Fox News Flash top headlines for May 6
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The town of Mussomeli, in southern Sicily, is selling abandoned properties for just $1.60 (or about one Euro).
While this might seem like a deal that’s too good to be true, there is a catch — anyone who buys one of these low-cost homes must agree to renovate it within a year. If not, the buyer loses their security deposit (about $8,000).
There are also administrative fees to consider, which can cost between $4,000 to $6,450.
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Small towns in Italy are having trouble holding on to residents, as many are apparently leaving the countryside to live in more urban areas, News.com.au reports. This has left many of these villages struggling to fill abandoned homes — there are about 100 abandoned homes for sale in Mussomeli, with about 400 more expected to be added.
Mussomeli isn’t the first town to take this approach to fix their housing problems. The nearby city of Sambuca made a similar offer to homebuyers in January. In that case, buyers have to agree to invest $17,000 to fix up the homes over a three-year period.
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This is why it’s always important to read the fine print before agreeing to any deal.