31 Jul Three steps to avoid buying mistakes in Italy
More and more people are buying property and considering moving to Italy today. Aside from the abundant culture, exceptionally diverse nature, and enviable climate that attracts us, the world is seeing an increase in global mobility, led by people who want to get away, and who are accelerating plans to do so.
You may have considered buying a holiday home in Italy to use for longer than just one summer, or you may want to move to Italy for a better work-life balance or to retire in the sun and within a culturally-rich environment.
Whatever your motivation to buy, you will buy successfully with D&G‘s three critical secrets to buying property in Italy;
1. Understand the property buying and selling culture in Italy.
Effective communication cannot be underestimated, and is most likely the single most important part of any property purchase and sale, enabling you to secure a property with confidence.
Without it, misinterpretations, misunderstandings, and misgivings can easily develop. This is true, arguably, even when you’re buying and selling in your home country amongst those of the same culture and language!
Besides navigating the obvious language challenges, Italy also has its own unique buying and selling culture, which cannot be ignored. Once you realise this, and you appreciate how important it is to learn more about the culture, (and hence how to better negotiate within the culture), you will reduce the risk of misunderstandings, and you can begin to clear the obstacles to effective communication.
2. Learn the secrets to successful property searching in Italy.
You may have purchased your own home or even multiple properties in different countries, however nothing can prepare you for searching within Italy.
There are at least 10 property portals with homes for sale in Italy, many of those containing duplicated listings of the same property (even sold property), agents operating for both seller and buyer as well as unregulated agents, private owners and their relatives selling online with a few basic images of the property… just to name a few characteristics of the market.
There are ways to unlock the hidden market of property not advertised online, and to avoid the merry-go-round of numerous realtors, perhaps failing to call you back.
Once you have learned to adapt your search methods, you will save yourself a whole lot of stress, time, and money.
3. Master your property due diligence approach.
There is a way to protect yourself from buying that dream property that turns into a nightmare (or a renovation nightmare).
You may hear in Italy that building inspections don’t occur or aren’t required, or that buyers are protected by guarantee clauses in purchase contracts.
In reality, there are many things that can go wrong in a purchase transaction that stem from unauthorised renovations and boundary changes, gifted property, unapproved use of land, and failure of the owners to lodge appropriate paperwork at the local land registry or Comune, to name a few.
You can avoid these potential traps and extensive delays by appointing an experienced independent technician to complete a comprehensive inspection process at the start of your purchase. Armed with the outcome and conclusions of such an inspection, you are in a strong position, early in the process, to negotiate your purchase, knowing full well the true status of the property and its potential.
How should you go about buying property in Italy ?
The Italian property market and buying process is complex, and can vary from one transaction to the next. According to the Bank of Italy the average purchase timeframe is 9 months.
You could reach out to a selling agent who handles a list of properties on behalf of owners, and hope to navigate the process similar perhaps to how you may have purchased before, without that essential Italian buying experience.
Alternatively, you can request personalised service to help manage the purchase process alongside you.
If you’ve ever dreamed of owning a charming villa nestled in the rolling hills of Tuscany or a cozy apartment…