Discovering a characteristic Italian apartment uninhabited for more than two decades: a personal journey.

In 2020, Kristina Knighten, 38, and her husband Paul Cordier, 46, finalized the purchase of their picturesque home overlooking Lake Iseo in Italy. They purchased this charming two-bedroom residence for €23,000 (approximately $24,973 USD).

Describing their new home, Knighten shares with CNBC Make It, “It’s the kind of house you picture as a kid, complete with a gable roof, center door, and quaint upstairs windows. It’s ideally located, just steps from both the train station and the lake, and it almost seems too good to be true.”

The duo began the renovation in March this year, anticipating costs of around €100,000 ($108,578 USD). Despite meticulous planning, they faced a 25% increase in expenses. “When we looked at our invoices, we saw that labor was our biggest expense. Having my husband take on some of the work seemed like a wise choice for managing our budget,” Knighten explains.

Their goal was to move by Christmas, but unforeseen delays pushed things back.

During the renovation, they stayed in a nearby rental apartment, but since their lease expired prematurely, finding another temporary home became urgent. Coincidentally, Cordier’s sister was also finalizing the purchase of an apartment right across the street from theirs, with plans to move out of Bangkok in a couple of years.

This apartment, which had been used sporadically as a vacation spot since 2002, was steeped in history. Inside, they discovered artifacts such as a 2006 calendar, a 1920s dresser, vintage photographs, and hand-painted culinary bowls.

They are currently living in the apartment rent-free, focusing on renovations. “The place was dusty and smelled musty. The walls needed a new coat of paint because the old plaster was peeling off. We even had to make sure the electricity was stable because of the age of the building,” Knighten says. The apartment’s quirky layout includes an outdoor bathroom and the bedrooms are accessed via an outside staircase, adding a rustic charm to their living situation.

One of the apartment’s main draws is its lake-view courtyard, a feature their main residence didn’t have. “If it had been available, we would have chosen this apartment initially,” Knighten reflects, appreciating the outdoor space where they now spend evenings with a glass of wine.

As they work on the property, they’re not only improving its aesthetics, but also making sure it’s comfortable until they can move into their own home, hopefully by next Christmas. Despite the challenges, including the unconventional bathroom layout, Knighten appreciates the unique opportunity. “It’s a bit like glamping in a way, but we’re lucky to have this place for as long as we need it, at no cost,” she says.

Cordier’s sister, meanwhile, plans to renovate the apartment before she moves in. In exchange for living there rent-free, the couple is revitalizing the place, from the garden to the interior.

This intimate look into their lives reveals not only the challenges of renovating a long-unused property, but also the unexpected joys and adventures that come from transforming a historic Italian apartment into their temporary home.