Cost of Renovations on my €5000 Italian Home
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- Опубліковано 6 чер 2024
- I've finally had the chance to review the financials to determine the total price I paid on the house that cost 5000 Euros in Mussomeli, Sicily. It was a premium house which means it is in better condition than the 1 Euro houses, but still needed work.
In today's video I'm going to review the condition that the house was in when I bought it, the scope of work for the renovations, and the costs to renovate the house.
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Out of personal experience: I would always abstain from putting dry wall on moist walls. This creates an ideal climate for black mould growing in-between the walls. Even if you don´t see it, it might cause health problems. The only viable way I see is to block out all possible sources of moisture entering from above and from the ground, the usage of silicate plaster and colours and a good heating system.
what about small windows,that you leave slighty open,when you're not there for long periods ?
@@fuckit1967 again out of personal experience: this might even worsen it. There is not only humidity inside but also outside plus it might cool down the space. In summer time it might help to some extent - especially in the dry Sicilian climate - but in winter time the air cools down at night and dispenses the air humidity to cool surfaces (below 13 degrees C), leading to more moisture and mould. Much better are electric dehumidifiers connected to the water drainage. They cost around 100-200€ and lower the moisture levels of the air and surfaces significantly but use also a lot of electricity.
He used moisture resistant drywall and I think with mini split running should be fine?
long story short: leave walls breathable and open. Don't use plastic painting. Create drainage on ground level and around bearing outside. walls. Facade walls should be breathable as well, if painting use lime. Greetings from 🇩🇰
@@robert_sovitskyyou cant be sure and depends how inner construction materials has been done. Serious work REQUIRES proffessionals! Just because it looks good it doesnt needs to be good.... Do you research before doing any home renovation. Cheers
Hi I am a renovator of some years and I really need to say I love your thoughtfulness and the detail you are going to sharing what you are doing. I remember seeing this reno and thinking why am i seeing a reno I could see in Australia, UK or USA when I am in Italy. You now must learn how to renovate and maintain the integrity of the age of a building. These original walls need to be treated with a breathable surface treatment, this allows the stone to breath. the moisture is a direct result of the plaster and rendering. If you look at the renos being done in Salento they are removing the render so the building can breath again. You need to look more at the balance of old with the new, I dont want to go to Italy and live in a modern house, I want the age and patina of these old houses. Having said all of this you have inspired me to go to this part of Italy and look at houses. I am seriously addicted to renovating and I have on my bucket list one in Italy and one in France. I cannot wait. I will definitely look you up, you have a beautiful spirit and are so generous to share with the world your renovating adventures.
Hi Anne, thank you for sharing what you would do. What I recommend is you should do exactly what you are recommending for yourself. That's the beauty of life we are all entitled to an opinion and to do what we want want with our money.
Karl needed 2 years for the renovation but he says This kind of home can be renovated in 6 weeks only?
What a likable person.
You're genuinely pleasant.
I wish you and your team continued success. 🙏
Thank you and same to you.
Hi Karl! Thank you so much for sharing your experience on renovating homes 🏡 In Italy 🇮🇹 . It’s such a refreshing experience to see people of color, branching out and showing others to create generational wealth, while being a breath of fresh air to communities.
Hi Karl, great video. Thanks for explaining some of the damp issue. We are leaving in 11 days to head to our new fixer upper in Calabria. I plan to discuss that issue during our remodeling appt. I totally get what you’re saying about adding some Italian feel and warmth, we plan to do similar. I get a lot of inspiration from looking at Italian air bnb’s. I can’t wait for our project and to be back in our village. Btw, your a local now speaking with your hands lol.
Hi @Michelle would you mind telling me who is doing your remodelling
46 K is not bad. That's 1 months rent in New York
Hahahahahaha
😂
😂😂😂
I just found your videos and channel. My wife and I dream of living in Sicily, this is very good information to know! While we cant afford it yet this does aid us in our planning
Nice I'm glad it's been helpful
This is amazing information, thank you!
You're welcome are you looking to get one?
Karl. You are amusing. Thanks for being so honest.
Haha thanks
Super stuff Karl, nicely done, if you go round the little market's you will find some great bargain pictures and wot nots... Enjoy
Yup I've seen. Next time I'm around I will do so.
