A town in France is now selling an 828-square-foot home for a little over a dollar, but hopeful buyers would need to meet certain requirements to own the house.
The 828-square-foot home is located in the French town of Saint-Amand-Montrond. The two-level home-which features two bedrooms, one and a half bathrooms, a courtyard, and a garage-is now selling for 1 euro or $1.07 USD, as first reported by Ouest France, per translations from CNBC.
Purchase Requirements
The purchase of the home is not limited to French residents. However, interested buyers must be a first-time buyer. They must also meet certain criteria to purchase the property.
First, they must be financially prepared to cover the home's renovation cost, which is expected to be around $136,180.
Additionally, the hopeful buyer should be ready to eventually relocate to Saint-Amand-Montrond and live in the home for at least 10 years.
"[The new owner should be] a serious candidate who has a life plan in Saint-Amand-Montrond, who really wants to settle there," Francis Blondieau, deputy in charge of Urban Planning, told Ouest France. "This system aims to encourage the renovation of old buildings, to reduce the number of vacant housing and above all to revitalize the city center."
Application Process
Interested buyers can submit their application on this website until June 15, 2024. Candidates are required to include renovation plans and information about financing in their application. While not required, candidates are also advised to send a cover letter stating their plans for the property along with the application.
Prospective buyers can begin visiting the property on May 15. The town hopes to select the new homeowner and have the deeds signed by January 2025.
The property has not been lived in for 12 years and requires insulation and electrical repairs, among others. Per town officials, the renovation must begin within the first five months after the signing of the deed and be completed by July 2028.
The selected buyer will be eligible to apply for financial assistance to cover part of the property's renovation cost. However, they must hire local workers for the project.
