Want to Buy in Italy? 8 Tips to Make It Happen!
Do you have $350,000 + to spend on a family vacation home in Italy? With that much money, even Venice is a possibility. For most people though, that kind of investment comes with winning the lottery. Fortunately, a lot less can procure you a delightful Italian getaway.
Yes, Italian real estate is open for business and, massive seaside villas aside, generally very affordable. In fact, a livable apartment in a quaint village can start as low as €15,000 and rise into the hundreds of thousands. After my own real-estate-road-trip, I ended up with a small, two bedroom, salon-dining-kitchen, and one bath apartment in a medieval village for the price of a used car.
Low prices though, don’t necessarily mean easy. A home purchase is a major transaction in any country. So, while the process won’t be simple, it can be comfortably managed by following a few reasonable guidelines.
- Look first online — “immobiliare” is Italian for real estate. There are a lot of international real estate websites available, but for more local offerings, check out sites in Italy. For properties in Tuscany, just enter “immobiliare Toscana” and up pops enough web sites to keep you busy for hours.
- Know what you want — Of course, these elements may change, but if you know that renovation is not an option, don’t look at romantic ruins, trying to imagine what they would look like with plumbing and a koi pond. Things to consider are: square meters, bedrooms, terrace, bathrooms, kitchen, balcony, stairs, view, altitude, transportation, and amenities in the village or town.
3. Plan a road trip — A two week tour of properties throughout one or two provinces should turn up a few viable options. I only had 5 days and they were very fruitful. Use google translate or another translator to communicate with real estate agents. Tell each one where you want to look and exactly when. They are used to Brits and Europeans coming through, so many offices have people who handle internationals.
4. Take lots of pictures— No, you won’t remember that cute house in that sweet village. Instead, one village with merge with another and houses will become mental puzzle pieces difficult to sort. Many real estate websites have pictures, but they do not tell even half the story. One really attractive small house I viewed had holes in every ceiling because the owner was finally trying to fix the roof. Ooops.
5. Be certain you love the location. I visited 8 villages in five days and fell in love with one. It has everything I need, including medical care, a bus, and a bank. The town or village will not improve over time, so be sure it has enough “life” to intrigue and maintain your interest. Village or small town life in Italy hums with subdued activity. The same people will appear multiple times per day: hanging out the wash, buying groceries, drinking espresso, and sitting in the piazza. They will soon know everything about you, far more than Facebook.
6. Consider every angle before making an offer. In Italy, a hefty amount of earnest money is required to make an offer (called a compromesso). If you renege, you lose the earnest money. If the seller decides not to sell, he has to give you twice your earnest money back.
7. Be very specific! It is important to state clearly what you want included with the house. Many houses are sold “inclusivo”, that is with all the furniture and appliances. However, if you do not stipulate exactly what you want included, things may be taken from the house that you were counting on using. When you make the offer, ask the agent to include the wording you have outlined. Then, if something is missing, it becomes a legal issue.
8. Be patient. Real estate processes are slightly different in Italy. For example, the buyer has to pay the real estate agent, as does the seller. Next, all of the paperwork should be translated into English and then, on the signing day, read aloud word for word by a translator to ensure that you understand every aspect of the contract. In the end, your John Hancock will go on the dotted line and a key will be placed carefully in your hand. Benvenuto nella tua nuova casa italiana!
