Finance

Can a Foreigner Buy a House in Italy?

Italy is a beautiful country to relocate to, but before you migrate to any of their city you should have accommodation plans. The fact that you have a comfortable place to rest your head after the day’s struggle is a kind of bliss everyone would love to have. While staying in a rented apartment is cool, you might be limited to carry out certain activities as you are not the rightful owner of the property. Owning a home of your own should be your next best option.

However, you are bothered if it is possible to buy a house in Italy as a Foreigner. The good thing is, if you follow the real estate guidelines for foreigners in Italy, buying a house in Italy won’t be as difficult as you taught. In the next few sections, we would enlighten you on what to do as a foreigner when buying a house.

The Nature of the Real Estate Market in Italy

Studies show that getting a property in Italy is currently safe now, despite the economic impact of COVID-19. Getting a house in Italy as a foreigner is possible if you have the right documentation. Generally, Italy is poised to be a non-restrictive area for foreigners that are looking forward to getting a house there. However, restrictions exist and certain countries have more preference than others. For example, United Kingdom citizens can purchase a house or property easily in Italy, whether they live there or not.

How to Buy a House in Italy?

The first step to purchasing any property is to first identify the property you are interested in purchasing. However, one needs to put into consideration the environment where the property resides before settling for it. There are some locations where buying a house would not be difficult for foreigners compared to others. This is where one needs to hire the service of a professional and licensed real estate agent.

After your real estate agent must have gotten a property, the next step would be to make an offer. The buyer can then pay upfront on the purchase price as agreed by the seller. After the seller has accepted the offer, a sales contract is signed by the buyer. It is advisable for the buyer to thoroughly inspect the property before making a second down payment.

VAT and Fees involved in Italy Real Estate

Depending on the kind of property, taxes, and fees can influence the purchase price of a property. Real estate experts in Italy assume that the taxes could increase the price of a property by 7-15%. For instance, purchasing a new property could attract a VAT of 10%. On the other hand, buying a property that has been resold, could attract taxes of 10% on the valore catastale.

Conclusion

Despite the luxury that comes with getting a house as a foreigner in Italy, it comes with a lot of commitment and responsibility. Foreigners must be willing to abide by Italian real estate guidelines. Also before purchasing any property, one must count their cost, to check if the property fits into their budget. Having in mind that aside from the purchase price of the property and taxes, payment would also be made to other professionals including the realtor, surveyor, lawyer, and notary.