Do you want to live in Italy? To experience its lively culture every single day of your life? To eat their delicious food until you're absolutely sick of it? To find new friends and, if you're lucky, your one true love? Well, you'll be one of many who do! It's no surprise that many people dream of moving and starting a new life in Italy. The country is among the most fascinating in the world. But before you can settle down here, you ought to find a place to live first. So why not buy your own
property in Italy? This guide will tell you what you need to know.
Can a Non-Resident Buy A Property in Italy?
If you're coming from another country, you're probably wondering if you can legally buy property in Italy, right? Well, the answer is yes, you can! As of this writing, there are no Italian laws that prohibit foreigners and non-residents from owning their own place in the country. But do note that just because you've purchased a property here, it doesn't mean you'll automatically become a legal resident. You'll still have to get
the right visa or go for legal residency if you want to
relocate to Rome,
Milan,
Venice, or any other place in Italy.
What Should You Look For in a Property?
Now that you know you can buy real estate in Italy, it's time to look for one. As you'd expect, there are many available apartments and houses in Italy for sale. But remember that you'll be spending a lot of money on it. You owe it to yourself to find a home that suits your standards. This is why you ought to
look for many things in a property before you buy it. A great location, good neighbors, nearby facilities, working windows, and enough storage for your things are just some of them.
What Are The Costs of Buying Property?
Do note that when you buy a place in Italy, its property value isn't the only thing you're going to pay. The process of purchasing real estate in Italy comes with a few other costs. There's your real estate agent's commission, for instance, which should be around 4% to 6% of the total property value. Here in Italy, it's the buyer who has to pay the notary fees too, which is usually around 2.5% of the final price of the place. And if a third-party company conducted the necessary surveys of the home, you might need to pay them their fees too.
How Do You Make an Offer to Buy Property in Italy?
What's important about offering up a price to the seller of the property in Italy is that it has to be near the initial asking price. Sellers already know that you'll likely offer lower prices to the one they set, however, you still have to be respectful in going about it. Don't offer up a price that's substantially lower than what the seller is asking for. Firstly, they'll end up getting the short end of the deal and, of course, they won't want that. And secondly, their initial asking price is likely near the value of the property that was found through a property valuation.
How Do You Get Mortgage in Italy?
Buying any real estate in Italy for sale would be very expensive. One square foot alone would already cost around tens of thousands of Euros. What more when it's the entire property? In this regard, it's only natural that you'll need financial aid to purchase a property in Italy. Namely, a mortgage loan. Truth be told,
getting a mortgage in Italy is simple but not always easy. All you have to do is approach a financial institution and submit documents. However, they'll decide if you're worth lending any money. And most of the time, their standards are pretty high!
How Do You Set Up the Sale & Purchase Contract?
Once you've decided on a property in Italy to purchase, it's time to sign the
contratto preliminare, or the pre-sales contract. This will be the legal document that will bind you and the seller to the purchase agreement. And if you really want to get your hands on this specific property, you'll want to sign it right away. The
contratto preliminare ensures that, throughout this often lengthy process, you'll become the new owner of the place in the end. But if you're still unsure about it even when you've signed the contract, don't worry! You will still get a grace period of around ten days to really think about it.
What Are The Different Types of Ownership Structures in Italy?
As in
France, Spain, and practically any other country out there, Italy has a few different ownership structures when it comes to properties. The first is the
piena proprietà, or absolute freehold, which allows the owner to enjoy their own property however they want. Secondly, there's
diritto di superficie, a kind of ownership that allows third parties to build on your own land for a period of time. Once that's over, you retain complete ownership of the property. Third, there's
diritto di usufrutto, which is slightly similar to
diritto di superficie except the land owner reserves the right to grant you a lease.
What Are The Legal Issues in Buying Properties in Italy?
When you decide to buy real estate in Italy, expect that you'll encounter
a few legal issues along the way. Let's start with your residency status, for instance. Though you, as a non-resident, are allowed to buy properties in Italy, you will still need to get your own
codice fiscale, or social security number. If you don't have this yet, you can't legally buy real estate in Italy for sale. Then there's the
contratto preliminare, or the pre-sales agreement. As already mentioned, this document legally binds you to the purchase agreement. If you decide to terminate the agreement after the given ten-day grace period, you won't get your 10% deposit back.
How Long is The Process of Buying Property in Italy?
The length of time it will take to buy a new property in Italy will depend on you and the seller. For the most part, it can take around six months, from the time you sign the
contratto preliminare to when you get the keys to the place, to complete the purchase. However, do note that you'll need to pay some taxes, prepare documents, and the like. The same goes for the seller too. These steps can prolong the process from a few more months to even more than a year.
How Do You Search Properties For Sale in Country?
Before anything else, you need to pick out a property to buy first. And you can easily do that by visiting
Italy's top property listing websites online. In fact, since practically everything is on the internet nowadays, this has become the most common way to discover a new property in Italy for sale. At times, even when you hire a real estate agent, even they'll look at properties in certain areas through these property portals. The most popular in Ital include
Idealista,
Immobiliare, and
Casa. Not only do they get millions of visitors each month, but they also cater to international buyers too.
What are The Best Tips for Buying Property in Italy?
Finally,
a few helpful tips on buying property in Italy. Firstly, make sure to visit the place yourself, even if it's only once before you pay the deposit. High-quality images and video footage are all well and good, but there's no replacing seeing the property with your own eyes. Only then can you really determine if it's worth your while and money. Also,
open a local bank account in Italy. This is your best bet to getting a mortgage loan from an Italian bank or other financial institution. If you don't have a local bank account, you can kiss your chances of getting a mortgage in Italy goodbye.
Ever dreamed of owning a nice home in Italy? Well, you can make that dream a reality with the help of this real estate guide! It will tell you most of what you need to know about buying property in Italy and more!
