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our experience for house purchase

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Postum
  11/6/2017 19:53 EST

We’ve just recently purchased a house near Rome and I thought our experience may be useful for someone.
1. House search: I used Italian sites (idealista.it, immobiliare.it) with Google translation to find a house. Note that idea of “staging” a house before sale does not exist in Italy, so search for “potential”, not how it looks now. Houses stay on a market for years (very slow buyer’s market, at least near Rome).
2. I do recommend to find your own Real Estate Agent even though selling agents claim they work for the benefits of both seller and buyer. As for me a single agent is always a threat of a conflict of interests. During the purchase process we encountered some issues and having answers from qualified Agents for sure on our side was priceless. We were lucky to have a team with one person from Australia (native English speaker and great business ethics) and another native Italian with perfect knowledge of Italian realities. It is important that your agents already have a team to support every step of the process (Geometra, Lawyer, Notary).
3. House hunting trip. We had two trips before we made an offer. We almost made an offer for a house on the first trip. The house had fantastic sea view but had cracks in walls, sellers presented an engineering report saying that cracks do not represent structural problems. I was in doubt and invited an Architect to take a look. After 5 minutes of looking Architect advised me either to order full engineering inspection (which may or may not be 100% reliable) or just “do not touch this house”. I chose the latter, the lesson is if in doubt you can trust only your own crew.
4. During the second trip we found our “dream house” and started formal price negotiation having our Agent on our side. Obviously I do not have a sense for price negotiation in Italy. I have seen some deals with 20-30% discount off the asking price, but each deal is unique, so our Italian Agent provided us with some clues what to ask and when to stop. Also we included conditional on Structural Engineer report and some legal checks. It is important to think through an offer as in Italy even an offer is legally binding.
5. After sellers agreed on price and conditionals seller’s agent drafted Compromesso with all step-by-step procedures to be completed before final stage (Rogito). 10% of sale price was payable as a condition to satisfy Compromesso.
6. 2.5 month after Compromesso we had a Rogito (Deed signature with Notary). Note that there is no Escrow in Italy, Notary is responsible for the whole real estate transaction and the Deed). We chose an option of declaring this house being “prima casa” with lower taxes than “seconda casa”, now we have to take residence in Italy in no later than 18 months after the Rogito date.

thefountain
  11/7/2017 18:10 EST

Interesting .Thank you. Now that you purchased do you have to declare permanent resident status?

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Postum
  11/8/2017 19:03 EST

yes, I am to keep tax as per "prima casa"

limestoneroad
  3/3/2018 12:55 EST

Thanks for sharing your house buying experience. I want to ask. Now that you are a home owner. What type of yearly taxes do you pay? Are these taxes based on the purchase price alone? what can we expect to pay yearly after purchase.

AirborneSpoon
  3/8/2018 08:06 EST

I’ll be purchasing a small place in or around Vicenza in the next couple of years. I’ve been reading blogs on this site and they always seem to get me more nervous than anything else.
I’ll be paying cash for a very small place costing no more than 40k-50k euro. I know for sure I will be buying in the Vicenza area. My questions are, is it possible that this process will be painless and how quick can the process be best case scenario?

whidden39
  3/8/2018 08:33 EST

I signed the purchase contract in August 2015. I obtained title on September 28. All parties were motivated and there were no issues. No mortgage.

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codybrandy
  3/8/2018 08:46 EST

Stai calma....we purchased an apartment a few years ago and all went very smoothly. Bring a native speaker with you to all appointments, have a geometra check for all problems (this can be pricey but worth it), research the bank in the area that you will want to work with, don't do anything in August, don't expect to complete the purchase on any timeline...things in Italy are never timely. Above all, make sure it is the place you will want for a LONG time...if you plan on selling it may take years to unload, not months as in the states. And Best of Luck...you can get it done with patience and a cheery attitude. My only other advice (if we had it to do again) is rent for at least a year...then buy.

limestoneroad
  3/8/2018 11:02 EST

You have owned your home in Italy for 3 years. Tell me what type of yearly taxes do you pay? I do not need the dollar amount, just what type. Is everything based on the purchase price? Did you have to do a renovation to your home? If yes, was the finished price of the renovation close to the estimate price of the renovation.

rsetzer99
  3/8/2018 13:09 EST

If the house is your first and primary residence, you pay no taxes other than to the comune for the trash service. Ours is just over 300 EU a year.

You will pay a tax of about 3% at purchase (9% if it is just a holiday home and you will not be living there full time.)

whidden39
  3/8/2018 14:37 EST

I claimed residency and this is my principal residence, so I pay no taxes. However, I have a guest apartment on the property that is not physically part of the main residence. On this I pay minimal property taxes on the order of 300 euro per year. There is a value that is decided upon in some antiquated fashion that really had nothing to do with me. It is not the purchase price.

