A SMART INVESTMENT

The beauty of this country, its warm climate and the diversity of activities that can be done in Italy have made it a popular vacation spot (Car hire Alicante). It ranks 4th as the most popular tourist destination in the world (2004): volunteer vacation New Zealand. Choosing a property to use as a resort, B&B or holiday villa can be quite lucrative. With so many people hoping to find their dream home in Italy, the potential return on investment looks good should you choose to resell the property.

The value of property in Italy continues to increase every year. The country itself has a very strong economy, currently ranking as the world’s 8th largest economy according to The World Factbook (2005).

CHOOSING A HOUSE IN ITALY

The most important thing you can do before choosing any property to invest in is to research; a whole lot of research in order to be able to find not only the place that is your dream but one that is of good value and a worthwhile investment. This is a major investment and you want to make sure that your money goes where it won’t be wasted.

It is always useful to talk with any family or friends of yours who already have property in Italy. You can ask them about what it is like and what kind of experience they had in trying to acquire their Italian property.

Your choice of home will be very individual. You need to be clear about what exactly you want so that it will be easy to find the right property for you. You need to decide if you are looking for a villa, an apartment, a mansion or a castle. You also need to think about the kind of weather you want to have since some areas of Italy do get snow.

Once you’ve done your preparation, the hunt can begin. Keep your eyes open because you may just find your dream home when you least expect it.

Before one can actually buy a house in Italy, you will need to prepare a few things. One cannot simply fly to Italy, walk up to the nearest house and say, “this house is mine” and have it become so. That is merely a hotel or some similar rental.

If you are serious about buying property in Italy you will need to have the following documents ready:

• Passport - this serves as your valid ID. The passport provides basic information that is needed for the buying process.

• Birth Certificate - again this is for validation of your identity. It is a way for the Italian government to confirm your information. They will ensure that your data matches that on your passport. If you are married, provide a marriage certificate as well.

• Codice Fiscale - This is your Italian tax number. If there is one thing constant in all countries, it is that there are taxes. You can apply for this at the Italian embassy from your home country so there is no reason to go to Italy just for this.

• Copies of your income revenue forms for the last two years are best kept on hand. Most loan institutions will want to ensure that you are indeed capable of paying for the amount that you are about to take out. This is the proof of your capability. This is also a way for the Italian government to confirm that you are indeed a tax paying, law abiding citizen.

• Lastly, bring a letter of reference from your personal bank to the Italian bank that will hold your mortgage for you. This will pave the way for you with the financial institution that will help you buy your dream home.

The process of buying ahouse in Italy is not exactly the same as buying a house in your own country. There are more steps to take in order to acquire the house of your dreams. It is best if you set aside your knowledge of how real estate is handled in the US or UK and simply learn the Italian system from scratch.

Preparation

The first thing we suggest is that you choose your lawyers. It is best if you have an Italian attorney aside from your regular counselor. They would be more familiar with Italian law and will be better able to advice you.

It is also best if you familiarize yourself with the region you are looking at. Learn more what it is like to live in this area. Find out how accessible it is, its distance to major cities and the availability of the various utilities, emergency services and hospitals. You want to be sure that you will be truly comfortable in your new home, even if you are only there for a couple of weeks a year.

You also need to learn the terms used in Italian . Their language is very precise so simply saying you want a casa will not be enough. Saying that you are looking for a palazzo might land you a mansion instead of the palace that you wanted. Knowing the right terms can help you find your house faster.

Negotiation

Once you find the property you can like, you can now try to buy it. Your vendor will state a price that you can match immediately. Sometimes the price may be open to negotiation. If you really want a particular property, don’t be afraid to bid higher than the stated amount. Make sure that the price and final sale is dependent on the findings of the geometra. Usually a compromesso or initial contract is drawn up at this point.

The Geometra

Once you’ve found your dream home and made your offer, you will need the Geometra. He’s a cross between an architect and a surveyor. Think of him as the safety inspector who also notes full details about the property. He’ll talk with you about the structure of the property as well as the utilities. He’ll also talk about the right of way as well as your risks of flooding or landslides. This is one of the most important steps in the process.

The Rogito

The rogito is the signing of the deed of sale. This is done at the office of the notaio (notary public). This usually takes place at least 4 weeks after you sign the compromesso. Delays are caused by a number of things not least of which is the full inspection of the property. If everything is in order, you will have your new home.