Buying Property in Calabria, Southern Italy
Italy was not affected with global recession. Further buying costs have reduced due to changes in the tax policy of the Italian government. This has made investment in property an attractive proposition in Italy, at present. Nevertheless, previous to entering into property purchase, it is imperative to know and follow certain guidelines to make sure about buying and investing in property. The most important 10 rules are below.
- Think beyond attractive Tuscany: Italy is a country with a wholesome climate and long coastline Southern Italy, with spectacular beaches and calming climes, particularly Calabria, offers properties at a fraction of the value existing 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 indemnity 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 purchase property such as farmhouses, villas or beach resorts. The budget and type of property is dictated by the buyer. Further, in Italy while negotiating be practical about discounts. The discount is within is 10% norm.
- Don’t strain while buying: Be careful when selecting the property to buy. The money and effort involved in upkeep is vital. So, go for a property that you will be able to handle after purchasing, because large properties require normal 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 permission both the parties sign a contract (compromesso) accepting a timeframe to reconcile the deal. Then you make a second down payment cumulatively being around 30 percent. 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: Differences with the Italian legal system requires the services of an independent lawyer conversant with the real estate area. The lawyer takes all the legal formalities and adjudicate accordingly.
- Check your add-on costs: Have a clear idea of the fees and taxes to be paid. There are different calculations that your lawyers will advice you. Other costs contain 3 percent to realtor, Euro 500 to 1500 per hour for lawyer and Euro 5000 for a notary. The other factors for new properties are different and the lawyer can advice you.
- Avoid banks to change currency: Italy has professional currency exchange companies, who can fix rates for future deals to protect against currency fluctuations. They also offer 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 rent your property, see to it that it is nearer to the transport hub and airport. This will attract good rental and a sound return on your investment.
- 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 delight you to the locals.
- Learn some Italian: In southern Italy, particularly Calabria, most people do not speak a foreign language. Even if you plan to stay in your property for a few weeks annually, discover 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
