Buying a property in Italy
The first step is to make sure that you have a clearly-defined source of finance. The three most popular options are: Having the cash available in one lump sum; obtaining a mortgage on the Italian property you are purchasing; or obtaining a first or second mortgage on your main home. It is also crucial to choose a lawyer who is an expert in Italian law, and a financial advisor, or agent, to obtain the best possible financial advice for your particular situation.
Next you will need to decide on an area. Whether you think you would like a rural property, to be near the sea, a lake or in a village, town or city, it is good to have a general idea of basic requirements. These can be initially broad, such as ‘one bedroom or two?’, or even as simple as whether you would like an apartment or a house. My advice here is to keep an open mind. Many clients decide on certain specifications and do not view all types of property, thus limiting their choices. This is a real mistake as, in my experience, clients who have had definite ideas about buying an old or rustic property often end up buying a new one. Once you have decided on your finances, found an area you are interested in, and have some idea of what type of house you would like, it’s time to decide which company you are going to buy through. There are a number of factors to bear in mind here.
Firstly, narrow down your search to a company that belongs to a trade organisation, such as ‘The National Association of Estate Agents’ (NAEA). This organisation was established in 1973 and can be described as a ‘one-stop property shop’. The association has over 80 members including agents, lawyers, removal companies and insurance agents. Another important thing to remember is that even though an estate agent operates in the UK, this has no relevance whatsoever to selling abroad. Do not decide to deal with your local agent just because they happen to be offering some property abroad; check that the company actually specialises in overseas real estate.
Finally, find out if the company you wish to deal with has someone that speaks Italian and has expertise in Italy. If not, then always be careful. Many companies and individuals decide to ‘dabble’ in the property business and see it as a quick way to make money. However, this could be at your expense. Always do your research on the company first. Some of you will already be wondering why you need an agent and may be thinking of taking matters into your own hands. In most cases almost anything can go wrong and often does. Firstly, you will have no idea to whom you are speaking, however nice they may seem, as in any country there are always people looking for ways to ‘make a quick profit’. You will have no way of knowing whether the property is at the market price or, as often occurs, up to 50 per cent above market price ‘especially for you!’.
