BUYING A HOUSE IN ITALY

Italy is a beautiful country, one of the most alluring, with it's beaches, Mediterranean sunshine, stunning views from magnificent hill top towns, culture, art, music, food and wine. Many people want to buy a house in the sun so why not buy a house in Italy. The unspoiled countryside provides the tranquillity some people yearn for and the mixture of history, tradition and climate gives Italy the edge.

When buying a house in Italy you need to think about what you want to do with it. Are you going to rent it out for income, live in it but you have to find a job, use it as a retirement retreat or simply use it as a holiday home. Property prices in Italy vary from place to place. the fashionable regions of Rome, the Italian Lakes and Tuscany all cost more but Umbria, for instance is still relatively cheap, like Marche on the coast and it is important to remember that some regions are prone to earthquakes.

Every Italian town has it's own charm, every motorway stop has a real coffee bar, every pasta, wherever you buy it is the same wonderful quality. The Italians love life, food is important so never rushed, good wine cheap and they have a fierce pride in their culture.

There are many real estate companies that offer cheap properties in Italy. Cheap properties for sale in Italy? It is not a myth, contact the estate agents in Italy and they will help you.

 
If you are buying a house in Italy you need a good real estate company. Many can be found on the internet and they will meet you at your hotel, apartment or railway station and spend the day with you. Unless you already know a lot about the different parts of Italy, you should rent for a while first just in case you don't like the area you have decided on.

Before you arrive in Italy you must tell your estate agents exactly the type of property you want because that will enable the agents to plan several properties for you. You may want an old farmhouse, a new build, an apartment on the coast or a renovation. Do you want to do a few finishing touches to the property or a complete renovation and do you want lots of land, just a garden or several acres of olive trees or grape vines. Do you want to be in the town with the church bells ringing or in the country with complete peace and quiet and see no one from one day to the next or a mixture of the two.

 

It is important to know your budget and stick to it as renovation costs can spiral if you underestimate the extent of the work to be done. Workmen can be slow but methodical and if you get a good builder the results can be spectacular. Italy has bathroom shops as big as supermarkets and antique shops to make your mouth water, but all at a cost. Do not spend a fortune on antiques before you are sure of the cost involved in running your house.

 
 
  There are advantages and disadvantages in buying a house in Italy although the benefits really do outweigh the drawbacks. There are good rental prospects as the summer sun is almost guaranteed but property prices are reasonably stable, so don't expect to make a quick buck.

If you are buying a house in Italy you will probably be buying with money transferred into Euros and are hostage to the exchange rate for the purchase and spending money. Depending whether you will be using the house to live in or holiday in, your income may come from your native county and you will always need to transfer funds from one country to the next. This could mean you will have to suffer constant fluctuations in the exchange rate and bank transfer charges.

It is very easy for Europeans to buy in Italy and to stay here without a visa but it is important to check whether you need a visa if you come from a country outside Europe. Italy is a very bureaucratic country and despite being a member of the European union can be very pernicious in it's treatment of foreigners buying and working there and the wheels turn very slowly.

Unforeseen problems such as medical bills could deplete your savings. Foreigners, especially retired people often underestimate the cost of living in Italy and some are forced to return home after a few years. Italy is one of the highest taxed counties in Europe partly because of the local, hidden, black market tax system of not declaring taxes and getting away with it!

If you are looking to buy a house in Italy the following links may also be of interest to you:

 

Everyone in Italy needs a fiscal code (codice fiscale) which Italians receive at birth. It is needed to take on a mortgage or finance, buy a house, get insurance, open a bank account and register a car. It is needed for everything. You get this from your local italian tax office and you will need to provide your passport for identification. Husbands and wives get their own separate code because in Italy the woman keeps her own surname after marriage.

You will need a bank account at an Italian bank and these are easy to get but if you are not resident in Italy you will have a non resident account (conto estero) but these cheques are not accepted by some businesses in Italy because the payee is charged a percentage by the bank to accept the cheque.

Mortgages can be obtained from Italian or foreign banks. Approval from the Italian bank can take some time but you may obtain a bigger loan and better rate from a foreign lender.

There is a property tax payable in Italy (Imposta Comunale sugli Immobili/ICI or Ichy) and is payable by anyone who owns property or land, whether resident or non-resident. The form for paying ICI is very complicated to assess and many foreign people employ and accountant (commercialista) to work it out for them. It is worked out on a percentage of the property value decided by the local council, on it's position, size, age and category.

Many people love living in Italy and the country will continue to lure people to live or to holiday there.

 
 
Try searching on the Internet for "buying a house in Italy" and you will be amazed just how many pages are on offer. Try it for yourself by hitting the search button below!