Buying A US$1 Home In Italy

Sounds good? Well here's how you get a slice of the action.

Step uno: Head to Zungoli's official website -- www.comunezungoli.it. On the left column, there's a link titled "Case in vendita a €1."

You might need Google Translate to help you out at this point, or some rudimentary knowledge of Italian (which would be no bad thing anyway if you're thinking of living there.)

Step due: Click on the link and you'll see dozens of 50- to 100-square-meter dwellings listed. They're all in need of some TLC, so you'll need some imagination.

Step tre: Download the application form for the property you like. At this point you commit to renovating one within three years and must explain the type of project -- be it a private house, B&B or artisan shop.

Step quattro: Attach a copy of your ID and forward everything to the mayor's office by email or mail.

Step cinque: If your plan is approved, Caruso will send you a contract and then it's up to you to fly over to Italy and close the deal.

The catch: As with all these cheap home deals, buyers must pay a €2,000 security deposit and commit to refurbishing the property.

Work needs to start within a few months. Once it's complete and the purchase deed is made, the deposit is refunded.

There are tax deductions of up to 85% for any restyling works.

What are you waiting for?