Mereditch Tabbone was left flabbergasted after she purchased a home for just 80p- however, she soon discovered why.
Tabbone bought the property in Sambuca di Sicilia, Italy, for around one euro after she seized the opportunity provided by the region’s depopulation crisis, with abandoned houses slipping into decay, reports the Mirror.
Formerly bustling communities are now struggling to attract residents, leading to local authorities selling homes at extremely low prices, in a bid to reinvigorate the fading areas of Italy.
And whilst these quaint villages are located amidst Italy’s beautiful countryside, they often lack sufficient employment prospects, driving the younger Italian popularion towards urban areas. Nonetheless, American Meredith took a risk on the property after she learned her ancestrial ties led back to Sambuca di Sicilia.
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She handed over the money for the house, swayed by a deal she described as “too good to be true,” as quoted by CNBC.
However, the 45-year-old soon realised the condition of the house was “terrible at best” after initial purchase in 2019. The property lacked essentials like electricity and running water, harboured asbestos in the roof, and the floors were littered with pigeon droppings.
Meredith Tabbone bought a house for 80p.
(Image: (Image: CNBC Make It))
Meridith splashed £5,000 to secure the dilapidated property and initially expected a £33,000 bill for the renovation. She struck a smart agreement with the local council that allowed her to purchase the bungalow at a fraction of its value.
However, her ambitions grew and she also purchased the adjacent property, raising her budget considerably. In total, Meredith sunk approximately £384,000 into the transformation, creating a stunning holiday retreat replete with four bedrooms, a stylish kitchen, dining area, library, trendy pizza oven, and even a sauna.
In conversation with CNBC, financial advisor Meredith said: “What this home really means for me is a bridge between my past and my future. It was a chance to really reconnect with my father’s lineage.”
But for Meredith, it’s more than just heritage conservation; it’s also about carving out her own path. She elaborated: “But it also speaks to my future because it’s something that I’ve created for myself … where I can think more about enjoying my life and having a better work-life balance.”
On the hospitality in Sambuca, she expressed how the community warmly welcomed her, enhancing her quality of life. She explained: “There’s a real sense of community here, so I definitely think people are very happy here. I’ve started to think differently about how I’m building my business, and maybe not having the focus of my life be about work, [but] about just personal fulfilment in general.”
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