Buying a castle for one euro - is it worth it?
Can you really buy a castle for just one euro? Yes, you may have seen the news recently that owners of castles, monasteries and other historic buildings are selling their properties for one euro - literally giving them away. It's literally like giving them away, but why?
You can find these offers in Germany, Italy or Scotland. And in Spain too. In fact, sometimes entire villages appear for sale for prices that seem like a joke. But what's behind the story? Let's investigate why the owners of these properties decided to sell them or even give them away.
The case of Marienburg Castle
There are many examples of castles being sold for one euro. One of the most famous is Marienburg Castle, whose owner could no longer afford it, and not surprisingly.
Located in Lower Saxony, 30 kilometres from Hanover, it has long been the official residence of the eponymous dynasty.
The building has no fewer than 135 rooms, which is why Prince Ernest of Hanover agreed to sell it for a symbolic 1 euro because it was impossible to keep it intact.
However, more than 30 million euros are needed to preserve it. Fortunately, it receives around 200,000 tourists every year, which may help the new owners to achieve profitability.
Reality beneath the surface
Buying a property involves a lot of costs that are not always obvious. In fact, if you have never bought a property before, it may not be so clear to you that there are also taxes to pay on the purchase and, if applicable, the associated mortgage payments.
Once you own your home, you will face other expenses, such as maintenance or renovation costs. And watch out, because it needs to be researched. Neither homes with huge gardens are a goldmine, nor are homes that waste square metres. The same goes for swimming pools, which are great in summer but costly to maintain. The more magnificent their features, the more expensive they are to maintain.
Therefore, there are owners of castles who decide to put them up for sale. The cost of maintaining a building with so many rooms, outbuildings and gardens is excessive. Keeping these properties in good condition costs millions of euros every year. And not every pocket would bear it.
Who wants to buy castles at one euro?
Obviously no one, buying slot machines for one euro is not a good business. And it is not easy to sell them because few people are willing to spend a fortune to keep them. The owners have the same difficulty, in fact.
Moreover, most of the buildings are protected by historic preservation laws, so getting rid of them requires the obligation to ask for an authorisation. To get one, the buyer must prove that he has sufficient resources to maintain the property and even present projects to promote its preservation.
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