Karl thanks for sharing the behind the scenes! Wow I didn't know about the humidity issue. In 2020, I was considering purchasing one of those 1 euro homes as my first investment property but I ultimately ended up purchasing a four apartment rental property here in the states. It is a 250 year old home and needed a gut renovation. On my channel, I'm sharing what it was like buying, rehabbing, and managing my rental property.
Glad it was helpful! i'll check out your channel as well.
@@Karl__Pierre thank you! I went to Sicily for 2 weeks in 2019 and fell in love so I appreciate you sharing your experience buying, renovating, and living there. It helps us stateside feel more confident giving it a go 😊
I came across your videos today and checked out the website. I even sent an email for more info
Got it! We will be in touch with more information soon
Your videos are amazing and what a beautiful place you and your team have created. I'm heading over to Musomelli next month to explore doing the exact same, I'm on a budget but your videos make it feel so doable THANK YOU 🙏🏾
Have you identified a home or you need help with that?
Great Video
Glad you enjoyed it
IKEA has great kitchens, I placed one in my home here in the states 11 years ago and it still looks brand new. Even my contractor commented on how good the quality was.
That is awesome!
Same. My kitchen is all IKEA, wooden cabinets. A contractor didn't believe that it was IKEA either. I had to pull out the manufacturer booklets to prove it.
Funny - I started watching your videos two or three years ago just as the pandemic was starting so I put my plans regarding Italy on hold. Now that Italy is open again, your content will be my guide to if and how I might buy property in Italy or Sicily. (Sicilians view themselves as a separate country.) I hear Albania has cheap property too but it's just not the same.
Yes and offering up decent residency options too
you should definitely look at scalea calabria. that’s where i’m buying a property and ohhh boy how many americans are flocking there
@@househuntersitaly I was on Scalea filming with Super Savvy Travel I'll release those videos soon.
@@househuntersitalyis there a website you can share?
It has been fascinating watching your journey with the Italian properties. I also came across another channel, 'Leave Everything and Wander'. They have recently bought a 1 Euro house in Sicily and are currently renovating it. The level of renovation required seems to be on par with what you had to deal with. I'm wondering, as they are Italian, whether that makes a difference to the quality of home that is available to buyers, as I thought that anything decent, and in that bracket, was snapped up a long time ago?
No there is plenty of inventory
Well done sir nice ideals
Have you done a video of the renovation or the 2nd of the 2 houses you bought initially, ie the one you live in with your family, not the AirBnB. That would be interesting!
Yes, I'm releasing soon, but it's not done yet. It will be done this summer. I'm living in it as the work progresses. All that is left is decorative and some minor other fixes. Also the first floor bathroom remodel but that might be in a year or two.
Can you post a video of the before and after? I would love to see how it looks like before and after
I have
What are the property taxes like on something like that? Also, what are the estimated returns if you are Airbnbing the property?
Hi Karl, would you have any necessary info on required permits and the ease/difficulty in obtaining them? (Ie. for the HVAC, plumbing, etc.)
Not very regulated and my contractor handles permitting and details.
Nice place!
Thank you!
Does Sicily have an inspection process whereby they certify the property as safe to inhabit? I could see myself there but would have to renovate sloooooowly
Yes. But you can totally buy a non euro home and they are safe
I heard you mention drywall. Did you install gypsum drywall over the interior stone walls?
Correct, already got a few dozen comments about that but it's working just fine.
8:31 What are the taxes on the property?
9:19 When does the water supply fluctuate in Sicily?
Where does the tank water come from? Is the tank water supply available all the time?
Agree, drywall was a mistake.
What would you have done?
Hello, do you have contacts for sourcing your material and if so can you share. Also you are doing your thing salute!
No I just work with my local contractor. They have the supplies figured out.
If you need assistance message at cheaphousesinitaly.com
COULD. YOU PLS. INBOX ME REGARDING THE PURCHASE 'HOW TO'...I WAS IN ITALY IN 2018 FOR SEVERAL MONTHS AND LOVED IT?! I WOULD CONSIDER DOING THIS! THANKS
Hi! Email me at italy@entplife.com with your questions so I can share the information.
Good video. Do you think you could live in Italy all year round?
I could live there year round but wont because I want my kids to be raised with a more popular language. Italy is a nice country, good cost of living vs lifestyle, but with 2 little kids I would rather then grow up learning Spanish, English, Portiguese, Mandarin.
