Swiss town selling homes for one dollar

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absinthe beginner
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Swiss town selling homes for one dollar

Post by absinthe beginner » Thu Jul 18, 2019 8:16 am

A rustic Swiss mountain village near Milan and Lake Como is the latest to sell off homes for $1

https://www.businessinsider.com/monti-s ... lar-2019-7

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majorhavoc
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Re: Swiss town selling homes for one dollar

Post by majorhavoc » Thu Jul 18, 2019 8:53 am

Dang! I thought I had finally found a way to afford retirement. Then I saw this:
There's a catch if a $1 mountain retreat in the vicinity of George and Amal sounds like your kind of deal — the properties are little more than ruins, according to The Local, and buyers would be expected to renovate them back to living condition within a reasonable timeframe.
Image

Then there's the business of getting a residency visa.

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raptor
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Re: Swiss town selling homes for one dollar

Post by raptor » Thu Jul 18, 2019 2:08 pm

If the Swiss are giving away property you can be sure there is a very expensive catch to the deal.

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Re: Swiss town selling homes for one dollar

Post by boskone » Thu Jul 18, 2019 6:52 pm

If I had the money to fly back and forth to Switzerland, I'd think about it.

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woodsghost
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Re: Swiss town selling homes for one dollar

Post by woodsghost » Sat Jul 20, 2019 10:10 am

Sounds better than the Italian "lease a castle for 20 years, shell out to renovate it, & give it back to the government" deal that was offered a few years back. I wonder if they actually had any takers.

Also, a local American town did something similar with local businesses/downtown area, except it was closer to $10k a building. It really pepped up the area, they are making more tax money, things look better, and a bunch of small businesses are turning profitable within a year or two because they have/had $10k loans, not $100k loans. The town was dead and this really has saved it. It's pretty cool.
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Re: Swiss town selling homes for one dollar

Post by RoneKiln » Sat Jul 27, 2019 7:32 pm

A hostel I stayed in Como Italy a few years ago was one of those deals. Don't know if it was a lease or purchase deal as both exist in Italy. The place was absolutely fanatastic to stay in, was dirt cheap, and right by the lake and the old inner town. I would love to run a place like it myself, but my regions culture is not as conducive to that sort of accomodations.

Shortly after I was eyeing a program like this on one of Italy's islands (I forget where). For one euro you actually bought the house, and were only required to restore it to the point of preventing further degradation within one year of purchase. Not throw tarps over it type protection, but true restoration towards making them livable. The mayor organizing it estimated most of them needed 10 to 15 thousand euros in roof, door and window repairs to meet that goal. The mayor also discussed a lot of the other challenges in the area (unique and difficult local dialect, minimal communication infrastructure, etc), so it didn't sound like he was trying to pull a scam. They had nearly 3 homes per family in the area and everyone was watching their home community rot away around them. They decided they would rather welcome outsiders in to keep the community alive.

Several friends and I discussed if we were in a slightly more established place in life, we could go into fixing one up together and having our own little time share style vacation home.
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