Why Buy Property in Italy?
There is much to admire about life in Italy – not as fast paced life in, say, New York or London, and yet not as laidback as life in rural Spain. Italian lifestyle is an ideal combination of modern and tradition, old and new, fast and slow.
Italy is a beautiful country. The natural surroundings around here are simply ethereal. The quaint little towns, the beautifully built little cottages, the modern apartments, the excellent roads and public transport, the friendly people, the beautiful women, the family friendly neighborhoods – there are so many reasons to buy a second home here.
The most important reason, though, is that property prices in Italy are lower than what you might expect in Britain or the USA, with a lifestyle that is equally good. So, why not buy property in Italy?
Are You Eligible to Buy Property in Italy?
If you are citizen of any of the countries belonging to the EU, buying property in Italy should be a breeze. You will have the same rights over property in Italy as an Italian citizen. If you’re from outside the European Union, do consult your local embassy and find out more about the rules and regulations on buying property in Italy that pertain to buyers from your country.
Buying Property in Italy – The Essentials
How to Find a Property in Italy?
You look for property in Italy by browsing the number of real estate portals online. You may want to read real estate magazines as well. Contacting major property developers or real estate agents in Italy by email is a good idea as well. Also, there are many real estate trade shows where Italian properties are showcased, which you may want to attend.
Financial Aspect of Buying Property in Italy
When buying property in Italy, you should add an additional 3 to 8% of the price of the property for the cost of hiring a real estate agent. Usually the real estate commission gets divided between the buyer and the seller.
Notary fees are likely to be 2 to 3% of the property price and Registration tax around 3% of the property price, but 7% for non-residents (you) and 10% if the property is an agricultural one. This is for old properties only. Buyers of new properties pay VAT.
VAT or Value Added Tax is likely to be 4% of the property price, 10% for non-residents (you) and 20% if you are buying a really big property.
Land registry tax is around 1% of the purchase price for non-residents. Other costs include surveyor's fee, architect's fee and solicitor's fees, utility bills and so on.
# Importance of Hiring a Solicitor
In Italy the paperwork during a property transaction is handled by the real estate agent and the Notary. Neither represents you in the transaction – they work on the behalf of both the buyer and the seller. That is why you need to hire a solicitor who would stand by your corner during a property transaction. The solicitor runs through the contract and investigates if everything is in order, nothing is missing and there isn’t anything in it that is not according to your will. Ideally, you should hire an English speaking solicitor. Also, if you’re buying property in Rome, you should hire a solicitor who has an office in Rome, not one from Torino. This is because each Italian city or township has its own property transaction rules, which an outside solicitor may not know very well.
# Importance of Hiring a Real Estate Agency
Ideally, you should hire 2 or 3 real estate agents in Italy, with the hope that one would come up with a great deal. Real estate agents charge 3 to 8% of the price of the property as real estate commission, but this is divided between the buyer and seller, so you may end up giving away 1.5 to 4% as commission. Hiring a real estate agent would help as a good real agent is well aware of the local property trends, find the best deals and get you a really decent house for sale. Worldwide Group can help you buy any property in Italy at any price.
# Importance of Hiring a Translator
A translator is important as he reads out the documents and contracts, translates every word, which ensures that you don’t get taken for a ride. He helps you out in talks with property owners, government officials and estate agents, tells you exactly what’s happening in a negotiation with several parties involved.