The preparation and the purchase of a home in Italy.

The preparation

Buying a home abroad is a big step. Local rules and regulations are different than back home. Below are links to some useful information:

How does an Italian real estate agent work?
How do I get find out about the property?
Is my favourite house structurally sound?
Tip for restoring a house
How much will it cost me to buy?
What is the estate agents fee?
What will I pay for a solicitor?
How much is a survey report?
How much is ‘stamp duty’ (property purchase tax)?
What documents do I need to buy a house?
How do I get a codice fiscale?
How do I open an Italian bank account (Conto Corrente)?
Can I get a mortgage?

How does an Italian real estate agent work?

Estate Agents in Italy work in a different way to estate agents in the UK or other countries. Estate Agency here is a profession which is protected by law. All estate agents have to be professionally qualified and legally registered. Under the law here you only have to pay for the services provided by a qualified estate agent and these are the only people who are permitted to act as professional mediators for property sale and rental. You should bare in mind that a lot of agents you may meet are not qualified. Always ask for the registration number of the agent or mediator (tesserino di agente di affari in mediazione) who you want to do business with. ‘House in Italy’ only works with qualified agents.

How do I get find out about the property?

It’s normal that you want to know more about the house you are interested in. Often the owners here are reluctant to give more details about a property until a serious offer has been made. Once you have made an offer we will make sure you get all the information you need about the rateable value of the property (catastale value), plans, land borders, deeds of ownership and development plans.

Is my favourite house structurally sound?

Only a surveyor or structural engineer can give you the answer to this question. It is particularly important to get the correct professional advice when you are looking to buy a house which has to be partially or completely restored.
We can arrange for an expert to an oral or a full written survey on your property. We can also get the experts to give you a general guide to the cost of rebuilding or restoration. We have a reliable network of architects, engineers, surveyors and builders who have years of experience. Working together we can help you to restore and restructure you home just as you want!

Tips for restoring a house

There can be some tax advantages for those who want to restore their Italian home if they are living and paying tax here. Standard IVA (VAT) in Italy is 20%, but some restructuring projects attract reduced rates of 4% and 10%. There is even the chance that if you are restoring an old rural property you may qualify for 41% of the cost of the project to be returned to you by reducing your annual tax bill over a number of years! The rules change every year and you should ask your accountant (commercialista) to check if you qualify.

How much will it cost me to buy?

When buying a house in Italy we would recommend that you add about 15% to the purchase price to cover the cost of a solicitor, tax agent, translator and more if you use other experts like architects, structural engineers, commercial lawyers etc.

What is the estate agents fee?

A registered estate agent legally charges 3% of the purchase price of the property with a minimum charge of € 3.500,-.

What will I pay for a solicitor?

The solicitor usually charges between 2-3% of the selling price as detailed in the sales contract. The price varies between solicitors. The buyer has to pay for the solicitors services and gets to choose which solicitor he wants to act. We have a list of solicitors who are experts in the field of Italian property law.

How much is a survey report?

Simple oral report will be from about € 200,-. The price of the survey depends on the type, size and condition of the property.

How much is ‘stamp duty’ (property purchase tax)?

To purchase a piece of land from a person you have to pay 18% in purchase tax. If you buy the land from a company you have to pay 20%.

If you are buying a property as a holiday or a second home you pay
10% “imposta di registro” (transfer tax) when buying from an individual or 11% when buying form a company

If you are buying a property as your primary residence the purchase tax is 3% when buying from an individual and 4% vat if you buy from a company.

In this last case you have take up and register your residency in the comune where you are going to live within 18 months, otherwise you have to pay the other 7% tax plus interest and a fine.
Also if you sell your primary residence within 5 years and don’t purchase a new primary residence you will also have to pay back the 7%.

N.B. The tax payable is calculated on the catastale value of the property (rateable value), not the commercial value.
Before 2006 it was common to put a different purchase price in the final act to reduce the taxes payable. This year the law has changed in Italy so now the full purchase price is always mentioned in the final act.

What documents do I need to buy a house?

Yes you will need to get an Italian fiscal code number 'codice fiscale' and to open an Italian bank account.

How do I get a codice fiscale?

We can offer a service to obtain a codice fiscal for you. It is a vital piece of information in Italy and without it you are unable to get connected to the water, gas, phone and electricity services or open a bank account.

How do I open a bank account (Conto Corrente)?

We can help to start the account opening process for you so that everything is in place for your next visit to Italy. You must have an Italian bank account in order to purchase a property here. It needs to be open to allow for the deposit monies to be paid at the time of the compromesso and to pay over the full balance at the final act. Once the account is open you will be able to arrange for most of your bills to be paid automatically.