@@Karl__Pierre I get you. Italian is not spoken outside of Italy commonly so I hear you on this. Only because my wife, I learnt
If the walls are plaster over the stone, I'd remove plaster and replace it with a mold resistant plaster or just paint the stone walls. But then I have severe mold sensitivity and have become ill from mold on drywall. It's a magnet for mold.
Gotcha
what are the first steps when you have the cash ready? Would I need a real estate agent or a buyers agent? also how long did the process take for you to actually buy the home?
First step is codice fiscali. If you need assistance book a call at www.cheaphousesinitaly.com for assistance in Mussomeli
Wow!
Lol
What’s the name of this turn? Do they have trains to other parts of Europe there?
Mussomeli Sicily. Sicily is an island connected to mainland Italy via Ferry.
I am a little sad about this Reno.The house as you bought it I feel only needed light renovations.it had a lot of character which I feel has now been eroded. An incredible buy for the money! Your original idea for renovation was spot on. Consider your market for rental as well as for sale and what they are looking for and it is certainly not a bland boxlike place. They want the character and feel of the old town and of Sicily but slightly updated. It is a one bed and that is something to consider. Who will pay this kind of money for just a one bed when they can get a premium property in the same town with more rooms and in great condition needing very minimal work for €25k upwards? Your original instincts were spot on I think and that is the lesson here. I am not trashing your property as you have updated it and made sure electrical etc are in top condition but in my very humble opinion you could have spent less. Still, someone will come along and fall in love with it eventually and I wish you luck with it.
For sure I could have spent less. Instead I spent more and chose to take a modern take on this one to show what is possible for those who prefer a more modern setting while also wanting the old town charm. Also decor can help bring some of that back in.
@@Karl__Pierre5:12 that pipe could be done much better. I also agree with the origin poster: the house inside has lost its charm, but congrats on your purchase.
@@TankaNafaka thanks for the feedback
I'm interested in moving to Italy on a digital nomad visa, but I need a fast internet connection to work remotely. How is the internet in Sicily compared to places like Tuscany and Umbria?
Haven't been to Tuscany or Umbria. I get 100mbps on my properties it seems sufficient.
@@Karl__Pierre Thank you for the fast response. We're going to be traveling Italy in March and April to find out if, and where we want to live. I have a data privacy consulting company and concentrate on life science, healthcare, and medical device companies. Currently my clients are mostly US companies who are expanding into the EU, but I also have clients in the EU, UAE, and Saudi Arabia.
Karl, why are you selling now? Was that the original plan or it was difficult to find tenants?
If u don’t mind sharing..
Because I have 3 properties in the town. I bought another house next door to my other house. The one I recently got for $1 and posted. I will combine those 2 houses as my home with guest attached...no need for the other
Thank you for this informative video. I just took a look at your website and see that you have decided to sell this property? Curious on the reason?
Because I have 2. A two bedroom 3 level house for my family and this why. I don't need two I bought this one because I thought it would be a fun project.
I thought you had to live in theses propertys for a certain amount of time before you could sell them? Is that just certain places?
@@bambino920 that could be certain places if 1 euro homes. The 1 euro homes that are managed by the local government have conditions attached. This house I bought for 5000 euros and there were no conditions
@@Karl__Pierre thank you, I should have watch some more of your videos before commenting which I have now. The trash video very interesting!
I'm curious about how much you could sell this house for once finished? If I did this for investment income, what could I expect?
I don't recommend doing this for investment at all, this isn't investment grade in my opinion. These are good for personal use.
How much did you sell it for? What was your profit?
What is the property taxes for houses?
600 annually
any chance of a video on the real world numbers associated with living in Italy? like how much do you pay in property tax or by living there how much do you pay in income tax, as you can tell your vids have peaked my interest in the prospect of moving to Italy
Property taxes on my properties are less than $700 a year. And income tax no idea since I'm not a resident of Italy I don't have to pay income tax. I can try to do a video on soft costs. There's also another video here where I cover the cost of living in this town.
@@Karl__Pierre thanks alot and great job, i wish you and your family an excellent 2023 and beyond
@@miguelhackett4352 same to you
I can explain, since I'm Italian with properties.
You don't pay any taxes on your home. I mean, the residential one where you live in. Moreover, if you have debts with the State it cannot reposses it.
You start to pay taxes from your 2nd house (and could be repossessed in case of debts over 120.000 euros with the State). So if you buy a house in Italy, and you don't want to pay txes on it, you must move yourself as an immigrant and register yourself in the house as a stable residential.
