The Ultimate Buying Property in Italy Guide

1. The Ultimate Buying Property in Italy Guide

2. Fancy an Italian pad? If you’re considering a permanent transfer of lifestyle out of the UK and back in Europe, or trying to buy as an investment opportunity, the land of (ancient) history and romance is one of the top options Brits are looking to move internationally for. Here we are going to take a very in depth look at purchasing Italian real estate – a buying property in Italy guide if you like – that should prove helpful whether you are planning to make a move yourself or sourcing properties to rent to others.

3. Why Italy? In terms of European real estate the conditions in Italy are ideal. There’s a good supply of affordable properties, outstanding long-term fixed mortgage offers and easy travel. At the time of writing, no one knows what will really happen as the UK removes itself from the EU. The COVID-19 pandemic has muddied those waters and whether the British come out with a deal remains to be seen. Put these three basic questions to yourself and answer them as best you can: 1. 2. 3. For whom are you buying this property primarily? What do you see doing when there? Which of these are you most interested in? However you plan to make your big move into Italian real estate by getting very basic questions answered you ‘re going to be clearer on what you’re looking for and be able to move on to the finer details.

4. Where Is the Best Place to Buy Property in Italy? In the late 1990s, British passion for Tuscany in central Italy achieved such feverish intensity that some parts of its lush countryside – such as Chianti and Siena – were dubbed ‘Chiantishire’ by the British media. The Russians have since entered the stampede to help drive the prices higher but demand, and love for, the region continues. But Tuscany, as beautiful as it is, is far from the only area to consider that offers real estate that will suit any taste and a wide variety of budgets.

6. Italian Lake Districts The Italian lakes – Maggiore, Garda and the now best known Como– are still in demand, and less well-known lakes are starting to be discovered by foreign buyers – according to local agents, with Lake Iseo and Trasimeno have shown significantly increased inquiries and purchase activity. House prices in the north are also cheaper: you could get a one-bedroom apartment in a former palazzo, with a view of the lake, for less than € 100,000 if you have the right local real estate connections. Get to know some more Italian locations that offer amazing living, investment and just sheer enjoyment possibilities when it comes to buying Italian real estate.

7. Types of Property to Buy in Italy Once you have determined where in Italy you would like to focus your search – or perhaps even before – it helps to understand what type of property might be available to you as well. So make sure that you are clear about the following major areas that will specifically impact the sort of property you want to commit to, keeping all the following in mind: Think about transportation and logistics, and how convenient it will be for you to visit your property if necessary. Consider how much time you will need to spend – and how much time you will have available – to oversee on-site maintenance or renovation work. Be clear about whether you have room in your purchase budget to meet the almost inevitable ‘little surprises’ any repair or renovation can present? ● ● ●

8. Buying Property in Italy: General Categories So, what are the different kinds of homes and properties generally available to those looking to invest in Italian property? Here is a very basic overview: New(ish) Construction – <20 years old Ready to move in-in excellent condition, restored / renovated property Needs some work but livable More extensive changes are needed A shell-in need of comprehensive, mostly indoor work ● ● ● ● ●

9. The Essential Players in an Italian Real Estate Purchase Buying real estate anywhere in the world usually calls for a certain set of professionals to be involved aside from the actual buyer(s) themselves. Before we go too much further though it should be pointed out that what follows is a general guide. Every transaction is unique. Each house has its own history and every seller and buyer has their own needs. Still, there is a routine procedure that is followed when purchasing virtually all Italian properties and that’s what we are going to take a closer look at here.

10. The Players Who are the players that must be involved in purchasing property in Italy that we just mentioned? Let’s introduce them: Your Realtor: If you’re a foreigner who doesn’t speak Italian but has chosen to buy a house in Italy, you’ll probably need to contact an English-speaking realtor. The Notary: If you are going to buy a property in Italy you have to work with a notary. This person is a non-negotiable must and their work is at the heart of any property purchase, whether it’s made by a local or by a foreigner. A Word About Lawyers: Again, in general, you should not need to retain a lawyer to buy property in Italy. Why? Because a notary pretty much does it all. They do have that law degree after all.

11. The Documents Needed Before an Italian Property Sale Can Be Closed As is the case for any real estate purchase there are a number of essential documents that have to be gathered for presentation at the closing. Occasionally some documents present problems. The floor plan, for example, may no longer match the real layout of the property, if the seller has done some renovations to the home. This is a relatively easy ‘fix’ though, as drawing up a new set of floor plans that do reflect the current state of the home should not be too hard. Now that you have a better idea of where in Italy you should be sourcing properties to buy, what types might be available to you and the players that you will need to assemble to effect a sale in part 2 of this Ultimate Buying Property in Italy Guide we will examine the actual buying process and how it proceeds in much greater detail.