House for 3 euros.  Experts warn: Buying could turn into a bottomless pit

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See also: Buildings in Poland will be divided into categories. A wave of renovations is coming

City authorities report that the cost of renovating houses sold in previous years ranged from PLN 30,000 to PLN 200,000. euro. It all depends on the extent of the changes made by the new owners. There are a lot of offers for the sale of houses in abandoned cities in southern Europe. You can also buy property for almost nothing in Croatia and Greece.

Some municipalities even offer attractive subsidies to those who agree to live in such properties – Up to 11 thousand euros per year, or as in Sardinia – up to 14,000. Euros per year – amounts to “PB”.

However, experts warn against accepting such offers without thinking.

I repeat ad nauseam that real estate price is not everything. Only a few days after the purchase, it may turn out that you will have to invest hundreds of thousands of euros in the house “for 1 euro”. Almost all offers share a commitment to carry out the renewal within a specified period of time – usually one to three years. It all depends on the condition of the house, but most properties require general renovation – explains Oksana Agnieszka Sindarska in an interview with “Puls Biznesu”.

In addition, it is often necessary to hire a local employee to check on site whether renovation and reconstruction work requires additional permits. According to the expert’s calculations, the cost of renovation starts from 800 euros per square meter, and the formalities are expensive. But the biggest problem may be that the property – even after renovation – will be difficult to sell.

If these municipalities were attractive for investment, they would not have given away the homes for a small fee – says Żendarska in an interview with the newspaper.

Renovation is like a bottomless pit

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