Taxes on propertis are calculated on the "rendita catastale" (cadastral income) decided by the State.. Every house has one, depending on it's age, how far is from services, it's value on the market, etc.. There are categories, such as A1 = luxury, A3 = residential, C1 = garages, etc. and each of one has it's percentage.
For example: if you have an apartment of about 60mq near Milan, which is a big city in northern Italy,, you could have a cadastral income of about 350-400 euros, which means about 80 euros (almost 90$) in taxes per year, according of the calcules on a A3 (residential) house.
In Italy you pay taxes only on properties the State consider as a possibile incomes, and not just for living.
property tax,
i forgot about it
Hi Karl. Were you able to qualify for any government tax incentives for the renovation?
Nope I couldn't find anyone to handle the application even the guy who came on the channel and quit
@@Karl__Pierre that's unfortunate. Good to know though I just watched that video the other day. Didn't seem like he had a good business model. Do you know if anyone has been successful that is not a resident?
Very good video. Articulate informative and realistic. I am now thinking about a home. I am retired and moved to Spain. Have been disappointed. My son lived in Santander Maria outside of Naples.
I am going to contact your website and hopefully can find a 2 bedroom for under 10,000
It will need a little elbow Grease at 10k but there are some really good ones for 20k
@@Karl__Pierre Awww...so now the price goes from your 5,000 to 20,000? Another scam only you are smoother than most.
@CJ-ph6zk just telling you the reality of what's possible I'm here now and based on what I saw if you want something move in ready 2br 20k will do it. 10k gets you something that will need work. You can live your life looking for conspiracies that's cool
Why did you have to pay the back taxes on the property? Were these accrued taxes before you purchased the home?
No these were taxes accrued from 2020 that I paid in 2022
How much can you sell this property?
Around 40k
How can I find listing of these home that's under $9000
There are a few sites. But mostly you'll find homes between 10-30k we are assisting with properties we are marketing on www.cheaphousesinitaly.com reach out and I'll put you on the list of what we have.
Thank you for your informative video. Just took a look at your website, have you decided to sell this property? Curious on the reason?
5000 euros is a great deal
I’m curious your opinion on flipping a house in an undesirable neighborhood. I am here in the states and wanting to get into house flipping. We have one property that we lived in and now rent out. Is it worth it to try to flip a house that is in an undesirable neighborhood in the US?
Numbers have to make sense. I would love to hear more about what you're doing etc. Book a call at entplife.com
Karl, is there still any chance of me buying a £1 house in there?
Yup
Actually tomorrow we have a cool announcement, working on an in person tour to see.
drywall to control moisture , hmmmm, not sure
What is the value of this home?
Roughly 40k
How did Ikea get into Italy with their garbage?
Ikea is a solid manufacturer easy to buy and build and has everything
While I admire him, I wish he'd add "plus fees or costs" when he says he paid €5,000 for his home.
Simply stating that price gets dreamers like me excited not realizing he invested additional money to reno and protect the property from potential future weather issues and typical wear and tear
But this video covers the costs lol
yeah great info. Thank you! I will show this video to my hubby. We want to get one of those. ❤ You have a beautiful home. 🏡 Have a lovely day!
Were you concerned about asbestos?
Zero concerns built before asbestos was a thing used
I would have done something about a damp at ground level I.e. a damp course. Damp courses can be easily established with the newer products which are injected into drill holes in the walls. It then inundates the level being drilled, easier to apply than underpinning and works well. That will solve major damp problems but will not fix sad roofs and leaky windows.
Thanks maybe on the next one
I am have Italian I will like to buy property in south Italy. I was tinkering buy old house and renewing and selling but the town I am freed there will no buyer
This is not a flipping market in my opinion if you want to buy and fix and sell you have to be very careful
@@Karl__Pierre good advice !
@@cheguevara5560 Glad it can help
If you can get the skilled labor done for a good price. You can do it. Do you have reliable, affordable, help?
Is it easy for someone of 100% Sicilian ancestry to buy a home in Sicily and get Italian citizenship within two years?
Within 4 months
Biggest issue: The original house was $5K for a reason. Location, location, Location! You can get tons of low prices homes/apartments/ruins in central and southern Italy because over the decades the populations have moved away to the big cities. So you have to ask yourself: "Is the money investment to renovate for personal use or future sale?" If it is for you, . . .do your thing but just know you will probably never get that renovation investment back on a future sale. These videos look good and have interesting content but the practical realities of owning in Italy need a much deeper dive.
