Who wants a 1 euro house?

Who wants a 1 euro house?

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This question "Do you want to buy a house for 1 euro?" looks like a scam like two drops of water and yet the case is serious. Some cities like Liverpool in England, Detroit in the United States or Gangi in Sicily have already experienced these amazing real estate operations. In France, the first municipality to launch would be Roubaix, a town in the North near Lille. The idea behind it? Repopulate moribund cities and revive suffering neighborhoods.

1 € houses: a city policy

To cope with the depopulation of their city and the deterioration of certain neighborhoods, mayors have launched the challenge of offering their fellow citizens to become owners at a price defying all competition. Liverpool, a pioneer city for this type of transaction, can already be proud of the result with the first house renovated by Mr. Jayalal Madde, taxi driver (see photo above). The latter acquired a house with four bedrooms for the low (really low!) Sum of a pound (about 1.5 €). He then spent just over £ 30,000 (around € 42,000) to restore the house to its original condition and fully equip it. You can also admire the renovation work on this house on the Liverpool Echo site. We were all able to observe a street which, over time, deteriorates. It starts with one or two closed stores and then it is the turn of the houses. People move to find work elsewhere or a more attractive environment. The street then loses its appeal and deterioration accelerates. By offering houses at 1 €, the municipalities give access to property to people who would not have had the means, but they are responsible for financing the renovation works.

What are the conditions for buying a house for € 1?

Being able to bear the renovation costs is indeed one of the obligations to be able to claim this program. Obviously, these are not small decorative works because the houses have most often been abandoned for a long time. The commune of Roubaix currently has nearly 4,500 vacant houses. At the same time, the housing assistant said that she received more than 5,000 requests for social housing. The two figures highlighted have decided the city to take a closer look at this real estate boost. In addition to solvency, other conditions will certainly be necessary to hope to find accommodation at such a low cost: promise to live in the house for several years after renovation (the program is not intended for investors) or even be a primo -accédant.


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