Purchasing property in Italy
for sale can get pretty complex. There are steps that are easy to do and some that might take you some time to accomplish. And if you don't have anyone helping you, things can get really complicated. So do you give it up and just rent a place instead? Of course not! If you have the means, why not buy your own property in Italy? If you're worried about the process, you'll only need to follow a few tips—such as preparing a huge budget, opening a local bank account, and meeting the buyer in person—to ensure that everything will go well in the end!
Hire A Notary
Though it's possible to get into a private legal contract with the seller when you purchase their property in Italy, it's better to hire a notary/solicitor instead. For one thing, if you're a foreigner looking to acquire real estate in Italy and you're largely unfamiliar with the country's laws, your notary will serve as your legal advisor. As well as your legal representative when it comes to dealing with the seller while you're not in Italy yourself. And of course, your notary will draw up all the legal documents needed for this transaction and all you have to do is sign them.
Prepare A Huge Budget
It probably goes without saying, but you need to prepare a huge budget for when you buy a property in Italy. It's no secret that the country is expensive and real estate is no different! For example, if you choose to buy an apartment in Rome, the costs
are around €2,500.00 to €10,000.00 per square meter. Imagine how much the total will cost! Moreover, the property value isn't the only thing you have to pay when it comes to purchasing houses for sale in Italy. You'll also have to deal with taxes
, fees, and more. That's why the bigger your budget, the better!
Open A Local Bank Account
Speaking of your budget, you'd do well to open a local bank account
in Italy. Not only will you be able to manage your finances here, but you'll also have a better chance of getting a great mortgage agreement. Legally speaking, a local bank account isn't a requirement when getting a mortgage loan in Italy. However, there are many institutions that will insist that you do. Some won't even consider giving you a loan if you don't have a local bank account here. Save yourself this humiliation and just set it up! Even if you're a non-resident, you can still open one.
Meet The Seller in Person Often
Try to meet the seller as often as possible! You'd be surprised at how many scammers there are when it comes to real estate in Italy. And they're not just bogus real estate agents and solicitors too! There are those that pose as sellers just so they can cheat buyers off of their money. They may seem legit, but little do you know, their names aren't even on the deed of the property. So as often as you can, try to meet the seller in person. Check them out to see if they're trustworthy or not. And request to see their legal documents to make sure that they are, in fact, the owners of the property in Italy.
Stay on Top of The Due Diligence Checks
Due diligence checks are a huge part of real estate in Italy. Acting on your behalf, professionals will survey the property you're intending to buy to ensure that's good for selling. They'll check every nook and cranny and spot if there are any liabilities, problems, and issues that need to be addressed. In this regard, stay on top of these due diligence checks as much as possible. More often than not, these professionals might just answer to your real estate agent or solicitor instead, especially if you're a foreigner who can't speak Italian. But it's better to keep updated with the current state of the property so that you'll know if it's worth buying or not.
Sign The Contratto Preliminare ASAP
When you're finally dead set on buying the property in Italy, don't hesitate to sign the contratto preliminare
, or the pre-sales agreement. Though you have to pay the deposit upon signing, this legal document guarantees that you and you alone will get to acquire the property. It legally binds the seller to sell you the place, which is important if you're buying a place that's popular. Think townhouses in Rome, apartments in Milan
, luxury homes in Venice with a canal view
, and more! Such properties are yours once you sign the contratto preliminare
! And if the seller doesn't abide by the contract, they'll be required to pay you twice the price of your deposit.
Look Out For The $1 Homes in Italy
And finally, look out for the $1 homes in Italy. Sounds too good to be true, doesn't it? But they are, in fact, real. Even CNN
reported that acquiring such cheap properties in Italy is pretty easy. Though they're mostly located in rural areas and not in the more popular destinations in the country, they're still worth checking out. Who knows? You might even see one that's in such an excellent location, such as beside the sea, within a charming village and the like. And they're only around $1.00? Talk about cheap real estate in Italy!
Buying property in Italy can be very tricky even when you already have people to help you. To ensure that things go well up until the very end—the moment you get the keys to the place—follow these tips! They might help you in more ways than one!