Buying Property in Italy

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JenChiarenza
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Buying Property in Italy

Postby JenChiarenza » 29 Jun 2006, 02:54

Does anyone have any information on whether or not it is difficult for a US citizen to purchase a home or property in Italy? My husband and I have been talking about the possibility of purchasing a villa or house in Positano or Procida, or maybe even Rome -- not really sure yet. We would like to spend 4-6 months of the year in Italy within the next 4-5 years. Thank you.
Jennifer Chiarenza

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Emmy
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Re: Buying Property in Italy

Postby Emmy » 29 Jun 2006, 12:37

Hi Jennifer
I'm enquiring about this for you. My friend bought a property in Italy about 3years ago I'm trying to get in contact with her to find out if she has any information that would be helpful to you, so just keep checking this post and as soon as I find out I'll let you know.

This information may not be relevant to your needs but maybe worth knowing.
My daughter and her husband are in the process of buying property in France and they have discovered that when the property is advertised by an estate agent if you can find the person who is **SPAM** the property without you first contacting the estate agent you can do a private deal and save quite a bit of money.
Also if the property you are purchasing has any farm land attached to it e.g. a field that is not being used i.e. doesnt have any buildings etc on it- (then even if your offer has been accepted) the 'Farmers Union, by law, have to be informed and then they make this known to all farmers and if any farmer wants to purchase that part of the property he has first choice to buy that piece of land- (I think there is a time limit for them to do this) But this is in FRANCE don't know if the same applies to Italy.
Will get back to you as soon as possible.
God Bless
Emmy

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Re: Buying Property in Italy

Postby JenChiarenza » 29 Jun 2006, 22:58

Emmy - Thanks for checking -- I just mailed out for a subscription to Italy Magazine (from England) - this magazine seems to publish information on purchasing property abroad.... I'll keep watching....Regards and thanks again, Jennifer

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Re: Buying Property in Italy

Postby Emmy » 30 Jun 2006, 01:53

Hi Jennifer
I was in touch with my friend tonight but unfortunately she doesnt know all the legal side of things, she had a lawyer see to everthing for her and I have a feeling she has 'dual nationality' (or whatever they call it) because her mother was born in Italy so that would perhaps make a difference.

You mentioned that you would be staying in Italy for 4/5 months of the year so this next part may be of some help:
Only one thing she was very definate about is never to let your property out, (dont know if this would apply to letting it out to people from outside Italy for holiday lets) she was told by her lawyer 'its easier to get rid of a wife than to get people out of a house you have let to them'. Even if documents have been officially signed, if when the time comes for them to leave the property and they have not found other accomodation, by law, in this situation, you cannot make them leave because you would be making them homeless and in Italy, by law, that is not allowed.
Sorry I couldnt give you more help, but my friend said she couldnt have done it by herself, all she had to do was sign the documents.
Good Luck for the future
God Bless
Emmy

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Re: Buying Property in Italy

Postby JenChiarenza » 30 Jun 2006, 02:13

Hi Emmy - I appreciate your assistance. I also heard that sub-leasing or renting was not such a great idea, for the reason you mentioned in your post. I don't think I would like the idea anyway. Everyone suggests obtaining a lawyer when you have made the decision to purchase property abroad. Thanks again....best regards, Jennifer

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Re: Buying Property in Italy

Postby trevisan2 » 02 Jul 2006, 22:32

I bought a house in Italy last year, more like a condo. It was a interesting experience, I thought I was going to back out at any moment during the process. At first the builder wanted 30K under the table, I wouldn't do it.

The new house came with no kitchen, mirrors or light fixtures, which is customary in the US on a new house.
I had to pay 4% IVA ( sales tax) and agree to get my citizenship within two years, or the tax will go up to 11%.

In Italy, if you own more one house at a time, the second house will cost 10% sales tax and if it has a pool or new kitchen in a new house at the time of closing, the tax will be 22%.

