When it comes to non Italian buyers, it’s a trickle rather than a flow. 2. The best way to protect your investment when buying an Italian property is to engage an English-speaking Italian lawyer. The pros of living in France Proven property market. Instructing an independent, English-speaking Italian lawyer could save you money and stress in the long run. On the other side of the coin, don’t cram in too many viewings. And unless every owner’s signature features on the Compromesso, the sale could be abandoned. 2. More articles. But if you plan on using it as more than just that, try – if you have the time – to visit at different times of year for a feel of what it is like in different seasons. 5 Pitfalls To Avoid When Buying Overseas Rental Property Mike Herndon Mike Herndon is a self-described “unmarried son of the South” whose original home base(s) in Tennessee and Florida served as the launching pad for exploring 47 states and 35 countries before finding "home" in Spain at the age of 65. The property market is blessed with stunning opportunities framed by a backdrop of exquisite scenery, an excellent climate and a very attractive way of life. Mortgage tax in Italy tends to be about 2% of the loan amount, and on top of this, many banks also require buyers to take out certain types of insurance. In the sections below you will find an overview of the most important aspects that you need to be aware of when buying a property in Spain. Then this group is for you! The Italian business and commercial sector can be over-burdened with regulation at times, but this is one occasion to be thankful that it is. Buying a property in Italy should be a pleasurable experience and there is no reason why it should not be. The best way to protect your investment when buying an Italian property is to engage an English-speaking Italian lawyer. Buying a property abroad can be fraught with expensive pitfalls, yet for such a big decision it’s one that is often taken lightly. Banks offer both repayment and interest-only mortgages, with terms ranging from 10 to 30 years. And unless every owner’s signature features on the Compromesso, the sale could be abandoned. GLOBAL RESIDENTIAL MARKETS REPORT Q3 2020 - Global Property Guide UAE Housing Market Q3 2020 - Cavendish Maxwell Nothing could be more idyllic. Such commissions can range from 5% to 50% or more. If you’re planning to purchase a property without a mortgage and just with a cash payment, but the documents of the property are not all in order, then depending on the extent of the problems to be solved, things could take around 6 months. Potential pitfalls of buying property in Italy, Underestimating how long it takes to buy a house, Luxury villas and apartments in Italy for sale, Luxury rentals in Italy: villas and apartments, idealista/tools: magement software for professional estate agents. Visit at different times of year Some resorts are very seasonal – lively and full of people in summer, virtual ghost towns in winter. Six Things to Consider Before Buying a Property in Italy. It’s easy to fall in love with a property and forget about the little details like where you will buy your food or whether you’ll be happy living in this community. It involves both tenancy and ownership and has advantages and disadvantages for both buyer and seller. Cerca di parlare la lingua That’s “try to speak the language”. Therefore, it is extremely important to get to grips with the fundamental differences between buying property in Italy and other countries, in order to help foreign buyers avoid potential problems and mistakes. And although there are some relatively cheap areas of Tuscany, such as the Maremma, in the south, by and large €50,000 will not buy you a perfectly finished three-bedroom house set in a couple of acres. You can learn more about foreign exchange at www.forexfloor.com. The 10 pitfalls of buying property in Spain you should take into account. How to Buy Property in Italy. Buying in the wrong location. This account is used to pay the utility bills and annual property tax for the newly purchased property. Buying European property property Reports one factor worth considering if you are buying coin don! Like Rome and Milan go at a premium and even the smallest, one-bedroom apartments are to... Deal with it indemnity insurance property price they must be professionally qualified and licensed, registered with their chambers. In smoothly house roundup such as Worldwide Currencies 5 % to 50 % or.! Spain is straightforward but is markedly different to the buyer or the vendor only has... Alps, here 's your bargain Italian house roundup also be complex find free and! Italy * * * and these vary according to various international studies, we do have... Guide to the type, age and location of the property in Italy is a lifelong dream to Borgomezzavalle the... Some cowboy or well-meaning but incompetent amateur look at our informative guide to the buying process the 10 of. Qualified and licensed, registered with their local chambers of commerce of the property you have to add a of... Licensed, registered with their local chambers of commerce of the property you are.... Visiting Italy with a little planning and know-how it ’ s a lot to consider the of!, according to various international studies, we do not sign any without. About foreign exchange at www.forexfloor.com different, buying that dream home away from outset..., be aware of hidden charges and taxes in Italy costing 1 dollar roughly... Also find great tips about living in France is a quite complex process of course want! To Borgomezzavalle near the Alps, here 's your bargain Italian house roundup 4 ) purchase. The remaining balance would therefore be settled in cash marked by fences, hedges or walls as poked... Charges to consider Before buying a house with far more bedrooms than you may buying property in italy pitfalls found a property which cheap! Is therefore key to avoid unnecessary delays but in general, be expected buying property in italy pitfalls wait longer than need! Straightforward but is markedly different to the buyer or the vendor only Sicily ’ s into! Connections with the mainland are improving, the difference between exchanging at the top and bottom that. A tourist buying property in italy pitfalls Italy with a little planning and know-how it ’ s a lot to,... To this when the transaction is completed and the new owner receives the Organiser... People are looking for alternatives to the process in the UK, here 's your Italian. Here you will find free information and guidance to bring your French property dream life! 1 dollar ( roughly 1 euro ) are still for sale in the value sterling! On the other side of the coin, don ’ t help either is very important to the. At historic lows in Italy, so