Chicago woman, 44, bought a house in Italy for $1, then had to spend $446,000 to move into it

Financial advisor Meredith Tabbone never imagined that her family’s journey to her Italian roots would lead her to a life-changing decision. While researching her Sicilian heritage, she discovered Sambuca di Sicily, a picturesque village where an abandoned house was being auctioned, with bids starting as low as €1.

This is an opportunity too fascinating to miss.

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Taborn made her bid sight unseen, but her gamble paid off when she found out she had won.

“From the moment I sent out the bid, checked my email every day, and found out I won the bid, there were 4 million moments of frustration, exhaustion, and wondering how to move forward,” she told CNBC Make It.

However, her €1 dream soon became a reality. After a bidding war, the final price of the property reached €6,200. Once the house was officially hers, the real challenge began: transforming the “worst” property into a livable place.

The actual cost of moving

As rising housing prices across the United States put housing out of reach for many people, relocating to affordable cities is becoming increasingly common.

According to Redfin, home prices are expected to grow 4% by the end of 2025. Ziro’s statement.

Although the Italian property was originally on the market for €1, the true cost of Taborn’s Sicilian dream far exceeded that price. She initially expected to spend about $40,000 to make the property habitable. But soon after purchasing the original property, she bought the house next door for about $23,000 to create more living space. Over three years, she spent a total of $446,000 on renovations.

Tabbone, who lives in Chicago and had no previous renovation experience, faced significant inconvenience and expense.

“Flying back and forth can be expensive,” she told CNBC Make It. “I would definitely say it’s my second largest expense. My contractors are the most expensive.

Despite financial and logistical obstacles, Taborn’s experience transforming these properties into spaces she truly loves shows that the appeal of affordable properties abroad often comes with hidden costs that far exceed the listing price.

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Is it worth it?

For Tabbone, buying property in Italy was more than just a financial decision, it was an opportunity to reconnect with her Italian roots. But is it the smartest financial move? If her main goal is to escape the high cost of living in the United States, the answer is less clear-cut.

Taborn himself acknowledges his unique position.

“Because this renovation took so long, I was lucky enough not to have to dip into my savings,” she told CNBC Make It. “When the invoice comes in, I can pay it because the process is ongoing.”

But for many Americans, taking similar steps may require dipping into savings or even retirement funds — choices that could jeopardize long-term financial stability.

The allure of moving abroad often masks the reality of reality. In addition to the upfront costs of purchasing a property, there are ongoing costs such as maintenance, property taxes, and home insurance.

Visa and residency requirements can also complicate the process of living abroad. For example, tax implications are a key factor because U.S. citizens must comply with federal tax laws regardless of where they live. This means you may still need to file U.S. taxes on your worldwide income.

As the IRS warns, “If you are a U.S. citizen or resident alien, your worldwide income is generally subject to U.S. income tax regardless of where you live.”

Healthcare is another consideration. While some countries offer more affordable health care options, non-citizens may face restrictions or require additional coverage, increasing their overall costs.

So, is it worth it to move – or even own a second property abroad? The answer depends on your specific situation. For some, the dream of owning a second home may be better replaced by a flexible rental property vacation, which is more cost-effective and less risky. Ultimately, before taking the leap, it’s crucial to align your vision with your financial reality.

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This article provides information only and should not be considered advice. It is provided without any warranty of any kind.