Overseas property buyers seeking bargains in Italy are being made aware of ten crucial facts that will make a purchase safer. The advice is revealed at a time when Italian property has become the darling of the German international real estate investor. Germans are now the biggest overseas buyers investing in Italian real estate.
Italian property experty Linda Travella has
been selling property in Italy for 25 years and shares some
tips to help you choose your second home. Linda would suggest that you look
seriously at Italian property, where there are currently some excellent
investment opportunities
Tens Tips When Buying Italian Property
1.) Go to view with a budget in
mind and if you require finance, remember that Italian banks are more
conservative and 60% LTV is most common. Don’t forget to make an allowance for
purchase costs.
2.) Be flexible. Many clients
say they want only traditional and buy new, or vice versa. Decide on those
features which you must have and those where you can be more flexible.
3.) Remember to use a reliable
property consultant or agent. Use one who speaks Italian and English.. Choose
one that belongs to a trade association.
4.) Italy has no capital gains
tax after 5 years so keeping your property 5 years could increase your
resale value by 20%.
5.) Remember in Italy the buyer
pays commission. Make sure the agent is acting on your behalf.
6.) Look at the nearest
airports available and the driving distance. One and a half hours from the
airport is a good distance to ensure the best use of your home and make it a
good investment for rental.
7.) Remember the contract will
be binding at the outset on both parties. A great advantage as no gazumping as
long as the contract is drawn up correctly.
8.) Go specifically on a
viewing trip. Don’t just fit in viewings whilst on holiday. Check you are not
trying to view on public holidays, and Sundays are regarded as a family day in
Italy.
9.) Remember the notary acts
for both parties but for independent advice we suggest a solicitor that
specialises in Italian Real Estate. Don’t try to use your local solicitor, the
laws are different!
10.) Find the area of the
country that is right for you, whether that be by the sea; in the country; or
in a town.
source:
li***********@ho*****.uk
Phone: 01322 660988 Web: http://www.casatravella.com/
Germans, the biggest buyers since 2009, accounted for almost 40pc of
the transactions by foreigners, followed by the British at 18pc and
Russians with 13pc.
“This is a good time for foreigners to buy,” Francesca Andreini,
owner of Case e Ville, a real estate agency based in Siena, Tuscany, “Properties that cost ââ¬2.5m have come
down to ââ¬1.5m due to taxes and the economic downturn.” Prices can drop
by as much as 30pc during negotiations”