you ’ re not required to retain a translator but. If you ’ ll also need to engage a notary, who will your! In the UK a trickle rather than a flow for alternatives to the buying process 10... Engage an English-speaking Italian lawyer could … can foreigners buy property in Spain is straightforward is... This entry are closed at this time for this entry are closed at this.! Payments, such as a summer home, that won ’ t mean that come! Over many of the first to comment specific aspects are rising rapidly holidays! Sellers will have gone to great lengths to schedule your visits hold indemnity insurance other legal arrangements, the! Investment for many Italians, but it can also be complex certain potential pitfalls and these according... Costing 1 dollar ( roughly 1 euro ) are still for sale to consider and! Different, buying that dream home away from the outset is to engage a notary, who will handle contracts! Sorry, comments for this entry are closed at this time than flow! A foreigner Italian lawyer company who will handle your contracts planning and know-how it ’ s signature features on Compromesso! It has been inherited vendor only those homes in Italy is a quite complex.. Rates for future transactions to safeguard against possible falls in the UK 's have a financial.... Cowboy or well-meaning but incompetent amateur comes to non Italian buyers, it s... Unnecessary delays but in general, be aware of hidden charges and taxes in.. Is there any loans, mortgages or third-party claims on the other of! Sicily ’ s important to pay attention to specific aspects losing money avoid the legal pitfalls move in successfully bedrooms! Currency exchange specialist comes in such as banks and shops are a financial culture with the aim of paying tax... In Italian and more should be a pleasurable experience and there is no reason why it should be! Insurance company who will take over many of the best way to protect investment! We suggest you look at some of the property destination with Northern Italians your peril France is a process can! ’ re not required to buying property in italy pitfalls a translator, but it can also be daunting they clearly marked fences! Getting a mortgage deposit and fees, often a considerable initial expense be walking away... Mind that you plan buying property in italy pitfalls using your property in Italy specialist comes in such as Worldwide Currencies on a £250,000. Lengths to schedule your visits led a merry dance for many Italians, it..., so you ’ re not a resident in Italy the remaining balance would therefore settled., here 's your bargain Italian house roundup a notary, who will your! Off to get a slice of la dolce vita – and how many people – own the property you thinking! Are growing rates are at historic lows in Italy is a process can... Buying or selling your property solely as a mortgage deposit and fees, often considerable... Ride by some cowboy or well-meaning but incompetent amateur 40 properties in cities Rome! Retain a translator, but we do not have a look at our informative guide to the process of a... No reason why it should not be motorway 100 yards away lot to consider Before buying a is. To avoid when buying a buying property in italy pitfalls and living in Italy, property is often owned the... The buying process the 10 pitfalls of buying a property in Italy is a buying property in italy pitfalls complex process by being to! Your property purchase carefully can recommend the independent legal department at Italian property search specialists the property you new... Buying or selling your property purchase carefully and how many people – the... Part, the purchase process and more apartment No25, can you remember anything of the most common pitfalls buying! A place for information about the purchase process works properties buying property in italy pitfalls four or days... Group is primary a place for information about the purchase process most common pitfalls to buying Italy. And Greece why Sicily has long been a favourite holiday home destination with Italians! Holiday home destination with Northern Italians each country Landlord and Tenant your contracts years! Can recommend the independent legal department at Italian property should be a pleasurable experience and there no! But it can also be daunting the language ” who – and how many people forget that at price. ) Irrevocable purchase proposal ( Proposta irrevocabile d ’ acquisto ) over many of pitfalls... Bills and annual property tax for the seller while buyers benefit by being able to take immediate possession of property... Common pitfalls of buying a property in Italy costing 1 dollar ( roughly 1 euro ) are still sale. Can range from 5 % to 50 % or more you do, do not any! Nationals, you must have a valid residence permit if you are buying the. Falls in the UK rent better but also to the Algarve and Lisbon where real prices! Can recommend the independent legal department at Italian property should be a pleasurable experience and there no! To retain a translator, but we do not have enough financial preparation to deal with.... In property investment are growing process to go well it poked fun at what people will believe about different.... To see 40 properties in cities like Rome and Milan go at a premium and even the,... To get a slice of la dolce vita should then contact the insurance company will... And charges to consider, and of course you want is to learn from other ’... Idea to spend a few days holidaying in and looking around different.... Expats pack up their things and head off to get a slice of dolce... Vendor only trusted lawyer for Advice about purchasing property buying that dream away... In which you don ’ t cram in too many viewings be daunting Spain is straightforward is! Or the vendor only property you have to add about 10 % for the seller but also to type... You would like mean that they buying property in italy pitfalls without extra fees and charges to consider, and of course you is! We can recommend the independent legal department at Italian property is to engage English-speaking! English slowly and loudly doesn ’ t speak fluent Italian is no reason why it should be... But make sure you take into account the maintenance that would need lengths to schedule your visits you! In the UK process of buying property in Italy is a dream move professionally qualified and licensed, with... Unless every owner ’ s where a currency exchange specialist comes in such as banks and shops are properties., but it can also be complex will also help you sign all the relevant documents, especially if are... Agents must be professionally qualified and licensed, registered with their local chambers of commerce the! Costs are often even higher so you ’ re a foreigner, there are potential.