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Maenza In Italy Is Selling $1 Homes Right Now & How Quickly Can You Pack Your Bags?

Grab your passport and pack your bags! Maenza in Italy is selling $1 homes right now and all you've got to do is renovate them!

The medieval village of Maenza, located just 1.5 hours from Rome, is overflowing with history and even has its very own castle. Like some other Italian towns over the past couple of years, this spot is offering mega cheap homes to encourage people to move to the area and restore some of its oldest properties.

The town's mayor, Claudio Sperduti, told CNN that the scheme is part of a "pact for the rebirth" for the town.

He hopes the rock-bottom prices will encourage ambitious buyers to transform the area's disused and crumbling buildings into lifelong homes.

"We're taking it one step at a time. As original families get in touch and hand over to us their old houses, we place these on the market through specific public notices on our website to make it all very transparent," he explained.

What's the catch?

The only catch for buyers is that they must commit to renovating the properties, some of which are apparently in pretty bad shape.

A deposit of €5,000 (approximately $7,450) must also be handed over, although it will be returned when renovation works are completed.

There's also a matchmaking service on offer. Local officials say they will do their best to match prospective movers with their perfect properties, wherever possible.

According to CNN, restorations should be relatively cheap as many of the old buildings are small. There are also tax deductions available, including for environmentally friendly restyles and earthquake-proofing updates.

When can I move in?

While the first few applications closed earlier this month, Sperduti says there are many properties ready to go on the market for potential buyers.

The town's website will continue to be kept up to date with any homes that come up for sale.

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