You could soon become a homeowner in Sicily for just 85p – but don’t start packing your bags just yet.The Italian town of Naro, in the province of Agrigento, has opened applications for homes priced at just €1, giving locals and foreigners the chance to snap up a property for much less than the cost of a cup of coffee.But the bargain comes with a catch.Buyers face additional costs including notary fees, cadastral taxes and registration, while the homes typically need extensive renovation before they can become habitable, Euronews reports. And there are strict rules governing the work, which must meet local planning and safety regulations. A new €1 house scheme has launched in Naro, located in Sicily A refundable deposit of around €5,000 is also required to secure the property, according to European Real Estate.There is also a three-year renovation deadline for when the work must be complete. Owners of the €1 homes can use the property as their main residence, utilise the space as a second home, a guest house or even for business use. The goal of the scheme is to help repopulate diminishing areas in Italy and save derelict buildings. Naro is a small medieval town with plenty of character and history to explore. Visit Sicily describes the area as a ‘baroque jewel’.With a tiny population of around 6,700, it’s understandable why local authorities are pushing for more people to buy homes there. Other similar schemes have been launched around Italy, including in Mussomeli where Londoner George Laing has purchased three properties. He previously revealed to the Daily Mail how his first €1 property ‘needed a complete, complete refurb’, including work on the electrics, plumbing, roof, bathroom and kitchen. He removed five van loads of rubbish before the house was clear.’It’s a shell which is going to be turned into a self-contained one-bedroom flat,’ Mr Laing explained at the time. He revealed how the cost of renovating the property can soon add up, and he does much of the work himself to keep costs down. Owners of the €1 homes can use the property as their main residence, utilise the space as a second home, a guest house or even for business useMr Laing explained that, while the €1 secures the freehold of the property, there are other costs of around £4,000.’So in total, with all the €1 houses, you pay €1 for the freehold,’ Mr Laing said.’You then have to pay an agency fee of about £500, you then have to pay the local notary to act as your sort of legal representative to transfer the deeds over from the owner to you, that costs about £2,800.’In addition, an energy certificate costs around €200.A lot of the €1 properties also do not have water connected, according to Mr Laing, which is another factor to consider. Other €1 home schemes in Italy Northern Italy spots including Albugnano, Carrega Ligure and TrioraCentral Italy including Monte Urbano, Montieri and CasoliSouthern Italy including Taranto, Zungoli and MaidaSardiniaSicily including Mussomeli, Salemi and Troina Source: 1eurohouses.com