Are you mesmerised by the idea of owning a slice of Italian paradise, much like celebrities Amanda Holden and Alan Carr? Before you dive into the enchanting world of Italian real estate, take a moment to arm yourself with essential knowledge to navigate this journey smoothly. Whether you’re eyeing a quaint fixer-upper in Tuscany or dreaming of lounging on a sun-drenched patio, overseas property expert Simon Conn shares invaluable advice to steer clear of common pitfalls.
A Guide to Buying Italian Property
The allure of renovating an old property in Italy has captured many hearts, especially after watching the adventures of Amanda and Alan in Tuscany on their BBC One TV show, “Amanda and Alan’s Italian Job.” But before you start picturing yourself with a glass of wine in hand, overlooking your own Italian vista, it’s crucial to understand what lies ahead in the property buying process.
The Buying Process – Similar, Yet So Different
Purchasing property in Italy might seem familiar to those accustomed to the UK market, but Simon Conn warns of specific nuances and potential traps. For instance, the practice of “under-declaring” the property value—a serious offence in Italy—is a no-go area. Additionally, securing a mortgage in Italy comes with its own set of rules, including a hefty minimum deposit of 40%, far surpassing the more lenient requirements back in Britain.
Essential Tips for a Smooth Purchase
- Hire an Independent Lawyer: Ensure your lawyer has no ties to the estate agent or developer to avoid conflicts of interest.
- Understand the Role of a Notary: A notary in Italy is responsible for formalising the transaction and handling stamp duty, distinct from a lawyer’s duties.
- Seek Independent Legal Advice: Never sign a binding agreement, such as a purchase proposal, without first consulting an independent legal expert.
- Guarantees are a Must: When buying from a developer, insist on a guarantee or bond, a legal requirement in Italy that some may pressure you to overlook.
- Budget for Additional Costs: Similar to the UK, be prepared for extra expenses like legal fees and stamp duty, which vary based on several factors.
- Utilise Power of Attorney: To avoid the inconvenience and cost of travelling, you can appoint someone you trust, excluding any estate agent, to act on your behalf.
- Avoid Under-Declaring: Misrepresenting the purchase price to save on costs is illegal and can lead to severe penalties.
- Ensure No Outstanding Charges: Confirm with your lawyer that the property is free of mortgages, liens, or any other encumbrances.
- Request the Originating Contract: Knowing the legal owner of the property by reviewing the original contract is crucial before proceeding.
Dream Homes in Tuscany
Inspired by Amanda and Alan’s journey? Here are three potential projects in Tuscany to kickstart your Italian home adventure:
- Three-bed house in Bagni di Lucca: Available for €59,000, offering a quaint retreat in a charming village.
- Four-bed house in Tuscany: Priced at €750,000, this spacious home promises the quintessential Tuscan experience.
- Two-bed house in Tuscany: A detached house up for grabs at €150,000, perfect for those seeking a more intimate setting.
Embarking on the journey to owning a property in Italy is an exciting venture filled with possibilities. By heeding Simon Conn’s advice, you can handle the process wisely, avoiding common mistakes and ensuring your Italian dream doesn’t turn into a nightmare. Whether it’s a renovation project or a move-in-ready home, Italy offers a rich tapestry of options for every aspiring homeowner.