagination to bring to life. This type of purchase may help those looking for adventure and opportunities. These villages have seen new visitors and more people will travel to see what has become of these former derelict homes. I can also imagine local artisans being provided with jobs or the villages being boosted with new people coming into them, even during the holiday season.
Are these opportunities to consider for those interested in travels and adventures? Absolutely, but you must do your homework and read the small prints.
If you have always thought of buying your own French Château and you are handy with a bit of extra cash to splash out, then why not try French Castles
You may also be interested in another blog;why entrepreneurs are needed
Best of luck
Dr. Ade Otukoya B.Sc, LLB, FCCA, MBA, PhD