Buying a Property In Italy

martindias

Last year I stayed just in a lovely AirBnB in the hills just north of Rome. It was a scenic medieval village on a mountain side and the rooms in a converted stables, tiny but very adequate. Loved it.

The owner has now contacted me saying the property is up for sale. It is a ridiculously low price by UK standards but seems fairly average for the area, from internet searches.

Has anyone advice on how to proceed, problems pitfalls to avoid? Is their a minimum size/area a property has to be to be formally rented out? I know this is available on AirBnB but I would like to option to make longer term lets too. It is a three room (tower) one room on top of the other, one room being an unconverted basement/cave.

I'm not rushing in where my heart has already gone - but doing due diligence and off to Rome next week :-)

Guest101

Are you buying cash?

martindias

Yes....I have cash available in sterling. Also some extra for any needed repairs and fees/taxes. I also have a friend living locally whose interested in renting it from me.

zagubov

Is it a good idea to rent to a friend? Could get a bit awkward if something goes wrong.

ognum

martindias wrote: »

Last year I stayed just in a lovely AirBnB in the hills just north of Rome. It was a scenic medieval village on a mountain side and the rooms in a converted stables, tiny but very adequate. Loved it.

The owner has now contacted me saying the property is up for sale. It is a ridiculously low price by UK standards but seems fairly average for the area, from internet searches.

Has anyone advice on how to proceed, problems pitfalls to avoid? Is their a minimum size/area a property has to be to be formally rented out? I know this is available on AirBnB but I would like to option to make longer term lets too. It is a three room (tower) one room on top of the other, one room being an unconverted basement/cave.

I'm not rushing in where my heart has already gone - but doing due diligence and off to Rome next week :-)

Owning a property abroad is not like being on holiday. When you are there you will be:

Doing maintenance
Paying bills
Organising for future maintenance
Trying to find parts for broken things
Cleaning
Painting
Gardening
Sorting property taxes
Placating neighbours

When you are at home you will be

Getting phone calls about things that have broken and the tenant/ holiday maker want mended now (like the fridge)
Worrying the place is OK
Still paying bills
Paying tax on your rental income

Don't do this unless you really understand what you are getting into, it seems idilic but it isn't.

Slave_to_the_job

I bought a ski apartment in December in Italian Alps, all I would say is be very careful. Italy is certainly not like the Uk when buying / selling property.

D_M_E

Just a few comments and notes

You must register with the Italian tax authorities and obtain a codice fiscale - Italian tax code - before you can buy property in Italy.

On top of whatever price you agree to buy at with the owner, you will have to find an extra 15% of the purchase price for things such as notaio fees (the person who registers the property in your name at the Italian equivalent of Land Registry), purchase tax and other fees but you should get a bit of change out of that if you are buying from the owner as you will not have to pay up to 6% to the immobilliare (Italian estate agent, both seller AND buyer pay the agency fees of 4 to 6% each, not shared).

You should also be aware that, in Italy,anyone can come along and make a claim for the property, so you should spend an extra 2000€ on an Italian avocate (solicitor) best selected from outside the area where the property is located to protect your interests and make sure this will not happen and, if your Italian is not up to scratch, I would also advise employing a translator as well.

You also have to register as whatever the local equivalent of a landlord is, don't recall what the term is but you have to, I think, register the rental with the local commune (local council) and get their permission to rent and you also have to declare any rental income to the Italian tax authority. Without this permission, you would be renting illegally and risk having the property confiscated.

mjdh1957

Make sure you understand Italian tenancy law. In general, continental countries have stronger tenants' rights than the UK

AdrianC

Italy makes the UK like absolute no-hopers in the bureaucracy world championships. Unless you really ENJOY fighting paperwork, don't even think about it.

martindias

zagubov wrote: »

Is it a good idea to rent to a friend? Could get a bit awkward if something goes wrong.

Well I hear you but have rented rooms to friends for years and found the void debts to be much less than those who simply replied to advertising. But - nevertheless I hear your caution and I'm taking on the risk!:A

martindias

Yes - I have siblings who have holiday homes in Europe and other friends too and although the places always seem idyllic I know the taxes, maintenance and hassles that go along with it often come up from behind and hit you. I'm finding out more about the costs of buying and managing in Italy and although it does seem to add almost 10% to the initial purchase price I'm still in love with the place....so heart not head!