We bought an abandoned Italian mansion for half of the asking price, it looks like a palace but there's a major downside
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A COUPLE shared a glimpse into the abandoned Italian mansion they purchased for less than half the asking price.
And while the stunning property was definitely a steal, they revealed one major downside to their plans.
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TikTok user Jordan Kamelleri showed his followers the Italian mansion he purchased with his partner
Credit: Tiktok/@jordankamelleri
TikTok user Jordan Kamelleri (@jordankamelleri) and his partner Emmanuele are no strangers to rennovating old buildings and transforming them into high-end properties.
Their latest purchase is an "abandoned Italian palace" which hasn't been inhabited in 40 years.
The couple have been documenting their rennovation work on the 14-bedroom space, amassing eight million views on one of their clips.
"When I was younger, I would have dreamed of a place like this," Jordan told his followers, revealing that features such as the property's armoury immediately sold him.
Now, the pair plan to convert the 16th-century Italian palace into a private residence, reports People.
They have been working to renovate various properties together since 2018, eventually leading them to their most restoration yet.
Their new estate was built sometime in the 1500s and has over 21,500 square feet of living space.
With years of experience navigating Italy's real estate market, the couple were able to negotiate the purchase price down to roughly half the original listing.
They revealed that they ultimately paid the equivalent of £557,000 for the property, plus additional fees and taxes.
The pair are now focused on clearing out the vast spaces and salvaging what they can.
Inside Ireland's 'magical' Disney castle with fairytale tower on sale for €7.5MILLION and it's minutes from the beach
However, the long-abandoned property comes with one major drawback.
They revealed that they have had to deal with "decades of decay" in their efforts to do up the space.
But there are significantly more pros than cons with this property, as well as being a steal with magnificent views of the Italian countryside, it remarkably also has functional plumbing.
While the current plan is to convert the space into a private property, the couple are remaining flexible and allowing for the possibility of opening one wing to guests as a vacation rental.
They added that they are also considering opening parts of the palace for events such as weddings.
5 Tips to Get on The Property Ladder
Saving for your first property is tough, but it is possible. Here are a few steps for first-time buyers.
1. Cut back on luxuries and start saving
Consistent monthly saving is the best way to accumulate enough money to get on the ladder, for a deposit and purchase fees. To do this, you need to take a look at your monthly outgoings and think about what can be cut out - holidays, new clothes, weekly takeaway.
Using a savings calculator can help you to establish how long you will need to save for a deposit. Based on your income, you can figure out a realistic amount to save each month.
2. Have a realistic property search
Set a budget for the property price you would like to buy, and think realistically about the location and size of your property. While we all may want that house with a view or extra bedroom, can you afford it?
3. Research Help To Buy and Shared Ownership schemes
The government has introduced a few ways to help first-time-buyers get on the property ladder and they're great for those on lower incomes or to buy a property in more expensive areas like London.
4. Consider buying with another person
Investing with somebody else you know is a sure way to get onto the property ladder. You only need to save half the amount you would otherwise, so you can work towards getting your property sooner.
You can invest with a friend, family or partner. Naturally, it is a big step and a huge commitment so be open and honest about what you expect from living together — if you haven't already.
5. Talk to a mortgage broker and get your documents in order
A mortgage broker can tell you exactly how much you can borrow for a mortgage, what you will need to pay monthly and in upfront costs.
The vast property has an array of indoor-outdoor spaces, a favourite feature for the couple.
These include several verandas, loggias, and panoramic atriums offering exposure to the Italian sun throughout the day.
TikTok users shared their thoughts on the stunning property in the comments section.
"This has SO MUCH potential as not only a home but also a wedding venue," wrote one viewer.
"I've never been so jealous in my entire life," said another impressed follower.
"People are really out there living my dream," commented a third person.
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