'Living in UK left me £10k in debt - I cleared it by buying 85p house in Italy'
A man from London cleared his £10,000 debt by purchasing a nearly-free house in Sicily and increasing his income.
George Laing, a 33-year-old man from London, found himself £10,000 in debt due to the exorbitant cost of living in the city, where half of his income was consumed by rent and the rest went towards bills and taxes. After losing his job, he sought a way out and learned about Italy's one euro housing scheme, which allows buyers to purchase homes in need of renovation at a fraction of the cost.
He decided to invest in a distressed three-bedroom house in Sicily for just 85p, an amount that aligns with the low-cost housing initiative aimed at revitalizing neglected properties in rural areas. Though the initial purchase price was minimal, Laing spent approximately £2,000 on renovations, updating the house to make it livable.
As a result of his move, Laing not only cleared his previous debt but also managed to double his income, highlighting a growing trend where individuals flee high-cost cities in search of more affordable living conditions. This case raises questions about the sustainability of urban living against the backdrop of increasing housing costs and the appeal of rural living in other countries.