For many, buying and owning property is a luxury, not a right, especially in the 21st century.
However, even the luxuries of the world come with major downsides and struggles, and owning property is no different.
This is the lesson to be learned from George Laing, a 31-year-old man who bought a three-story house in a small Sicilian town called Mussomeli for merely €1. While that is an amazing bargain, the expenses and hard work that Laing has had to put into the house itself is nothing to scoff at.
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Laing got this incredible deal by way of a program conducted by Mussomeli, as well as some other towns in Italy, that sees them sell broken down, abandoned homes for as close to nothing as possible with the assurance that the buyer will renovate the house once it is purchased.
While some homes are easier to renovate than others, Laing has set a budget for himself of €15,000 purely for renovations, a far cry from the typical €20,000-€80,000 it costs other home renovators both in the area and across the world.
“I know people in the neighbourhood have spent €50,000 to €60,000 to renovate theirs,” Laing said 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.”
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While Laing’s DIY mentality saves on labor costs, doing the job solo still comes with several other expenses–such as transportation and temporary lodging–as well as potential problems down the road. Perhaps the most notable problem comes in the form of the deadline he faces; if he cannot properly renovate his three-story home within three years, he will incur a €5,000 fine from the government.
This might seem like a difficult task for even a skilled renovator working alone on such a tight budget, but what makes it even more remarkable is the fact that Laing is a complete novice, having never renovated a home before this €1 purchase.
“I’ve never done it before but I’m watching YouTube videos and I’m taking electrical and plumbing courses,” Laing explained, “I work seven days a week and I hardly sleep — I have too much energy.”
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Despite him doing it on his own, Laing initially believed that most of the renovations would be done by the end of the year. While, according to his Instagram, there is still plenty of work to be done, he is still looking towards what’s next for him and 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.”
Dylan Murray