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: [email protected] 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 Ã¢âÂ¬2.5m have come down to Ã¢âÂ¬1.5m due to taxes and the economic downturn." Prices can drop by as much as 30pc during negotiations"