A simple guide to Buying a Property in Italy
Buying a property in Italy is no different to buying a property in any country. It is wise to have sound legal advice to hand at all times and using a local Solicitor or Lawyer resident and familiar with Italian Real Estate Law is highly recommended.
Our partners within Italy can provide independent advisers and legal counselling as well as providing their own services at the disposal of International Property Developer's clients.
A foreign national buying property in Italy should be aware that they have the same rights as and Italian citizen except that a foreign national pays a higher purchase registration tax of 11% whereas an Italian citizen only pays a 4% purchase registration tax.
Buyers should ensure they have sufficient finance in place.
The title to the property is to be checked to be sure that it is free and clear of any and all encumbrances - the seller should make preparations to ensure buyer confidence with all paperwork
Upon the the seller and buyer agreeing to the conditions of sale the buyer will be required to place a deposit - often the normal 10% of the total purchase price ir usual but it can run higher and it is wise to check the level of commitment at the outset and the normal procedure is for deposits to be non refundable.
An Italian Notary a has a good level of responsibility when it comes to overseeing the property transaction, which should be seen as added comfort for any buyer, including carrying out title searches to work to make certain that the title to the property is free and clear of any obvious defects or liens.
In Italy purchaser can hire what is known as a geometra who has the task of surveying the physical boundaries of the property for sale to make sure that it actually does comport with what is listed on the legal description that is subject to a contract for sale. (These experts maintain that this particularly is important when it comes to older properties in Italy.)
Vacation rentals in Italy are often offered by the owners of the properties or agents may also offer property for sale or rent. If you are considering buying real estate in Italy or anywhere else for that matter, the most widely used method of borrowing the funds to make the purchase is a mortgage. International Property Developers has agreements in place to offer the services of a well known mortgage company who will help at the required stages of a mortgage application. International Property Developers can also help you obtain great currency exchange rates with it's partner MoneyCorp.
Increasing numbers of investors using International Property Developers are buying real estate globally with a view to using them as a vacation rental or for capital appreciation. Returns on this investment can be very good and the prices in some emerging markets are very attractive. A mortgage can be used to fund the purchase of a house, home, apartment or villa in many cases.
If you are looking into purchasing or renting or trying to find a property for sale in Italy you may be limited to the type of alterations you can make to the property. You will benefit from living in the environment of your choice plus, in many cases, your improvements will add to the value or saleability of your home - but always ask the local authorities, developers or agents on the ground who you found through using International Property Developer's services. If you are looking to rent out a property in Italy or anywhere in the world - it is wise to find out the possible rent that can be achieved or if there are any comparables available. Rental yields will vary according to location, market conditions and the property conditions itself.
Buying a property in Italy
