So as you know from episode 2 post it turned out that buying fees and taxes are not so scary as they could be. I have to be honest I was little worried, but thanks to deep research we know now that we can handle them. Uff 🙂
But because we are from Poland we have another crucial issue to be addressed -costs of living. We don’t want to move to Italy and look for regular jobs there. We want to slow our life’s pace and work only on our own projects. Because of this need, the cost of living is a very important factor that we must consider.
I made a simple assessment of the monthly cost of living and received a figure of around 4,000 EU. I think that for many people, especially for those who live in countries with strong currencies like Euro, Dollar or Pounds this 4 000 EU is not a big of a deal. But for us it is. In Poland 4 000 Eu is around 18 000 zł.
To understand how much it is let’s take a look on the National average in Poland. In 2019 the National average was around 3 800 PLN (around 830 EU). To give you a reference point lets take a look on the National average in Germany – in 2019 it was around 4 000 EU. So yeah, 4 000 EU monthly is a lot.
So our plan to deal with this living costs is twofold.
Firstly, we want to start few businesses here in Poland, develop them as much as possible and take them to Italy. (If you interested to know more about our businesses, feel free to take a look on other sections of the blog).
Secondly we want to start some local business in Italy. We want to have a guest house there and some special services for our guests.
The first part (businesses) is going quite well, but they are not generating as much revenue as we would like yet, so we need more time to improve their performance.
The second part (guest house) is of course only possible in Italy, but to know what to expect, we made estimations for the performance of the house with 5-6 rooms.
Therefore, it is planned to cover 70-80% of living expenses with revenues from businesses created in Poland and 20-30% with income from renting guest rooms.
Unfortunately the COVID-19 came and the situation changed dramatically. Because of the panic and all those restrictions and bans the major recession is expected. Especially in Italy, a country whose revenues largely come from tourism. For this reason, all estimates are pointless now and we have to wait and see what the future holds.
Also, I think that this situation can be really big opportunity for us. I think that there is a big chance that this pandemic will cause a massive property price drop in Italy.
So, yes we are taking two steps back and will see how the situation will develop in the near future.