Buying properties in Italy is another long and difficult project, much like anywhere else. It is recommended that the buyer should use a realty agency in order to cover all bases and avoid surprises after the deal is made.
Properties are classified into two different types :
- Costruttore (new builds by real estate developers), or
- Privato (existing homes/previously owned homes)
The following information is considered basic as the legal procedures are lengthy with multiple conditions. The details are not covered in this article but, as an overview, these can be a good initial guideline to understand what you should expect as a buyer. Needless to say, you will need a Codice Fiscale (also a Permesso di Soggiorno if you are not an EU citizen) before any official documents can be produced.
Some recommended sites for real estate listings :
new builds
- Usually have high energy ratings/classes
- Smaller in space
- Calculated by €/sqm
- Receives a 10-year warranty from the developer
- All installations (electrical, gas, hydraulics, etc) are covered and are installed under a fixed norm
- Specifications include earthquake sustainability
- Taxations : For standard taxation, new owners will have to pay an IVA of 9% of the selling price no matter where they are currently residing and no matter where they declare their fiscal residency. If the new owners declare their residency in the comune where the house is located and that it is their first house, then the IVA is reduced to 4%.
Existing properties
Existing homes in Italy are mostly old and therefore there is a big possibility that issues such as energy efficiency, structure and clarity of past renovation works are apparent. However, it could be much more economical than the new builds. You just need to be careful and engage professionals to help go through the administrative works.
- They are usually old buildings
- They have low energy ratings
- No guarantee in installations and structure
- It is best to get, though not an obligation for the seller, Certificazioni degli impianti for any renovation works pertaining to utility such as electricity, hydraulic and gas.
- Obtain the Atto di provenienza that provides information for the Agibilità (habitability) and Situazione urbanistica (past urban renovations approved by the Comune)
- Obtain the current floor plan that has a stamp of approval from the Comune
- Taxations : For existing properties, buyers do not pay tax as in new builds situation but they need to pay a similar fee that is called Imposta di Registro at 9% as standard. They can benefit a reduction and pay only 2% if it is a first home and that fiscal residency is declared in that Comune. This percentage is not calculated on the price of the house but on the Rendita Catastale. Eg. If the Rendita Catastale is 1500€, then the buyer will pay either 1500€ x 126 x 9% or 1500€ x 115,5 x 2% depending on the buyer’s residency.
legal procedure
Once all speculations, calculations and decisions are made, buyers and sellers then follow the following procedure :
- Proposta d’Acquisto — This document is the offer made by the buyer to the seller to propose his/her interest in the property.
- Preliminare — If the seller agrees to the offer made by the buyer, then this document is drawn as a promise to purchase the property. There is a cost of 200€ + 3% or 0,5% to be paid to validate the document.
- Rogito — This is the final contract that needs to be drawn and signed at the presence of a notary.
Recommendation
With 10 years of experience, Mauro has a clear picture of the real estate market and knows the regulations inside out. Answering emails and calls promptly, he is a reliable resource to provide essential information and help with the (boring, painstaking and time-consuming) administrative transactions. Plus, he is always cheerful, positive and a very good solution-finder!
*Contributors of this blog are not sponsored for any recommendations made on the posts. Please read our disclaimer for more information.
Useful vocabulary
Vendita/Vendesi : To sell
Villa : Bungalow
Appartamento : Apartment
Box : Garage
Posti Auto : Parkings
Camera (Camere) : Bedroom (Bedrooms)
Soggiorno pranzo : Dining room
Bagno (Bagni) : Toilet (Toilets) or Bathroom
Cucina : Kitchen
Giardino : Garden
Piscina : Swimming pool
Cancello elettronico : Electrical gate
A Schiera : Row/Terraced house
Bifamiliare : Semi-detached house
Casa independente : Detached house
