Buying Property In Calabria, Southern Italy

By Author: Jamie Hanson
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Real Estate business was derailed by cheap credit elsewhere in Europe and the US in the year 2009, but Italy was unaffected.. Further buying costs have fallen due to changes in the tax policy of the Italian government. Now that these changes have been made Italy has become an even more enticing investment area for property. Nevertheless, previous to entering into any real estate deals, it is important to know and follow certain rules 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 healthy climate and long coastline Southern Italy, with spectacular beaches and soothing climes, particularly Calabria, offers properties at a fraction of the value existing of Tuscany. One only understands the beauty of this region after visiting there.

- Select a good real estate agent: Go for a actual real estate agent, who holds a professional license, qualification and cover insurance, and is registered with a Chamber of Commerce. The agent should be a member of one or more of the following associations; AICI (Italian Association ...
... of Estate Agents), FIMMA (Federation of Mediators and Agents) or FIAIP (Federation of Professional Estate Agents).

- Select property within your budget: In Calabria, you can buy property such as farmhouses, villas or beach resorts. You will get many choices, so select the best that fits your budget. Further, in Italy while negotiating be sensible about discounts. The discount is within is 10% norm.

- Don't strain while buying: Be careful when selecting the property to buy. Keep in mind the time, effort and money involved. So, go for a property that you will be able to handle after purchasing, because large properties require regular 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. 30% next payment is essential. Going back after this stage attracts severe financial penalties for both parties. Italian bank draft is necessary to be presented in front of a Notary.

- Hire a lawyer: Differences with the Italian legal method requires the services of an independent lawyer conversant with the real estate sector. The lawyer helps in the process of buying property like, vetting all documents before signing and making a background check of the property pertaining to unpaid mortgages, loans, third party claims, planning permission, etc..

- Check your add-on costs: Have a plain idea of the fees and taxes to be paid. Normally 7 to 10 percent is added to the cost of resale property and 12 to 15 percent for new ones. Other costs comprise 3 percent to realtor, Euro 500 to 1500 per hour for lawyer and Euro 5000 for a notary. For new properties, VAT is levied at 4 percent if you have applied for Italian residency, or else you pay 10 percent.

- Avoid banks to change currency: The professional currency converters will advise you about the present exchange rate. They also offer better rates than banks, and help you save considerable amount of money.

- Return on your investment: Plann with the investments. 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, particularly 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 prepare to stay in your property for a few weeks annually, study 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