Ideal Property in Italy

Summary: This article is a guide to finding your own perfect property in Italy.

The percentage of Italians who own their own ideal property in Italy is very high compared to the European average of homeownership, and in Italy houses are generally bought as homes for life rather than investment commodities meaning that the property market tends to be slower moving than in Spain or France for example.

This trend means that Italy remains an affordable option for many seeking their own ideal property in Italy whether that is as a second home, a holiday home or a brand new home overseas.  The range of available property for sale in Italy is incredibly broad encompassing everything from chic city apartments to ski chalets in the mountains, from villas by the sea to farmhouses in the countryside and this article is a guide to finding your own perfect property in Italy.

First things first you need to work out your maximum budget by taking into account that in addition to the purchase price in Italy you will need to spend an additional 10 – 12% on fees, taxes and charges related to the purchase.  If you’re considering living in Italy as a permanent resident then you should get your residency in place before you purchase as this will reduce the amount of tax you pay by seven percent.

If you require an Italian mortgage to finance your home in Italy you should get a mortgage agreed in principle from a lender in Italy or an international mortgage broker - or if you prefer the option you could consider having your primary property re-mortgaged and using that money to finance a cash purchase in Italy. 

Britons buying in Italy will find that certain high street lenders such as the Woolwich and Abbey National actually have a presence in Italy and can arrange finance to purchase.  There are certain restrictions on the amount of the purchase price that can be financed depending on whether the property is going to be a primary residence or not for example and all terms should be discussed and understood in advance of a property search being conducted.

When it comes to looking for your ideal property in Italy you will likely have an idea of what suits you best – i.e., those in search of an apartment in Milan will be wasting their time viewing property in Sardinia – but be prepared to be guided a little by any estate agent you use as they often have insider knowledge about a given area that could mean you view properties you may not have otherwise found or considered.  When it comes to estate agents in Italy they are the same as agents anywhere in that they get a commission if you purchase so it will always be in their best interests to take you to the top of your budget!  So, stick to your guns, be firm about what you can, will and want to afford and then try to keep a clear head and don’t be swayed by the dream of living in beautiful Italy so much so that you overlook the fact that the property you’re contemplating has no running water, no mains electricity and is a million miles away from the nearest supermarket – unless of course that IS actually your ideal home!

And finally, despite Italy’s reputation for having a slightly less that honest approach to certain areas of business, the homeowner in Italy is quite well protected and as long as you follow your instincts, are sure to employ the services of an independent Italian lawyer and to have any promises made by any party committed to contract you shouldn’t go too far wrong.

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