Features of buying a home in Italy.

Features of buying a home in Italy.

Features of buying a home in Italy.
The choice and acquisition of housing abroad is always fraught with difficulties in understanding local specifics and the resulting problems. Italy – a country that does not lose its appeal, despite all the economic upheavals, today is among the most sought-after places of residence of foreigners. Each year, their “hordes” (and among them our compatriots) move here “for good”.
How not to get trapped, making a choice in favor of buying property in Italy?
How to buy property in Italy?
Italy is by no means the most unpredictable place, speaking of real estate, but its wide fame makes no-no, but think about the order of things. Let’s look at the standard procedure for buying a home in Italy and for those nuances that can puzzle a buyer who is not familiar with local specifics.
The legislative framework.
The potential buyer should know that when making an act of buying and selling real estate in Italy, he will have to conduct all monetary calculations according to a certain scheme. To do this, you need to open an account with the Italian bank, which will need to transfer the required amount from the Russian account. To conduct a transaction it is necessary to obtain an individual tax number (codice fiscale).
It is customary to pay the transaction here with the help of “covered checks” issued by the bank in which the account is opened. With some risk of unforeseen delays, it is still possible to transfer money from a foreign account. Among other things, you need to know that all documents will be compiled in Italian, so have a good translator if you need it.
Purchasing (Contratto notarile di compravendita), the main contract of the transaction, is subject to notarization and is signed by the seller and the buyer from the notary, obliged to read out the contract out loud and to exclude the variability of his understanding.
It is important to remember that even before the signing of the purchase, the buyer must pay taxes and a notary fee by checks from the Italian account. If you do not speak Italian, the main document can be signed through an interpreter or through a power of attorney for a representative who speaks Italian. The interpreter must be present at the signing of the transaction accompanied by two witnesses, and the contract in this case is made in two languages.
It is at this stage that the buyer fully pays for the value of the property with covered checks or a preliminary bank transfer.
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Prices for Italian real estate almost did not notice the crisis: it fell by no more than 5-7%. All because local realtors did not inflate prices before the crisis.
Due to the fact that the agrarian south of Italy lags behind the industrial north in economic development, in the south of the country real estate is traditionally cheaper. For example, in Calabria, housing is much cheaper than in Lombardy. Making up the budget is also worth considering that the notary fee is about 2% of the purchase price of real estate, and the services of an Italian lawyer will not cost less than � 1500.
The largest single property tax in Italy is VAT on real estate: for foreigners it is 10% of the selling price of a new facility. In the same case, if the property passes in the luxury category, the VAT will amount to 20%. At the same time, VAT is not collected at the secondary market at all.
In addition, there is also a registration tax or a registry tax (Imposta di Registro), it is � 168 for the primary real estate and 7% of the tax value of the object – for the secondary. However, more recently, the rate of purchase of secondary real estate has decreased: by � 900 for every � 100 000 of the cost of housing.
Mortgage and cadastral taxes (Imposta Ipotecaria e Catastale) for the primary real estate will amount to � 336 together (that is, � 168 per each). Mortgage and cadastral property tax in Italy for non-residents for secondary housing is 2% and 1% of the purchase price. The tax on the purchase of land for building is 8%.
In Italy, there are no restrictions on the purchase of real estate by foreigners, whether natural or legal persons. The only exception is a ban on the purchase of agricultural land by non-residents.
How and where to look for a property in Italy?
Of course, in most cases, to search for real estate abroad, we start on the Internet, at specialized exhibitions, in thematic prints and so on. However, you can also directly contact the real estate agency: the Italian agency, a local representative of an Italian real estate company or a domestic firm that sells real estate through its Italian partners. But in any case, before making the final decision, it is almost necessary to inspect the property independently.
Regardless of which type of property you are looking for, it is not superfluous to conduct a small study. Italy consists of 20 regions, with each of which nature, environment and lifestyle can differ most significantly from others. So it is quite appropriate to try to determine the location in which you would prefer to live.
The only way to not lose with this important choice is to see for yourself the advantages of this or that region. At what, you can verify your own impressions with complete confidence only after visiting the chosen place at different times of the year and for different needs.
Should I use the services of an agent?
As in most cases of handling large sums of money, especially in a foreign country, in order to exclude all possible troubles, it is not superfluous to look at a local real estate agency. Legislation in Italy makes the procedure for acquiring real estate completely transparent, but without due knowledge, you run the risk of becoming at a disadvantage under such conditions.
Anyway it is necessary to understand that the choice of buying a home abroad is a responsible decision that requires from you, in addition to substantial capital investments, also a serious immersion in the nuances and specifics of this case.
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