Useful tips on buying a property in Italy:
1) KEEP AN EYE ON YOUR BUDGET
Make sure that you have taken into consideration the full purchase costs of the property before entering into a contract. Make sure that you have factored renovation costs and property maintenance into your budget
2) GET YOUR FINANCE SORTED
The fear of being rejected for a home loan is a big concern for many first time home buyers.
You shouldn’t be looking without finance approval in writing so we strongly suggest you get pre-approved for a loan before looking at prospective real estates in Italy.
This will not only help you feel more confident, it will also give you an advantage when there are multiple interested parties for a specific home.
The fact that your loan has already been approved is of great value to you when negotiating, as any offers you make you know you can back up with the funds required promptly.
3) GO TO THE ITALIAN ’S EMBASSY OR CONSULATE
Assuming you have decided to buy a property in Italy and to move to Italy, there should be a number of things they can do for you , including advising you about work permits and taxation issues.
4) GET A GOOD LAWYER
He or she should be able to speak fluent English at least. However, do not rely totally on your lawyer: it is essential to do your own research.
5) ALLOCATE TIME
If you are going to combine viewing properties in Italy with a planned holiday, make sure you allocate enough time for both, as buying a real estate in Italy is not a quick thing to accomplish. You should be prepared to spend up to a year from deciding to buy in Italy to actually moving in.
6) BE MOBILE
A car is a must if you want to get around the region and visit a number of properties. Don’t make a spur of the moment decision. Minimum, drive around the area, make a list of good and bad points. Better still spend some time in the area, can you imagine living here? Does it have enough to do on holiday? How long does it take to get to the aiport?
7) GET A TRUSTWORTHY ESTATE AGENT
Buying property in Italy is probably one of the largest investments you are likely to make. It’s confusing enough in your own country, think what it’s like in a foreign language, in a country which uses a different legal system etc. A friendly, trustworthy, honest, professional estate agent is worth their weight in gold. Friendly because they need patience and be willing to listen to what you want and spend time viewing properties with you. Trustworthy and honest because the Italian system is complicated and ever changing, you need someone on your side guiding you through the minefield. Professional because there are a number of legal requirements that need to be completed.
8) TAKE VIEWINGS SERIOUSLY
Always view the properties personally. Allow sufficient time when visiting, especially between appointments. Always check distances before setting off. Take a dictionary also in case the owner or agent do not speak your language. Always view more than one property as a benchmark - you would do this in your country.
It is important to establish the type of location that you are interested in. Decide what is important to you- distance from airport, facilities such as hospitals, schools, shops etc or total peace and quiet.
10) DON’T BE AFRAID TO ASK
If there is something about the property that is worrying you, then don’t hesitate to ask directly to the owner.
11) TALK TO EXPATS
If at all possible, talk to expats who have already bought property in Italy. They will have the inside knowledge you need to make a sound decision.
12) SET UP A BANK ACCOUNT
Set up a bank account in Italy before you start looking to buy a home in Italy. It will save time and hassle later
If you are planning to rent or to sell the property out, then make sure you get good advice. You may think you have a pretty property in Italy but if it’s in the wrong area it just won’t rent. The wrong type of property even in the right location could also be difficult to rent or resell.