What do you recommend and where do you currently live/own real estate?
@@Karl__PierreSmart reply . I recommend this guy to buy old house in Sydney for 1million +another 300K for renovation .
So why are you selling your house now for just 45.000 Euro?
Because airbnb does not work good there
They missed a 0 😂 from €5000 to actually €50000
Renovation will cost 5-600 Euros per square meter. Double that for extensive renovations.
These costs assume that there aren't major undetected problems and that you'll find a competent and honest contractor (which in some areas is next to impossible).
If you need to go to an Italian court of "justice", you'll never see your money again. EVER!
Thanks
the renovations + everything you purchased that can be seen in this video and the other videos about this renovation of this house, do not amount to half of what you have stated. I was following you profusely and enthusiastically to get involved, and you have just murdered my appetite, because you raising the costs implies to me that there is a hidden agenda. The renovation and furnishings cost you no where near 38000
Ok idk what to tell you if you choose not to believe that that's on you. I could have done it for 25 if I didn't duplicate work the first time I had the paint scraped and then my friend convinced me to redo it and she'll manage the design and renovations. Labor is inexpensive and what drives prices here. The next house I'll do a video just for you to dispense this unjustified doubt based on what you feel vs reality.
@@Karl__Pierre First of all, I applaud the type of work you are doing, lets set that aside.
You are saying in this video, that in hindsight, you could have done it all for 38k instead of 46k (including purchase cost). That would mean only 8k less, but now you are saying that you could have done the renovations for 25k instead of 38k (not including purchase costs). Yet that is 13k less, now these may seem like small numbers you are fluctuating with, but they are large percentages of the entire property cost. So my question to you: why did you say in the video you could have done it for 8000 cheaper and why are you now saying 13,000 cheaper, what has changed since you did the video.
@Rami-Jarrah the approach, familiarity with what works, The contractor being my partner and completing work at cost, no reworks due to changing my mind, no time lost to covid not including furniture, not having to pay Cecilia for project management and design. For example the house I just bought starting from scratch in worse shape with a design already done my quote 28k. As long as the work is continuous since the labor is salaried. If I start and stop and change my mind the crew still needs to get paid. On this job we redid work that was already done. I didn't like the AC placements had to do the install twice and repairs. The built in closets and shelves were an after thought had they been done at the same time less costs since there is down time when installing drywall. This is a 6 week job 4xlaborers at 1200 euros a month. That's 7200-8k labor. Everything else is hard materials and miscellaneous " we need to fix this unforseen issue". Tiles are all original bathroom is epoxy of 80/sq feet this isn't a huge job by any stretch. In the USA it would be maybe 3-5x the cost mainly due to labor and inspections. Bathroom materials seen here are less than 1500 2 guys 10 days that's 2700! No way I can do that in the States and I flip properties here. 4 man crew runs 6k a week just a different ball game.
@@Karl__Pierre What is that saying, where one can say too much and it ends up being worse off than saying too little?
Are you basically saying that when you said it could have cost you 8000 less in this video, you were in fact wrong, and it could have cost you 13000 less?
Sorry for being negative but I was appalled by the amount of garbage seen absolutely everywhere along the road…. So sad!
I'm guessing you were in Palermo?
@@Karl__Pierre Not quite, Agrigente!
@Louise Boudreau gotcha. Yeah trash in Italy can be an issue in larger cities. It can get gnarly
On any secondary road in Sicily… or maybe we were there at a very bad time…. Last September
Until you install a pizza oven, the renovations are not complete
Lol no
With this total price it lose all point of cheap house. For 40k I can already buy house what is done and save the hassle. 20k total is good, up from that then only if I can get one in sea side and only because location.
That's the beauty of life. You can do whatever you'd like that fits you with your money.
@@Karl__Pierre I didn’t mean you are doing wrong. It was my personal preference and opinion because I have pretty limited budget 😉
@Home Office cool whenever you're ready please share your journey would love to see it. My friend bought a house in Masala for around 50k euros
crap
Yeah
Go home
Send me your address
Very long-winded. Get to the point.
Watch shorts
HOW CAN I CONTACT YOU! PLEASE.
you have