If overseas property investors are looking for their own home in France, the opportunity has arisen to buy your own French home for just one euro.
The town of Roubaix near the Belgian border in northern France has a number of properties for sale for the price of just a few French onions, but peel off the outer layer and there could be some further expense involved.
The local council in Roubaix is offering 17 dilapidated properties for the token price tag of 1 euro, in the hopes of restoring a neighbourhood that has long been neglected.
Located near the well-known popular town of Lille, Roubaix is famous for the 115-year-old Paris Roubaix bicycle road race held in April each year.
The properties offered are located 10 minutes from the town centre and in various states of disrepair. Measuring between 64 square metres to 145 square metres, the properties will need to be refurbished to a good standard and will have a list of dos and don’ts for their renovation.
The council will pay for transaction costs, but the new owners will need to renovate the homes back to their former glory at their own expense.
Renovation costs for the smaller homes available could increase the original one euro cost by 60-100,000 euros, taking the total cost to above the average price of similar sized properties in the area.
The larger properties on offer could cost a further 300-350,000 euros to completely renovate, up to almost double the price of existing properties of the same size.
However, investors will have a home fully refurbished to their own specification at the end of the renovation process.
Priority for the homes is likely to be given to locals, but there is nothing stopping overseas property investors from applying and being granted one of the properties.
Potential buyer of the ‘one euro homes’ however, must be looking for a new life in France, as the properties must be made a primary place of residence, and that means no renting.