Click here for The Buying procedure

[What do I have to know before I buy an Italian home?]

The preparation Buying a home abroad is a big step. Local rules and regulations are different than back home. Below are links to some useful information: How does an Italian real estate agent work? How do I get find out about the property? Is my favourite house structurally sound? Tip for restoring a house How much will it cost me to buy? What is the estate agents fee? What will I pay for a solicitor? How much is a survey report? How much is ‘stamp duty’ (property purchase tax)? What documents do I need to buy a house? How do I get a codice fiscale? How do I open an Italian bank account (Conto Corrente)? Can I get a mortgage? How does an Italian real estate agent work? Estate Agents in Italy work in a different way to estate agents in the UK or other countries. Estate Agency here is a profession which is protected by law. All estate agents have to be professionally qualified and legally registered. Under the law here you only have to pay for the services provided by a qualified estate agent and these are the only people who are permitted to act as professional mediators for property sale and rental. You should bare in mind that a lot of agents you may meet are not qualified. Always ask for the registration number of the agent or mediator (tesserino di agente di affari in mediazione) who you want to do business with. ‘House in Italy’ only works with qualified agents. How do I get find out about the property? It’s normal that you want to know more about the house you are interested in. Often the owners here are reluctant to give more details about a property until a serious offer has been made. Once you have made an offer we will make sure you get all the information you need about the rateable value of the property (catastale value), plans, land borders, deeds of ownership and development plans. Is my favourite house structurally sound? Only a surveyor or structural engineer can give you the answer to this question. It is particularly important to get the correct professional advice when you are looking to buy a house which has to be partially or completely restored. We can arrange for an expert to an oral or a full written survey on your property. We can also get the experts to give you a general guide to the cost of rebuilding or restoration. We have a reliable network of architects, engineers, surveyors and builders who have years of experience. Working together we can help you to restore and restructure you home just as you want! Tips for restoring a house There can be some tax advantages for those who want to restore their Italian home if they are living and paying tax here. Standard IVA (VAT) in Italy is 20%, but some restructuring projects attract reduced rates of 4% and 10%. There is even the chance that if you are restoring an old rural property you may qualify for 41% of the cost of the project to be returned to you by reducing your annual tax bill over a number of years! The rules change every year and you should ask your accountant (commercialista) to check if you qualify. How much will it cost me to buy? When buying a house in Italy we would recommend that you add about 15% to the purchase price to cover the cost of a solicitor, tax agent, translator and more if you use other experts like architects, structural engineers, commercial lawyers etc. What is the estate agents fee? A registered estate agent legally charges 3% of the purchase price of the property with a minimum charge of € 3.500,-. What will I pay for a solicitor? The solicitor usually charges between 2-3% of the selling price as detailed in the sales contract. The price varies between solicitors. The buyer has to pay for the solicitors services and gets to choose which solicitor he wants to act. We have a list of solicitors who are experts in the field of Italian property law. How much is a survey report? Simple oral report will be from about € 200,-. The price of the survey depends on the type, size and condition of the property. How much is ‘stamp duty’ (property purchase tax)? To purchase a piece of land from a person you have to pay 18% in purchase tax. If you buy the land from a company you have to pay 20%. If you are buying a property as a holiday or a second home you pay 10% “imposta di registro” (transfer tax) when buying from an individual or 11% when buying form a company If you are buying a property as your primary residence the purchase tax is 3% when buying from an individual and 4% vat if you buy from a company. In this last case you have take up and register your residency in the comune where you are going to live within 18 months, otherwise you have to pay the other 7% tax plus interest and a fine. Also if you sell your primary residence within 5 years and don’t purchase a new primary residence you will also have to pay back the 7%. N.B. The tax payable is calculated on the catastale value of the property (rateable value), not the commercial value. Before 2006 it was common to put a different purchase price in the final act to reduce the taxes payable. This year the law has changed in Italy so now the full purchase price is always mentioned in the final act. What documents do I need to buy a house? Yes you will need to get an Italian fiscal code number 'codice fiscale' and to open an Italian bank account. How do I get a codice fiscale? We can offer a service to obtain a codice fiscal for you. It is a vital piece of information in Italy and without it you are unable to get connected to the water, gas, phone and electricity services or open a bank account. How do I open a bank account (Conto Corrente)? We can help to start the account opening process for you so that everything is in place for your next visit to Italy. You must have an Italian bank account in order to purchase a property here. It needs to be open to allow for the deposit monies to be paid at the time of the compromesso and to pay over the full balance at the final act. Once the account is open you will be able to arrange for most of your bills to be paid automatically. Click here for The Buying procedure
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[What do I have to know before I buy an Italian home?]