Living the GOOD LIFE for the REST OF YOUR LIFE!
RENT OR BUY
REAL ESTATE IN ITALY
When you’ve made the decision to move to Italy, consider renting an apartment or a house for your first period of time there. Whether it is for six (6) months or three (3) years, you’ll find that the rental will give you the freedom of changing towns or villages before you settle permanently.
Italian rentals are usually furnished. Why? Because of Italian law. Italian landlords have a better chance of reclaiming their property when the rent isn’t paid, if the landlord’s personal items are contained within it. Also, in Italy, when you see that an unfurnished property is advertised (in affitto) take that to mean there will probably be no kitchen appliances, no kitchen cupboards, nothing!
Find an area that appeals to you and visit the local property agents, or just look for a rental sign in the window. Be sure to use a lawyer fluent in Italian as well as your native language to decipher the lease agreement.
Buying a property in Italy:
It is not terribly complex to buy a property in Italy, but your first step is to find an attorney who is familiar with the area in which you want to purchase, and who speaks your language.
A 2/1 apartment with over 1000 sq. feet of space overlooking the beach in Sicily is offered at $104,000 and the price is negotiable. Or a 1 bedroom in Calabria that is completely restored is offered at $25,000.
The purchase process in Italy involves three (3) steps:
Proposal of Purchase: You find a property you like and offer a deposit to hold it while you do your due diligence. Three weeks is normal. In this time you will arrange your financing and the seller will start his title work. You will lose your deposit if you do not purchase the property.
Preliminary Purchase: You offer a down payment of approximately 30% of the purchase price. You are committed at this point and the only way out is if the seller has a title problem and cannot transfer the property. The funds should be in an attorney’s client account and not released until all paperwork has been reviewed. A notary will follow the title search and see that the property has no title clouds. Be prepared to pay upwards of 11% in taxes if you are a foreign national. During this time, you may, if the owner agrees, live in the property, since the process will take about six months to complete.
Final Purchase: Paperwork is signed and you are the new owner! Salute!