A Millennial -based Millennial has bought a two -bedroom house in Italy for less than $ 50,000 after despair at the state of the American housing market.
Lauren Scott, 29, decided to take her house search -international in 2020 after struggling to compete with other buyers who want to secure a property in Los Angeles.
The resident of Ohio has been freelancing in the LA film industry for 10 years and wanted to buy her first home in the area with a budget of $ 400,000.
But Scott struggled to compete with other Golden State buyers in offering wars, so initially changed its sights in other American states.
“I didn't think I could ever buy in California, let alone Los Angeles, which called home somewhere for so long and that was really bad,” Scott told CNBC.
Scott searched the housing market in Florida, where her family lives, but discovered that she could not find a job there that was in accordance with her lifestyle on the west coast.
The content maker was found nothing but disappointment in the quality of life, broadened her search for Mexico, Portugal and Italy.
“I do not want to completely demolish my savings or make debts to buy a house here, especially with the state of the country at the moment,” Scott said.
The Millennial Lauren Scott (photo), based in California, has bought a house with two bedrooms in Italy for less than $ 50,000 after despair on the state of the American housing market
Scott said she had set her budget at $ 50,000 and started hunting home online and eventually find a two -bedroom mansion and a bathroom, an hour outside of Florence (location shown above)
Scott said that the previous owner left the building 'fully furnished' because she 'just wanted to get out and move to another part of Italy'
She settled on Italy after finding characteristics that are cheaper. Scott hired a translator, lawyer and broker to help her search for a house abroad.
“I didn't fly over and bought unseen visibility, which I don't recommend,” she told CNBC. “I contacted many agents and finally paid someone to do it all for me.”
Scott said she had set her budget to $ 50,000 and started hunting home online, eventually finding a two -bedroom mansion and a bathroom, an hour outside of Florence.
The building comes with a picturesque view of the mountains, which Scott showed its 80,000 followers via Instagram.
“I didn't want to deal with a car, because I am not full -time and I am just in the mountains and that view I felt super in peace,” Scott said.
She added that the previous owner left the building 'fully furnished' because she 'just wanted to get out and move to another part of Italy'.
The Millennial Lauren Scott (photo), based in California, has bought a house with two bedrooms in Italy for less than $ 50,000 after despair on the state of the American housing market
Scott's house with two bedrooms was priced on a cool 32,000 euros – or $ 34.905 – plus costs
The building is located outside of Florence for an hour and costs a fraction of an American house
The previous owner told her that the price was a cool 32,000 euros – or $ 34,905 – because the hot water boiler had to repair.
“I was really lucky because there is nothing wrong with that I have to replace that one part of the house,” Scott told CNBC.
She paid the full asking price plus an extra 4,200 euros, or $ 4,581 in closing costs, using a loan of 20,000 euros from a local bank to help buy the house while they avoid her savings.
Scott secured the building in August 2022 and flew to see it for the first time three months later.
“It was just a surreal feeling,” she said. “I couldn't believe that I had a house in my twenty because I didn't think this would ever happen. I think I was crying too. '
Scott, who still lives in a $ 1,695 studio a month in LA, considered renting out her Italian hiding place, but decided not to do it because tenants could break or damage the property.
“I'm a bit protective about my house,” she told CNBC.
The 29-year-old film industry Freelancer took her house search in 2020 to struggle to compete with other buyers who want to secure a home in Los Angeles
Scott said that the property now serves an active or a 'pension plan' because she believes that she can never retire in the US.
“I consider it more as an investment in the long term to get out of the US,” she said.
“As a freelancer it is actually worrying because I don't always have health care, I don't have 401k and I can't afford to invest, so I think I can just know that I have something safe and a place to name mine when I am older is really reassuring.”
Scott said that although she was very happy to secure her first home in her twenties, she feels sad that she can't afford to buy a house in her native America.
“It makes me sad, because what keeps me here is my parents,” she told CNBC.
'I don't want to move all over the world and then I can't see my family much.
'It is sad to know that my parents could buy a house and my grandparents could do that too, but with inflation it is no longer accessible to my generation.
“I don't think that's fair for our generation and those who come behind us.”
