This small town in France is selling a house for 1 euro—applications are open, but there's a catch

For a few years now, countries all over the world have gone viral for selling off abandoned or dilapidated properties for around $1 dollar — an often symbolic price. The point of these schemes is to attract buyers and help reverse shrinking populations.Towns in Italy have done it several times and now a small town in France is taking a second run at their own $1 home program.

The French town of Saint-Amand-Montrond is selling a 828-square-foot house for 1 euro or $1.07 USD. It's a two-level house with two bedrooms and one and a half bathrooms. The property also includes a courtyard and a garage, according to Ouest France, and is located in the city center of the small town.

Much like with some of the other deals in Europe, this house needs serious work. It hasn't been lived in for 12 years, and the town estimates it will cost about $136,180 USD to renovate.

Interested homebuyers should also be prepared to eventually relocate to Saint-Amand-Montrond.

The town of around 9,000 people is looking for the new owner of the house to be "a serious candidate who has a life plan in Saint-Amand-Montrond, who really wants to settle there," Francis Blondieau, deputy in charge of Urban Planning, told Ouest France.

"This system aims to encourage the renovation of old buildings, to reduce the number of vacant housing and above all to revitalize the city center," he said.

Applications opened on April 1 and will be accepted until June 15. Those interested in applying must include renovation plans and detailed information about financing in their application packages.

Though it is not mandated, Blondieau told the French newspaper he suggests sending a cover letter that details the plan for the property with your application. The town is serious