'I bought a £1 house in Italy but there was a huge catch when I arrived at the property'

A woman purchased a four-bedroom property for less than £1 in Italy – but discovered there was a significant catch when she arrived at the residence.

Numerous Italian towns have adopted the €1 home initiative to attempt to attract people to relocate there.

One location participating in the scheme is Sambuca di Sicilia, which has been described as one of the most stunning villages in Italy.

The initiative involves struggling, declining towns offering their derelict or vacant properties for sale to encourage external investment and fresh inhabitants.

Meredith Tabbone, from Chicago, Illinois, USA, was amongst those interested individuals seeking to embrace la dolce vita, reports the Daily Mirror.

She had a personal motivation for relocating to the region though. It was the same village that her great-grandfather departed in 1902 to travel to the United States.

Meredith ultimately secured the bid for the €1, but it ended up costing her considerably more than that.

She established a refurbishment budget of $40,000 (£30,200), but she ultimately spent an eye-watering $446,000 (£336,800) to transform her dream property into a reality.

Speaking to CNBC Make It, Meredith said: “The condition of this property when I first purchased it was dire at best.

“There was no electricity. There was no running water. Every single room had a different level of floor. There was asbestos. And there was probably two feet of pigeon poop on the floor.

“A few major renovations that stuck out are: levelling all the floors. The home is two storeys and 18 rooms, and every single one was a different height.

“Also adding electricity and water, adding a lot more windows to really brighten the space. Creating more continuity throughout the house to create a more American sort of home.”

The entire renovation required approximately three and a half years, with Meredith explaining that the extended timeframe meant she avoided dipping into her savings as bills were more staggered.

The expat still hopes to construct a wardrobe and a wine cellar but regards her property as “technically” complete.

She reveals that if she were to begin the purchasing or renovation journey again, the single piece of guidance she would offer herself is to exercise greater patience at the outset.

Despite the substantial expense of the project, Meredith maintains she believes it is the perfect place for her – and insists she will “never sell this house”.

She added: “I want to spend four months a year here. I want to spend more time away from work and complete my goal of travelling to every country in the world and focus more on my personal life in general.

“I will never sell this house. I’ve had many offers. I have a cousin, I’ve already told her she can have the house if I pass away before her. And after that it’s going to be donated to the village.

“I think there’s a real sense of community here. I definitely think people are very happy here. If you like to be social and you like to be a part of community this is the place to be. This is an easier place to do that than it is in a lot of areas of the United States.”