IT’S TIME TO BUY A HOME IN ITALY...

SO, WHY DON’T YOU MAKE THE  DREAM COME TRUE?

 

The internationally-popular desire to own a home in Italy has increased more and more in the last 2 years and it is unlike to fade because Tuscany owns all the things that people look for: a temperate climate, breath-taking views, spectacular countryside, a Mediterranean coastline and world famous cultural centres such as Florence, Pisa, Lucca and Siena.

For non-Italians, Tuscany is probably the most famous region in Italy. Its name immediately brings clear images to mind – even to the minds of those who have never been there.

Tuscany’s countryside, with its incredible landscape made of rolling hills fuzzed with olive groves, zigzagged vineyards and long lines of cypress trees, is the best-known place to enjoy a spot of rural dolce vita.

Its most important city, Florence, is among the world’s most visited.

It is very firmly fixed in the popular imagination as a place of culture, art, fashion and sophisticated relaxation.

We all know that, but why overseas buyersinterest in acquiring houses in Italy is raising year by year more and more interest? And, most of all, is it safe to make an investment in Italy and particularly in Florence?

- Today international buyers want to invest in what has historically been a very stable property market. In times of uncertainty and low yields from the stock market, investing in Tuscan estate properties is not just a good investment but also offer the opportunity of enjoying the investment.

- The property prices across Italy have fallen over ten percent in four years but now they are quite stable and the negative wave that began in 2011 seems to be receding. Houses prices are now attractive and it is possible to find a great choice of good value properties available, which makes right now an exceptional good time also for buyers with a small budget.

- Italy is currently in an economic recession, like other countries nowadays, but unlike other countries such as Greece or Spain, Italian property market has never witnessed a wholesale collapse and it has never seen significant tumble in property prices. That’s why buying in Italy is considered a safer investment option than buying in other Eurozones.

- Italy tends not to suffer sudden booms and busts on its property market and prices do not suddenly increase only to crash down later. Tuscany protect its territory with strict planning laws that restrict new building and restoration works must be done in conservation, maintaining the region’s traditional style and character. It means that it will be very unlikely that a home will loose its value.

- Florence, is a pricey city, although holiday rental prospects here are excellent year-round.

- Improved travel connections, such as low-cost flights, have opened up to Italy to more visitors and made most of italian cities well reachable from any Eurozone countries.

Nowadays Italy offers plenty of quite low-priced homes, and it definitely worth your investigation.

So, if you are retiring and dream a place in the sun, or if you just want to make a good investment that you can also enjoy, all you have to do is come to Italy and we will make the rest ...

 Come and let your dream come true!

 

 

BUYING PROCESS IN ITALY

 

 

First Step: Make an offer

Once you have found your home, the first step is to sign an offer. The offer is a written document prepared by a real estate agent, which describes the property, sets the price and the terms of payment (for example if you need a loan) and includes also the identification of the owners and of the purchaser and the obligations of both parties. This document, once signed by the seller, it becomes binding for both parties. At the signing of the offer you are required to leave a small amount of money, and is also established the agency commission.

 

Second step: preliminary contract

Once the seller has accepted the offer, the next step is to sign a preliminary contract in front of a Notary, usually after about 30 days.

The Notary is a public officer, chosen by the buyer, who will carry out further checks on the property, and will ensure that everything is in order at the time of signature, in particular he checks that the property is free from legal encumbrances.

At this time you will pay an additional amount of money to the seller, usually 30% of the purchase price, but this percentage can vary according to buyers needs.

At the signing of the preliminary contract you will also pay the real estate agent commission.

 

 

Third and final step : Rogito

The Rogito, always to be signed by a Notary, is the official contract that transfers ownership. At this time you will pay the balance of the price, which can also be paid by a loan, and you will receive the keys of the house. At the same time you will pay to the Notary the taxes for the sale and his fee. The Notary will register the property on your behalf and pay the taxes to the tax authorities, as well as to enroll a mortgage on, in case you have taken a loan to pay for the property.

The Notary is the professional authority to execute legal sale. He must control and guarantee the property title and take care of any problem pertinent to the property.

 

 

 

 TAXES AND COSTS

 

- WHEN YOU BUY

 

Imposta di registro:

- Purchase made as a "first house"(if you do not own any other house in Italy - in this case you are required to ask for the residence within 18 months):  2% tax calculated on the fiscal value of the property (with a minimum of 1000 euro), 50 euro mortgage tax and 50 euro land registry tax.

- Purchase made as a "second house": you have to pay the 9% calculated on the fiscal value of the property (with a minimum of 1000 euro), 50 euro mortgage tax and 50 euro land registry tax.

 

Agency fee:

The agency commission is normally 3% plus Vat (22%).

Please note, contrary to buying procedure in the UK or USA, Italian estate agencies charge commission to both the vendor and the purchaser.

 

Notary fee:

The Notary fee will vary depending on the price of the house. (Just to give an idea, on a property of Euro 200.000 it would be 1.300/1.400 ca. Euro + Vat 22%).

 

 

- ONCE YOU HAVE  PURCHASED - ANNUAL TAXES

 

Tasi (first house) or Imu (second house) is an annual Council tax and vary depending on the size and the land register value of the property. It will be possible to determine the exact amount only after having found the house you are interested in and checked its land register value, but we can say that it is not high comparing to other European countries.

 

Garbage disposal Tax. It can vary depending on the metrature of the property. For example, for a 100 square metres flat it can be 100 euros ca. per year.

 

 

Of course we are at your disposal for any kind of advice regarding any aspect of the transaction, from fiscal queries, to the procedure for obtaining a mortgage, to open a bank account and all any other queries you may have.

 

Remember, buying a property in Italy is not that much more complicated than buying one in the United States or U.K., but we can assure you that with our help you will see very little bureaucracy.

 

 

 

 come back to:

 

-> Why to BUY

 

-> Buying process in Italy

 

-> Taxes and Costs

   

 

 

 

 

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