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These houses are only for first-time buyers. Anyone who already owns a home or is buying again is not eligible under this scheme aimed at attracting new residents
This scheme aims to attract new residents, but come with strict conditions. (Wikimedia Commons)
When purchasing a house, particularly an older one, several factors influence its pricing. In addition to location and surrounding infrastructure, the property’s age and the extent of repairs or renovations it requires play a major role. These aspects often contribute to older homes being priced lower than expected.
A unique opportunity has emerged in Ambert, France, where houses are being sold for just 1 euro, approximately Rs 100. However, this scheme comes with a set of conditions aimed at revitalising the town’s dwindling population. Ambert, located in south-east France, currently has a population of only 6,500 people.
These houses are exclusively meant for first-time buyers. Individuals who already own a home or are purchasing for the second time are not eligible under this scheme. Another key condition is that buyers must live in the house for at least three years after making it habitable. Those intending to rent out the property will not qualify. Failure to meet this residency requirement may result in the government revoking the grant and imposing a penalty.
Renovation Will Burn A Hole in Your Pocket
Most of these houses are in poor condition, requiring extensive renovation. From repairing the roof and rewiring electrical systems to fixing walls, buyers will need to undertake major structural work. In some cases, a written renovation plan outlining the scope of repairs and timelines may be mandatory. Clearly, the overall cost of making the house livable could be significant.
Similar Schemes Exist Across Europe
Ambert, a town in southeastern France, is among several European cities trying to combat population decline by offering homes at low prices. These schemes aim to attract new residents, but often come with strict conditions. Ambert is no exception. While the offer may seem appealing, it remains uncertain how many buyers will be willing to commit once they learn about the terms involved.
Buying a house for 1 euro isn’t as easy as it sounds. Renovation costs can run into lakhs of rupees, requiring buyers in Ambert to invest considerable time and money. While the offer appears attractive, it carries significant risks. Yet, such initiatives are crucial to reviving the dwindling populations of small towns like Ambert. The real test lies in how many people are willing to see opportunity in the challenges.
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