Buying Property in Calabria, Southern Italy
Overseas Property purchases in Italy have remained strong despite the Economic problems of 2009. Further purchasing costs have fallen due to changes in the tax policy of the Italian government. Recently these changes have made Italy as a great place to invest. Nevertheless, before entering into property purchase, it is vital to know and follow certain procedures to make sure about purchasing and investing in property. The most important 10 rules are below.
- Think beyond attractive Tuscany: Italy is a country with a healthy climate and long coastline Southern Italy, with spectacular beaches and soothing climes, particularly Calabria, offers properties at a fraction of the value prevailing of Tuscany. People can only truly experience Calabria when they have visited the region.
- Select a good real estate agent: Go for a authentic real estate agent, who holds a professional license, qualification and protection insurance, and is registered with a Chamber of Commerce. The agent has to become a member of different institutions.
- Select property within your budget: In Calabria, you can buy property such as good farmhouses, villas or beach resorts. You will get many choices, so select the best that fits your budget. Further, in Italy while negotiating be realistic about discounts. Do not expect large discounts because maximum 10 percent is the norm.
- Don’t strain while buying: Be vigilant when selecting the property to buy. Keep in mind the time, effort and money involved. So, go for a property that you will be able to control after purchasing, because large properties require standard upkeep and maintenance.
- Be conversant with the buying process: Once you strike a deal with the seller at an agreed price, you have to deposit 5 percent of the price. After your surveyor and lawyer’s authorization both the parties sign a contract (compromesso) accepting a timeframe to reconcile the deal. 30% next payment is essential. Going back after this stage attracts strict financial penalties for both parties. Finally, both parties sign a final contract (rogito) before a notary, and the buyer makes the full payment through Italian bank draft.
- Hire a lawyer: Unfamiliarity with the Italian legal method requires the services of an independent lawyer conversant with the real estate region. The lawyer takes all the legal formalities and adjudicate accordingly.
- Check your add-on costs: Have a apparent idea of the fees and taxes to be paid. Normally 7 to 10 percent is added to the cost of resale property and 12 to 15 percent for new ones. Other costs contain 3 percent to realtor, Euro 500 to 1500 per hour for lawyer and Euro 5000 for a notary. For new properties, VAT is levied at 4 percent if you have applied for Italian residency, or else you pay 10 percent.
- Avoid banks to change currency: The professional currency converters will advise you about the present exchange rate. They also suggest better rates than banks, and help you save considerable amount of money.
- Return on your investment: Once invested, what are your plans. If you plan to hire your property, see to it that it is nearer to the transport hub and airport. A reasonable return is expected.
- Learn some Italian: In southern Italy, chiefly Calabria, most people do not speak a foreign language. Even if you plan to stay in your property for a few weeks annually, learn some Italian because it will endear you to the locals.
- Learn some Italian: In southern Italy, particularly Calabria, most people do not speak a foreign language. Even if you arrange to stay in your property for a few weeks annually, study some Italian because it will endear you to the locals.
If you are interested for Calabria property and desire to know more about Property in Calabria visit calabrian-property.com
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