At closing, the Attorney stated that "all public acts have to be done in Italian, and if you don't understand the lanuage, we cannot proceed." He then proceeded to read the entire documents very rapidly, and then asked if this was all clear?

Also, the closing costs run about 4000 Euro.
Yearly taxes are based on either resident or non resident, meaning either you live there part time or full time. They will acturally send out the police several times a month, to see if someone lives there, if you state that its full time. Taxes are about 500 euro, based on 1071 sq. ft., with a two car garage.
One more thing, no money exchanges at the title company, you have to pay the seller, separate. And often the case, the seller will understate to the title company the sales price of the home, as to not pay so much sate tax, then ask for the difference in the real price of the home from the buyer.

At first I was told I could not get my utilities turned on, until I got my immigration status in order. Then I send others down to do the paper work.
I then got a codice fiscale, ( state number) and started moving forward.

On the utilities, the bills are sent out every two months. The good news is that the minumin monthly charge is two and a half Euro, if there is no usage. I have the bills sent to a local bank for automatic payment, with another six Euro being charged to send them. In Italy all utilities have to be paid by money order ( Posta) or with automatic payments, or via the internet.

When I first got the house, I bought a nice washer and dryer and then to my surprise, the washer could only be run by its self, because it would trip the main breaker. The main breaker is 40 amps and (3 KWs). One can get 4.5 KWs for a 20% surcharge.

Also, the utilities took about three to six months to get turned on. I finally had a cousin deal with the non sense of dealing with the utility companies.

There are many other quirks in the system. Your garbage bill's amount will varry, according to the squarefootage of your home and the size of your property.
On association fees, I pay according to the square footage of my home and the size of the yard. My fees are about 800 Euro's per year, while other smaller units are paying 36 Euro.

Regards,
Trevisan2

PS.
Italian houses don't have the same comfort level that we are used to in the US.
There are no bedroom closets, or cabinates in the bathrooms. No airconditioning.
I am installing airconditioning, a heat pump and a jeted tub on my Aug Trip, just to have some basic comfort, and not feel like I am camping in my house.
In december, It took almost 10 days to warm up the house to 65 degrees, because it was so cold outside,and the heating system in the floor was undersized.
I am now looking at building a new house on the hill side in Collabrigo. That way I can get what I want . . larger rooms, biger windows.

As for prices . . in Veneto New one bedroom 100K Euro, 2 bdr. 2 bath 200K Euro both in Condo style. Single villas start at 300K Euro and easily go to 700K euro. Older houses cost almost about the same
Researching in the provience of Treviso, Italy, Provaglio Sopra, Val Sabbia of Brescia.
Domege di Cadore

Forno di Rivara, TO, Canischio, TO

Surnames Melchiori of Oderzo, TV, Vendrame of TV, Rossi of Rai di San Polo, Bonotto of TV.

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JenChiarenza
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Re: Buying Property in Italy

Postby JenChiarenza » 11 Jul 2006, 00:41

Hi, I apologize for not replying sooner. I have been away for a few weeks. Thank you for your information. Can you tell me if you are a permanent resident of Italy now? Does the amount of property taxes vary depending on where you live, like in the US? I live in SE Florida and the Palm Beach County taxes are very high - 2% of assessed value. Also, do you require homeowners insurance? I am not planning on being a permanent resident - maybe 3 or 4 months a year (hopefully more if I do not have to work). I would like to purchase an already existing home, since I don't think I would be able to handle building a new home especially since I would not be able to keep an eye on things....Thank you, again, for the helpful information.

Kindly,
Jennifer Chiarenza

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Re: Buying Property in Italy

Postby trevisan2 » 11 Jul 2006, 11:27

I live mostly in the US & travel to Italy for a month at a time, three or so times a year. I too have the dreams of spending more time there . . as time will permit.
I am not an Italian resident yet, I have not even applied . . I still need help with the process.
I cannot speak for how taxes are charged in other parts of Italy.
What is interesting, is that the tax collector, does not send out a bill, but instead required us to figure up the taxes our selves. I had a friend do it.