I bought a turnkey property that had many recent improvements including the pool that I wanted. The property was even fully furnished. I wanted to keep things simple and not have to deal with planning permissions and other bureaucratic hassles. I got into my new lifestyle in short order and had control over financial resources. I never regretted going this route and I have a great fit with my new home and community in Puglia.

Grintosa
  3/9/2018 18:16 EST

It sounds like you are going to be working at the base. If so, the housing office there can help you. As the others on the forum have commented, the experience is roughly the same process as in the States. The main difference is the role of the notaio (No-TIE-oh), who performs the same function as an escrow and title company (depending on which state you live in). I would not limit myself to just the listings at the housing office but also look online and check out a few real estate offices when you get there. Lots of properties are not listed online. Ask for a “mini apartamento” and you should be able to find something in your price range. It probably won’t be in the heat of the downtown. But if you prefer to be close to the base, then it doesn’t matter. Good luck!

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marchelive
  3/12/2018 08:27 EST

Here's something interesting for married couples wanting to buy a second home in Italy.

Normally, your second home is taxed at a higher rate than your primary home. Especially at the sale. However, there's a legal loophole that allows you to save on the second home purchase. It's something that can be done during the closing. Just before closing, the notaio has you sign a document where the married couple legally declares to split their assets. The existing home goes to one of the spouses. Then the second home is purchased by the other spouse as a first home. This way the couple saves on taxes and it's all perfectly legal. I've personally see this done.

marchelive
  3/12/2018 08:30 EST

I forgot to add, you must maintain this separation for 5 years. After that you can dissolve the separation and share assets. If you don't wait 5 years, you'll be liable for the original sales tax on the purchase.

Postum
  3/13/2018 17:04 EST

Interesting, thanks for sharing

Postum
  3/13/2018 17:17 EST

Purchasing a real estate is never painless. To minimize the pain you need real estate agent who speaks your language and knows Italian ways of doing business.
If you have one, it will take appr. 1.5 month to close the deal.

AirborneSpoon
  3/14/2018 22:39 EST

Thank you, I will be living close to but not working on the Caserma. I thought about going to housing but wasn’t sure what they could do for me. I am not on active duty but I am a retiree with full benifits.

glorirz
  4/30/2018 15:41 EST

Does anyone have information about obtaining a mortgage in Italy? What are usual interest rates? What % down payment? Can a nonresident purchase? We are an American couple, one is also a British dual citizen. Thank you!

maluza86
  5/1/2018 01:53 EST

I purchased an apartment two years ago, however, I was a resident. You can purchase property as a non-resident though, but you may not be able to obtain a mortgage from an Italian bank unless you are a resident.

I used CheBanca! and they were very helpful throughout the whole process. We had to put 20% down and show enough money for the rest of the transaction fees and taxes. The interest rate on our 15yr mortgage is 1.67%

As a non-resident your taxes will be very high on the purchase and some of the other fees may increase as well. Here is a good link that covers most of the fees associated with purchasing a house or apartment in Italy.

https://www.globalpropertyguide.com/Europe/italy/Buying-Guide

glorirz
  5/1/2018 02:09 EST

Maluza86:
Thanks very much! It looks overwhelming, but I imagine we'll figure it out one step at a time!
Glori

Lcr4GA
  5/1/2018 09:43 EST

after your purchase , what % of taxes are paid annually on property?

maluza86
  5/1/2018 12:01 EST

There are no property taxes since it is our prima casa. We just pay trash collection annually. I don’t recall the exact amount, but right around €150 I think.

maluza86
  5/1/2018 13:49 EST

Glori,
Buona fortuna. Glad to help where possible as are others on this forum, so don’t hesitate to ask or seek assistance ;-)

LyndaPlatts
  5/2/2018 05:43 EST

Found the best way to get through this, and our pruchase took 18 months due to various factors incuding the death of one of the vendors, is just to keep smiling and keep remembering why you are doing this. We got there eventually!

glorirz
  5/2/2018 11:35 EST

Lynda, thanks for your encouragement, and reminder. So far my journey has just been combing the real estate sites on the web. We head to Italy in June, and I hope to see some apartments "live"!
Ciao,
Glori

HenryGiovanni
  5/2/2018 13:59 EST

Hi Gloriz,
I don't recall if you were looking for a mortgage. See my e-mail for info on buying a place in Italy on the "Moving to Italia" thread. I [finally] posted these (Container, and Buying a House) today. Maybe it will help. Cheers, John.

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