How To Buy Property In Italy As An American
Buying a home in Italy can be a daunting process. Information is difficult to find and often misleading. Americans moving to Italy for the first time can get easily overwhelmed trying to decide which neighborhoods are best, which real estate agent to choose, and how much to pay for a home (or apartment).
In this blog, you’ll find important considerations you need to keep in mind when buying property in Italy: |
1. Types of properties available
If you're looking to buy a home in Italy, you'll want to start by understanding the different types of properties available and their cost. There are many different types of properties on offer in Italy, including apartments, townhouses, villas, and even palazzos. Prices vary widely depending on location and size, but most will fall within the range of €100,000-€500,000.
2. Restrictions on foreign investors
Italy has no restrictions on non-Italian citizens buying property. Foreigners can own a residential or commercial property, as well as rent it out for a profit. This makes the country an attractive real estate investment opportunity for investors from around the world. However, there are still some legal requirements and procedures you need to follow if you want to buy property in Italy.
3. Budgeting
The cost of real estate varies widely depending on what region of Italy you're looking at and what kind of property you're interested in buying. If you want to buy something close to the city center, expect to pay more than if you wanted to live further out.
You'll also need to factor in the cost of renovations and repairs, which can add up quickly depending on what condition the property is in when you purchase it. If there are structural issues with the building or yard work, these costs can be substantial as well.
You'll also need to factor in the cost of renovations and repairs, which can add up quickly depending on what condition the property is in when you purchase it. If there are structural issues with the building or yard work, these costs can be substantial as well.
4. Taxes and fees
Taxes can be very high for foreigners who buy property in Italy.
Foreigners are required to pay a tax called ‘Imposta Comunale sugli Immobili’, which is about 0.4% of the value of the property.
The other taxes and fees you can expect to pay when buying property in Italy include a notary fee, which costs around 2% to 3% of the purchase price; a registration fee for foreign companies (c.0.5%); and an annual real estate tax called IMU (0.8%).
Foreigners are required to pay a tax called ‘Imposta Comunale sugli Immobili’, which is about 0.4% of the value of the property.
The other taxes and fees you can expect to pay when buying property in Italy include a notary fee, which costs around 2% to 3% of the purchase price; a registration fee for foreign companies (c.0.5%); and an annual real estate tax called IMU (0.8%).
5. Restrictions on rental properties
Renting out properties is another option for investors who want to make money off their investment but don't want to live in them themselves—but this isn't always easy either! There are many regulations surrounding renting out properties that can make it difficult for foreigners to get started, especially if they don't speak Italian themselves or have someone helping them with translations and legal documents at every turn.
Final Thoughts
Buying a home abroad is a big undertaking, and it's not one that should be taken lightly. If you do plan to do this, do keep the above tips in mind. It can certainly make your home-buying process run more smoothly.
Author Bio -
Meryll Russell from Search 805 Homes has been a realtor since 2004 and got her Broker’s license in 2019. She has sold homes all over Southern California. Meryll received her Bachelor of Science in Business Administration with an emphasis in Marketing from USC. She has over 20 years of sales and negotiation experience