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Real Estate Italy

Before you intend to purchase any property in Italy, you need to know the regions first. If you are moving to Italy and need to look for a property for rent or purchase, opt for a property that matches closest to all your requirements. Although there are no limitations on the foreigners to own a property in Italy, nevertheless, you should keep things like budget, location, and your requirements in mind before opting for a property. Moreover, there is no capital gains tax for some properties in Italy. Make sure to check that out too.

Make sure to visit each property personally and weigh the pros and cons of each location. Whenever visiting a location always check for the time and distances between the site and important places like market, school, job location, etc. Prepare a checklist, if you want, before going for a selection. Always keep your budget in mind. Do not let your heart rule your head, after all you would need money for registration, stamp duty, renovation, house maintenance and tax as well. You would need to keep some money as reserve for that as well. Negotiate on the prices, you can really save a lot there and use that money on your own house in the end.

After you shortlist the locations after viewing each one of them, the best suggestion is to discuss it over the dinner table and sleep over it. You would find new areas to explore the next morning and shall have fresh view of the properties at hand.

There are accredited and licenses Estate agents in Italy to guide you through the complete buying or renting process of the homes. Take a look at the cost of the property and assess its value based upon existing location, current market value of similar properties in the local area, need for renovation or restructuring, etc. If you are new to Italy, it is a good idea to first rent a property and stay there for a while. This would give you an idea about the neighborhood and the local area where you wish to purchase.

If you are moving to Italy on job then you need not select the region as you would definitely like to live in the same region as your job location. If you are buying a property for investment or holiday purpose then location and the region also matters equivocally. If you are on reserve some time specially to look around the desired locations. A car is a must if you plan to visit different regions in Italy.

Once you narrow down the region as well as the city, go in for an accredited estate agent and draw up a contract for the property of your choice. Alternatively, you can search for property in Italy on the internet as well and shortlist the desired properties based on their description and photographs provided. Most of the property can be freely owned by any national and you can make a ten percent deposit to secure it for yourself. Initial buying contract is known as “Compromesso” and as per the contract the buyer is legally bound to purchase the property but the owner and vendor are open to look for better offers.

The final offer or the Rogito is the final stage of the process and allows transfer of ownership of the property. This document is drawn in front of the Notary (Notaio).Usually the buyer and the seller both need to be present in front of the Notary for signing the papers. If the foreign national cannot be present at the time of signing of papers, the same needs to be ratified with an “Apostille” and return the same to Italian Notary office.

The initial contract outlines the details such as price, negotiation terms, payment terms, completion date of the full sale and purchase deal, etc. It is usually advisable to involve a legal solicitor or a lawyer for all such contracts. The charges for them fall usually between 1-2% of the sale value of the property. This is also split between the vendor and the buyer. The legal fee for purchasing any property in Italy is usually 10-15% of the value of the property. 10% fees are the registration and the stamp duty for urban property and 17% for agricultural property. First time buyers are given an option for reduced 4% rate.

The living costs in Italy vary depending upon the regions. Northern and central Italy is quite expensive to live where as southern Italy is cheaper. Although wines and alcohol are cheap but luxury items and white goods are expensive. Abruzzo, Calabria, Apulia, Tuscany, Marche, Umbria are popular regions of Italy for inhabiting. Tuscany is supposed to be one of the most expensive regions of Italy and the cost of living is comparable to that in Britain.

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