Tips on Buying Real Estate in Italy
It’s relatively easy for foreigners to purchase real estate in Italy. But here are some tips and important information to make the process easier.
Italy isn’t just Rome, Venice or Tuscany. When it comes to real estate, Italy’s rural areas are best and the most affordable. Regions such as Sicily, Calabria and La Marche, are cheaper and equally attractive with stunning landscapes and beaches. They have affordable local markets as well as good public transport and infrastructure.
Prepare a realistic budget. As a buyer, do not limit yourself to budgets suggested by websites or base your budget based on the regional market prices. There are always going to be fees involved in any transaction, especially real estate in Italy (https://www.bluehomes.com/Immobilien-Italien-kaufen-verkaufen/kat.html) . Italy charges several taxes and fees on real estate transactions so prepare as much as 30 percent or more than the property price.
Carefully check the property. Cheaper properties often may require restoration, renovation and maintenance, which would technically add to your purchase expense. Allot for the additional cost depending on the condition of the property.
Hire a lawyer. Since the transaction is foreign in nature, you as a buyer must be on the lookout for number one. Hire an Italian lawyer who is good with English to look out for your interests. A lawyer is optional but recommended for more complicated transactions. It wouldn’t hurt to hire one for more basic transactions also.
Speak Italian. You’re in luck if you have Italian heritage, if not, learn some Italian since you’re planning to move to Italy anyway. If you’re after a cheaper southern real estate, the more important it is to speak Italian as they won’t be as fluent in English. It will also allow you to integrate and endear yourself faster to your neighbors.
Hire a good real estate agent. A real estate agent is a basic requirement. The agent should be licensed and registered, should be able to speak your language or at least fluent English. It’s best if the agent’s website shows that they belong to the AICI (Italian Association of Estate Agents), FIMAA (Federation of Mediators and Agents) or FIAIP (Federation of Professional Estate Agents).