Buying a Second Home in Italy

Buying a second home in Italy is somewhat like buying a second home anywhere in that you need to settle on the area you want to live in and a budget! Of course, there are subtle differences in the purchasing property overseas than at home and this is where an expert in Italian Real Estate ought to come into play.

Good communication is essential if you want the buying process to go well. If your Italian is not perfect it is wise to use the services of an experienced Italian speaking estate agent or pay a good translator during the buying process. When it comes to signing the contracts you need to fully understand what it is that you are signing.

Once you have found an estate agent that you like begin your search. When you have found a house that you like make a verbal offer. If your offer is accepted your real estate agent will draw up a written contract. The selelr signs the contract if they agree with it, you then sign it. Nowadays, it is common for a meeting to be arranged so that both parties can sign the contract at the same time. As soon as the contract has both signatures on it you need to pay a 10% deposit. If you pull out you will not get that deposit back.

A notary needs to check the contract to ensure that it is valid and fair to all parties. As soon as the contract has been signed the notary will use the details contained within it to draw up your deeds making you the new owner. These are released to you once you have paid for the house.

Fees for buying property in Italy come in at around 15% of the property price. It is wise to put a little more than that aside just in case something extra is needed. This rarely happens, but it is wise to be prepared.

Buying a property on a tight budget is prone to problems, because there are always unexpected things that crop up. Try not to resist temptation, so that you do not overstretch yourself. You can rent out Italian property, but should not rely on rental income to finance a purchase.

There is plenty of commercial property for sale in Italy, but few people understand the investment opportunity this presents. Mignon Potenza can advice on this and all Italian property.