Breaking News: American Couple Invests in Italian Apartment for 78,000 Euros
By Kelly Beigle & Boris Krstevski – November 12, 2024
In a strategic move to avoid the steep costs of the US real estate market, Kelly Beigle, 38, and Boris Krstevski, 39, have purchased an apartment in Lombardy, Italy for just 78,000 euros. Their story offers a blend of fresh insights into the European real estate market and timely advice on property investment abroad.
From DC Dreamers to Italian Homeowners
The Washington, DC couple found the escalating property prices in their hometown to be prohibitive. Kelly expressed her initial concerns, “I started looking for property in Washington, DC in 2014. The prices were crazy, and they’ve only increased exponentially since then.”
The European Pursuit
Boris and Kelly initially considered multiple European locations, including Spain, the South of France, and Portugal. “In Portugal, you can get a mortgage as a foreigner,” Kelly noted, “We were in the final phase of buying an apartment in Lisbon worth half a million dollars but ultimately decided against it due to the market folding?”
Finding a Home in Italy
Their search led them to Italy, where they landed on a property in northern Italy, just an hour from Milan. “We completed the sale in December 2024 for 78,000 euros,” Kelly said. The process was complicated by distance, time differences, and language barriers.
The Renovation Agony
The renovation process was filled with challenges. “We completely renewed the electrical system, which was a bit more expensive. We still don’t have warm water,” Kelly shared. The couple had to hire an Italian carpenter to install a custom kitchen, which added to the costs. In total, they spent around 25,000 euros on renovation.
Future Plans and Revenue Generation
Boris and Kelly plan to live part-time in Italy and rent out the apartment through platforms like Airbnb when they’re in the US. “We think Europe can be our second home at some point,” Boris said. The couple aims to leverage the cash flow from short-term rentals to potentially invest in another European property.
