Buying a Home in Italy
David Hampshire
Buying a Home in Italy is required reading for anyone planning to buy property in Italy. It contains a profusion of information and insider tips to guide you through the Italian property jungle, and save you time, trouble and money. Regardless of whether you’re buying a family, holiday or retirement home, or a property purely as an investment, this guide will help ensure a smooth, problem-free transaction. Whether you want an apartment in Rome, a villa on Lago Maggiore or a farmhouse in Tuscany, Buying a Home in Italy will help make your dreams come true. Don’t leave home without it!
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Extracts from the book…
Your Dream Home
Once you’ve considered possible locations for your dream home in Italy, you must decide on the type of property that will best suit your requirements, and consider the purchase options and the fees associated with buying.
When buying a home anywhere, it isn’t wise to be in too much of a hurry – and Italy is no exception. Although it’s a common practice, mixing a holiday with property purchase isn’t wise, as most people are inclined to make poor decisions when their mind is fixed on play rather than business.
Some people make expensive (even catastrophic) errors when buying a home in Italy, usually because they don’t do sufficient research and are simply in too much of a hurry – often setting themselves ridiculous deadlines such as buying a home during a long weekend or a week’s holiday.
It’s all too easy to fall in love with the beauty and allure of Italy and sign a contract without giving it sufficient thought. If you’re uncertain, don’t allow yourself to be rushed into making a hasty decision, e.g. by fears of an imminent price rise or because someone else is interested in a property. Although many people dream of buying a holiday or retirement home in Italy, it’s vital to do your homework thoroughly and avoid the ‘dream sellers’ (often fellow countrymen) who will happily prey on your ignorance and tell you anything in order to sell you a home.
It’s a lucky person who gets his choice absolutely right first time, which is why most experts recommend that you rent before buying unless you’re absolutely sure of what you want, how much you wish to pay and where you want to live (see Renting Before Buying on page 111). Have a good look around in your chosen region(s) and obtain an accurate picture of the types of property available, their relative prices and what you can expect to get for your money. However, before doing this, you should make a comprehensive list of what you want (and don’t want) from a home, so that you can narrow the field and save time on wild goose chases.
There’s no shortage of properties for sale in Italy (although rural properties in Tuscany and Umbria are now in short supply) and whatever kind of property you’re looking for, you’re likely have an abundance to choose from. In most areas, properties for sale include derelict farmhouses, unmodernised village homes, modern apartments with all mod cons, and a wide choice of detached villas. Another option is to buy a plot and have a house built to your specifications.
Wait until you find something you fall head over heels in love with and then think about it for a week or two before rushing headlong to the notaio.
One of the advantages of buying property in Italy is that there’s often another ‘dream’ home around the next corner – and the second or third dream home is often even better than the first. What seems at first to be the opportunity of a lifetime can turn out to be an expensive pile of stones. Don’t dally too long, however, as good properties at the right price don’t remain on the market for long.
If you’re looking for a holiday home, you may wish to investigate mobile homes or a scheme that restricts your occupancy of a property to a number of weeks each year. These include shared ownership, leaseback and time-sharing (multiproprietà). Don’t rush into any of these schemes without fully researching the market and before you’re absolutely clear about what you want and what you can realistically expect to get for your money.
Why Italy?
Italy is one of the most beautiful countries in Europe, and possibly the most alluring, with more than its fair share of ravishing landscapes and stunning towns. It’s a country of huge variety, offering something for everyone: magnificent beaches for sun-worshippers; beautiful unspoiled countryside for nature-lovers; a wealth of magnificent ancient cities and towns for history enthusiasts (virtually every town is a history book of battles and religious milestones); an abundance of mountains and seas for sportspeople; vibrant nightlife for the jet set; fine wines for oenophiles and superb cuisine for gourmets; a profusion of painting, sculpture and music for art lovers; and tranquillity for the stressed. Few other countries in the world offer such an exhilarating mixture of beauty, culture, history, sophistication and style.
When buying property in Italy, you aren’t simply buying a home, but a lifestyle. As a location for a holiday, retirement or permanent home, Italy has few rivals, and in addition to the wide choice of properties and generally good value, it offers a fine climate for most of the year, particularly in the centre and south.
Despite the many excellent reasons for buying a home in Italy, it’s important not to be under any illusions about what you can expect from a home there. The first and most important question you need to ask yourself is exactly why do you want to buy a home in Italy? For example, are you seeking a holiday or a retirement home? If you’re seeking a second home, will it be used mainly for long weekends or for longer stays? Do you plan to let it to offset some of the mortgage and running costs? How important is the property income? Are you primarily looking for a sound investment or do you plan to work or start a business in Italy?
Often buyers have a variety of reasons for buying a home in Italy; for example, many people buy a holiday home with a view to living there permanently or semi-permanently when they retire. If this is the case, there are many more factors to take into account than if you’re ‘simply’ buying a holiday home that you will occupy for only a few weeks a year, when it may be wiser not to buy at all! If, on the other hand, you plan to work or start a business in Italy, you will be faced with a whole different set of criteria.
Can you really afford to buy a home in Italy? What of the future? Is your income secure and protected against inflation and currency fluctuations? In the ’80s, many people purchased holiday homes in Italy by taking out second mortgages on their family homes and stretching their financial resources to the limit. Not surprisingly, when the recession struck in the early ‘90s, many people had their homes repossessed or were forced to sell at a huge loss when they were unable to maintain the mortgage payments.
Italians aren’t very mobile and move house much less frequently than the Americans and British, which is reflected in the fairly stable property market. Nevertheless, since 2004 property prices have increased countrywide by some 25 per cent, compared with average inflation of around 2 per cent per annum, and in some cities, fashionable resorts and regions (such as the Italian lakes, the Italian Riviera and Tuscany) prices rise faster than average, which is usually reflected in much higher purchase prices .
You shouldn’t expect to make a quick profit when buying property in Italy, as you need to recover the high costs associated with buying a home when you sell. You should look upon a property purchase as an investment in your family’s future happiness, rather than merely in financial terms.
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PRICE: £13.95
PUBLICATION: March 2008
EDITION: 4th
PAGES: 304
BINDING: paperback
SIZE: A5 (210mm x 148mm)
COLOUR PHOTOS: over 100
