Overseas Property purchases in Italy have remained strong despite the Economic problems of 2009. Further buying costs have lessened the cost due to changes in the tax policy of the Italian government. This has made investment in property an attractive proposition in Italy, at present. Nevertheless, prior to entering into a contract for purchase, it is vital to know and follow certain rules to make sure about buying and investing in property. The 10 most important guidelines are enumerated below.
- Think beyond attractive Tuscany: Italy is a country with a salubrious climate and long coastline Southern Italy, with spectacular beaches and calming climes, particularly Calabria, offers properties at a fraction of the value existing of Tuscany. One only understands the beauty of this region after visiting there.
- Select a good real estate agent: Go for a authentic real estate agent, who holds a professional license, qualification and cover insurance, and is registered with a Chamber of Commerce. The agent should be a member of one or more of the following associations; AICI (Italian Association of Estate Agents), FIMMA (Federation of Mediators and Agents) or FIAIP (Federation of Professional Estate Agents).
- Select property within your budget: In Calabria, you can buy property such like farmhouses, villas or beach resorts. You will get many choices, so select the best that fits your budget. Further, in Italy while negotiating be practical about discounts. Do not expect large discounts because maximum 10 percent is the norm.
- Don't strain while buying: Be vigilant when selecting the property to buy. The money and effort involved in upkeep is vital. So, go for a property that you will be able to control after purchasing, because large properties require normal upkeep and maintenance.
- Be conversant with the buying process: 5% of the total deal as to be deposited. After your surveyor and lawyer's permission both the parties sign a contract (compromesso) accepting a timeframe to resolve the deal. 30% next payment is essential. Going back after this stage attracts strict financial penalties for both parties. Finally, both parties sign a final contract (rogito) before a notary, and the buyer makes the full payment through Italian bank draft.
- Hire a lawyer: Differences with the Italian legal system requires the services of an independent lawyer conversant with the real estate region. The lawyer takes all the legal formalities and adjudicate accordingly.
- Check your add-on costs: Have a apparent idea of the fees and taxes to be paid. Normally 7 to 10 percent is added to the cost of resale property and 12 to 15 percent for new ones. Other costs comprise 3 percent to realtor, Euro 500 to 1500 per hour for lawyer and Euro 5000 for a notary. The other factors for new properties are different and the lawyer can advice you.
- Avoid banks to change currency: Italy has professional currency exchange companies, who can fix rates for future deals to protect against currency fluctuations. They also offer better rates than banks, and help you save substantial amount of money.
- Return on your investment: Plann with the investments. If you plan to rent out your property, see to it that it is nearer to the transport hub and airport. A reasonable return is expected.
- Learn some Italian: In southern Italy, mostly Calabria, most people do not speak a foreign language. Even if you plan to stay in your property for a few weeks annually, learn some Italian because it will delight you to the locals.
- Learn some Italian: In southern Italy most are outsiders. Even if you prepare to stay in your property for a few weeks annually, discover some Italian because it will endear you to the locals.
If you are interested for Calabria property and desire to know more about Property in Calabria visit calabrian-property.com
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