I think if you were to be in your house full time for a short period of time, and could be there when they send some out to check up, you would be under full time resident. In my case, the difference was 200 euro.

I want to tell you one more thing. Make sure you think well on who's name you want to put the house in, because everytime you wish to add a name to the deed, it can cost 4%.
There is no simple quick claim deed or recording the deeds your self. Everything goes through a Notary, who charges the 4%.

Now as I understand it, if I was to pass away, the house would pass to all of my children and who ever wanted the house would have to pay 1/16th of its value to each of the other brothers and sisters.

Regards,
Trevisan2
Researching in the provience of Treviso, Italy, Provaglio Sopra, Val Sabbia of Brescia.
Domege di Cadore

Forno di Rivara, TO, Canischio, TO

Surnames Melchiori of Oderzo, TV, Vendrame of TV, Rossi of Rai di San Polo, Bonotto of TV.

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Re: Buying Property in Italy

Postby elba » 11 Jul 2006, 14:42

JenChiarenza wrote:Emmy - Thanks for checking -- I just mailed out for a subscription to Italy Magazine (from England) - this magazine seems to publish information on purchasing property abroad.... I'll keep watching....Regards and thanks again, Jennifer


You could also try Expats in Italy where you will get ALL the answers you are looking for about properties, taxes and 'anything else' under 'one roof'
And Expats is free!
You'll find them here:
CLICK HERE

Hope that will help.

I've retired now to Italy but have lived here (and married here) before. I am fluent in the language....

elba
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Re: Buying Property in Italy

Postby JenChiarenza » 12 Jul 2006, 21:49

Elba - thanks, I will try the Expats link -- Jen

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Re: Buying Property in Italy

Postby JenChiarenza » 12 Jul 2006, 21:55

Hi Trevisan2 - Do you have to put the house in more than one name. I do not have any relatives living in Italy, but do have a brother who lives in NY. This seems like such a complicated venture....how long does the process usually take from the time you choose a property? I apologize for all the questions....Jen

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Re: Buying Property in Italy

Postby trevisan2 » 13 Jul 2006, 10:31

You can put the house only in your name. This is what I did, but now it costs quite a bit of money to change the deed.

Once you select a property to buy, it does not take very long to get it through the title company which are called a notary.

If you are buying a new house, it does take some time to get is finished up. Italians work very slow.

What area of Italy are you planning on buying?

You can ask all the questions you like. I am glad I was able to tell you and anyone else not from Italy, what to expect in buying a new house in Italy.

later,
Trevisan2
Researching in the provience of Treviso, Italy, Provaglio Sopra, Val Sabbia of Brescia.
Domege di Cadore

Forno di Rivara, TO, Canischio, TO

Surnames Melchiori of Oderzo, TV, Vendrame of TV, Rossi of Rai di San Polo, Bonotto of TV.

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Re: Buying Property in Italy

Postby wishyou » 16 Jul 2006, 04:39

"Italians work very slow"

It's a different way to make buildings.

All of our building are made of bricks and cement, most poart with reinforced cement (iron inside), foundation are deep and strong.
The wall this way made must dry for a long time.
All must follow anti-seismic solutions.
This way to make a good building you have to wait 8/12 months.

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Re: Buying Property in Italy

Postby JenChiarenza » 20 Jul 2006, 20:34

Elba - The Expats link is wonderful -- tons of incredible useful information. Being prepared up front is key and having an understanding of the Italian way of doing business goes a long way towards making the experience a pleasant one. I will be out of a job in December due to a merger with another large distilled spirits company in South Florida, and we may begin our property search in Italy in early Spring. I would like to start sooner, but it may be too cold in Jan-Feb-Mar in Rome and Southern Italy???

Jen Chiarenza

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Re: Buying Property in Italy

Postby Lubrano » 12 Dec 2008, 15:39

Jennifer Chiarenza cherchez vous toujours votre famille a Procida'?
contactez moi.


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