The Pitfalls of Buying Property in Italy
Source: tranio.com
So you want to buy property in Italy.
You’ve been dreaming of waking up in the morning, drawing back your curtains to reveal an idyllic countryside.
In the evenings, you take a stroll around the neighbourhood, waving to the neighbours as you walk by.
Time to make that dream a reality, right?
HOLD UP!!!!!
It’s all good and well that you’ve decided to buy property in Italy.
But it’s not as easy as looking for a house, getting in touch with a real estate agent, and setting up an appointment to view the property.
Picking the right property is crucial, whether you’re buying an apartment in Italy for a holiday home or permanent living. A good choice in the location of your property will also affect the value of your investment.
We’re going to explain the potential pitfalls you could encounter when you purchase property in Italy.
Not only that, but we’ll also explain how you can get past these pitfalls so that the process of buying property in Italy is less stressful.
Consider yourself warned.
What Are The Pitfalls Then?
- Language barriers – The biggest pitfall is the language barrier. If you don’t speak Italian, it isn’t easy to communicate with a seller. The seller does not know your language, has very little time, and the property is often in a poor state of repair.
- Scams – Buyers often disregard the law and fail to do their due diligence on the Italian property market. It’s easy to get tricked out of your hard-earned cash when buying property in Italy.
- Many scams are going around online, so it’s essential to be careful about where you’re spending your money.
- Bureaucracy – Italian bureaucracy can be prone to errors, and the law is vague. This can mean that you need to negotiate the rights to a property with the seller or be left with a property you can’t sell.
- State of the Market – The real estate market is highly politicized; you can’t tell what will happen in the future. It’s also full of second-hand properties, and these are in a deplorable state.
How Can I Overcome Them?
Buying property in Italy can be a daunting task, but it can also be very rewarding. If you’re a foreigner buying property in Italy, you can do several things to make the process easier and ensure that you avoid common pitfalls.
- When you buy property in Italy, you’re making a big investment. You need to be sure that you’re putting your money into a good location. It’s important to be sure that the property will appreciate in value, otherwise you’re just wasting money.
- Visit the property in person and check it for any defects. It’s also crucial to find a tax expert before you buy.
- It’s important to make sure that the property is affordable for you. You should also be sure to choose a property that’s in good condition and has a good view.
- Never fall for the tactics of the secret agent and never rely solely on online listings. Make sure you speak to local experts and check out the real estate market before you buy.
- Don’t buy property without a lawyer – the process can be very long and exhausting otherwise. Always do your research.
- Use a local agent. To find a good agent, you should be aware of some things. In Italy, you have to pay a fee of six percent. You should also know that you have to pay your local taxes (the imposte) and that you should not pay too much to the seller.
In Conclusion
Buying property in Italy is not for the faint of heart. The Italian real estate market is fairly stable, but can be subject to many pitfalls, including tax avoidance and corruption.
It’s a very different system to the UK, so it’s important to work with a reputable agent.
This can be a very complicated task. If you’re looking to move to Italy, you should do your homework and do some research before you make a final decision.
It’s important to learn about the Italian property market before you make your move. It can be stressful and expensive, but you’ll be happy in the end.
Source: expat.com
Source: versace-tiles.com
Source: propertyguides.com
About The Author
Kemi Olaoshun is a content writer who dabbles in SEO and digital marketing. She considers herself “a Jackie of all trades” and has her fingers in too many pies.