Italy offers you everything, from those luxury fashion brands to beautiful Mediterranean beaches, lush greenery, and wines. And who can forget the large marble houses and their lawns and patios?
So, no doubt Italy has become a popular choice for foreigners. Recently, the surge has been even more acute as people are going crazy to buy properties here. Thus, as a foreigner, it’s your best time to invest in Italian properties.
But how do you buy a property here securely? Don’t worry; we present the guideline in today’s topic, “How to buy property in Italy as a foreigner.
Here, you will learn the legality of buying land, a home, or an apartment in Italy, the best places to invest in a property, possible costs, mortgage, and processing. So, let’s jump into the guideline.
Can Foreigners Buy Property in Italy?
First, you must know whether or not you are eligible to buy land or homes in Italy. Although they have few restrictions, foreigners can buy property here following all the legal procedures. In fact, it is considered an almost “no-restriction” country for most people regarding possession and property.
American, British, German, Russian, Indian, Chinese, etc., citizens can buy properties here without hassle. You may be asked to submit your income source and tax document sometimes. Thankfully, the real estate agents will help you submit all the necessary documents.
How to Buy Property in Italy as a Foreigner:
Do you want to shift to Italy or invest in its luxury and profitable properties? Then, you must know how to buy a property here following all legal procedures.
Check your investment opportunities:
When you decide to buy anything in Italy, first you should decide what type of property you want. Do you want a land, flat, villa or resort? Once you decide, you may scroll through websites according to your query.
All major property websites have integrated search filters within which you can set the parameters for your search (example).
It will be useful to find the right property quickly. For instance, you may set your preferred location and pricing and see the results. It will help you to assess the property market and prepare for the purchase better.
The different parameters will help set your budget and location.
Assess your cost:
Properties in Italy might be costlier than you may anticipate. Thus, it is essential to fix your property requirement and the possible cost of it. As you expect, properties in the main cities are costlier than the smaller counties.
For instance, the per square feet price of a home in central Rome is around $712. In Venice, it is $805. You can get a home for $300 to $450 per square foot in other cities. Also, in the suburbs, the pricing will be a little less.
Also, you will need to finalize the following costs:
- Exchange rate from your currency to the Italian currency
- Legal fees and taxes will be around 2% to 3%
- Property registration tax and notary fees are 3% to 8%
- Realtor or real agency fees is approximately 2% to 3%
Find a realtor:
When you plan to buy overseas properties, you should contact a local realtor. The realtor will help you find your targeted property most conveniently. The realtor will not only help you find the right property but also help you with financing, papers, etc.
Ensure proper financing:
Overseas buying is risky. Thus, you should find proper financing for it. It is not wise to invest all your wealth in it. It could also increase your tax. Thus, you should find the right loan and mortgage for Italian properties.
You can access the loan from your bank or financial institution. You will need to submit the documents for the mortgage. Also, ensure that the transaction is hassle-free and effortless. Many countries require special permission to transfer a large amount of money from their origin. If your country has rules like this, you need to get permission.
Select and observe the property:
Once you and the realtor have chosen a few properties, it’s time you observe and assess it. If possible, you must visit the property physically to see its condition. While observing it, see its position, future commercial value, transportation facility, etc.
Also, talk with the realtor to find their suggestions.
Finalize the deal and sign the contract:
When you are satisfied with your property condition, make an offer. You need to have bargaining and convincing power to win it. As you fix the deal and get the right offer, it’s time to prepare the agreement cautiously.
After the agreement is done, sign the contract. Also, pay the required taxes, fees, and other liabilities. Now, you can shift to your property in Italy.
Conclusion:
Buying a property in Italy isn’t as challenging as you consider. You need to be crafty and intelligent. There’re websites and realtors to find the right property for you. They will even help you finalize the deal, financing, and transfer.
Property in Italy could be your lucky charm with increasing value. So, be proactive and get your perfect Italian deal ASAP.
