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description= Kristina Knighten and Paul Cordier were living in the UAE and wanted to buy a house they could retire in when they found a two-bedroom house in Italy.;
author= Celia Fernandez;
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american couple was saving for a home in chicago bought one in italy skip navigation success startups side hustles power players leadership money earn spend save and invest become debt free work land the job get ahead level up science of success life pop culture and media psychology and relationships health and wellness real estate video most popular cnbc tv courses menu search cnbc com related stories work couple bought renovated a 1 5 million brownstone now it s their full time job unlocked we left the u s for spain and bought a house for 72 000 millennial money how i bought a 575 000 duplex at age 27 by myself unlocked she bought an abandoned church for 45k and is turning it into her dream home millennial money she pays 96 a month to live in yellowstone being here has changed my life real estate american couple was saving for their first home in chicago but bought a 25 000 house in italy instead published sat may 25 2024 11 00 am edt updated wed may 29 2024 3 52 pm edt celia fernandez cfernan6 share share article via facebook share article via twitter share article via linkedin share article via email kristina knighten and her husband paul cordier were planning to buy a home in chicago when they realized they could buy a house in italy outright with the money they had saved for a down payment kristina knighten kristina knighten and her husband paul cordier were living in the united arab emirates and working as tefl certified teachers when they decided they were serious about buying their first home in america knighten 38 was raised in the chicago suburbs and cordier 45 was raised in london but loved the idea of living in the windy city after having visited with knighten over the course of their relationship and two year marriage we knew we didn t necessarily want to move back straight away but more as a long term investment and we could maybe retire there knighten tells cnbc make it the couple lived in the uae and had just under 40 000 saved knighten and cordier worked with a real estate agent in the u s to scout properties they saw online and started looking for mortgage lenders too their budget was between 260 000 and 270 000 for a multi family home in the north lawndale neighborhood of chicago in april 2024 north lawndale home prices were up 26 6 compared to last year selling for a median price of 307k according to redfin in 2019 while their agent worked in chicago the couple traveled to lago d iseo italy which they had fallen in love with during a european road trip the year before knighten says the pair had daydreamed about what it would be like to live there we start looking up property costs to see if we could potentially afford it in the future she says during that summer trip the couple found a house they fell in love with it was a two bedroom that needed a new roof and upstairs floor but it was on the market for 25 000 euros or 27 144 usd what we ended up seeing was that we could buy a house outright with the money we had saved for a down payment with a mortgage for a house in chicago knighten says meanwhile getting a traditional mortgage in the u s was proving difficult for the couple since they were earning money abroad and didn t receive traditional us issued income tax documents they decided the search for a house in chicago was over and pursued the italian property instead in 2020 the couple closed on their dream home in lago d iseo italy they bought the two bedroom house for 23 000 euros or 24 973 kristina knighten it felt too good to be true it looked like a house you drew when you were a kid with the pitched roof the door in the center and the two windows upstairs knighten says it was really cute and just steps away from the train steps away from the lake it felt too good to be true but the seller s agent informed the two that there was already an offer in and the house was off the market knighten says that news was crushing because they knew it was the perfect house for them two days later the agent called us and told us the buyers backed out and asked if we still wanted to see it knighten says we took a tour we just loved it but knew that it was going to need a lot of work we weren t scared by that because we knew we didn t want to move in right away knighten and cordier s offer of 23 000 euros or 24 973 was accepted by the seller with the condition the couple could keep whatever was inside but the closing could not happen until the summer of 2020 the seller wanted to wait in an effort to avoid paying an inheritance tax since he had gotten the house after his sister the original owner passed away his sister used the property as a vacation home and it had been in their family for years the couple agreed to the deal put down a 500 euro good faith deposit and waited patiently to become the new owners of the house renovations are currently underway including moving the kitchen upstairs to the second floor kristina knighten the covid 19 pandemic prevented the couple from closing the deal in person so they had a local friend in italy act as their power of attorney and handle it for them when the couple finally traveled to italy again in july 2021 almost an entire year after closing they found the house it was exactly how she left it when she left her last vacation the beds were made there were nightgowns still hanging in the armoire and photos on the wall knighten says in some ways it was kind of eerie because it felt like you re walking into someone s house but it was also really beautiful because we felt like we re connected to the house and the history the couple salvaged as much of the previous owner s belongings as possible and worked with the seller to send back anything he wanted to keep including old black and white family photos now the real work has begun knighten and cordier decided the first thing they needed to tackle was a new roof the original estimate was just under 15 000 but that was in the summer of 2019 by the time the couple closed on the house estimates for the roof had jumped up to 40 000 which was over budget for them the couple started renovations on the home in march of this year and are currently living in a two bedroom apartment a few blocks away for 700 euros a month or 760 while the work gets done we kept saving until we could afford to do any of the work knighten says in addition to the new roof knighten and cordier are also planning on additional changes to the house including moving the kitchen upstairs the two are planning for cordier to do as much of the work himself as possible and are estimating about 100 000 euros or 108 578 in renovation costs knighten and cordier originally hoped that their house would be ready by the time their apartment lease is up which is a few weeks from the time this article was published but knighten says that won t be the case worst case scenario in my head is we move in by christmas i m hoping it is in september but we will see what happens in the next few months and readjust our expectations for now the couple is hoping that cordier s sister closes on an apartment she s buying near their italy home so they can camp out there for a bit i m feeling good about it something will work out knighten says all in all it was worth taking the risk to do the thing that you think or know is going to make you really happy even if you re not sure how it s going to pan out in the end that is probably bad advice but i m so happy we did this conversions to usd were done on may 22 2024 using oanda conversion rates of 1 euro to 1 08 usd all amounts are rounded to the nearest dollar want to be a successful confident communicator take cnbc s new online course become an effective communicator master public speaking we ll teach you how to speak clearly and confidently calm your nerves what to say and not say and body language techniques to make a great first impression preregister today and use code earlybird for an introductory discount of 30 off through july 10 2024 plus sign 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