For many, purchasing and owning property is seen as a luxury rather than a right in the 21st century.
However, even luxurious acquisitions come with significant drawbacks and challenges, and property ownership is no exception.
This is evident in the experience of George Laing, a 31-year-old who acquired a three-story house in Mussomeli, a small town in Sicily, for just €1. Though this might seem like a fantastic deal, the costs and effort Laing has had to invest in the house are substantial.
Laing took advantage of a program run by Mussomeli, and other Italian towns, that offers dilapidated, abandoned homes for almost nothing, with the agreement that the buyer will renovate the property.
While some houses are easier to renovate than others, Laing has set a budget of €15,000 for renovations, which is significantly lower compared to the typical €20,000-€80,000 spent by other renovators in the area and around the world.
“I know people in the neighbourhood have spent €50,000 to €60,000 to renovate theirs,” Laing mentioned in an interview with The Times, “but they’ve hired local labour to source the materials and do all the work, while I’m doing everything by myself.”
Laing’s do-it-yourself approach lowers labor costs, but working alone still involves other expenses such as transportation and temporary accommodation, along with potential future problems. One of the most pressing issues is the deadline he must meet; if he fails to properly renovate the home within three years, he will face a €5,000 fine from the government.
Renovating a three-story house within such constraints would be challenging for even an experienced renovator, but what makes Laing’s endeavor even more impressive is that he is a complete novice, having never renovated a house before this purchase.
“I’ve never done it before but I’m watching YouTube videos and I’m taking electrical and plumbing courses,” Laing said, “I work seven days a week and I hardly sleep — I have too much energy.”
Despite working alone, Laing initially thought that most of the renovations would be finished by the end of the year. According to his Instagram, there is still a lot to be done, but he remains focused on future plans for his €1 home.
“I may sell it or rent it out,” Laing explained, “And I’m just going to keep buying more cheap properties. For me, the whole point of this is to create generational wealth.”