Rugbywolf8
2/11/2021 07:48 EST
Hi,
My self and my wife are starting the process of investigating where to live in Italy, with a time line of around 3 yrs hence.
We are looking to buy something to do up that is rural but not to rural. Has enough rooms / buildings that can be converted into some form of bed and breakfast business.
Currently the trips are virtual and we are concentrating in the North of Italy, particularly Piedmont and Lombardy.
We have chosen these as there seems good connections, many great places from a scenic / historical view point and within easy reach of skiing, and coast. That's not to mention great wines and food.
I am throwing this out there to get different view points and to aid in focusing our attention on some area's that my not be in our immediate thoughts.
Any insights will be greatly received.
Regards
Mark & Karen
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foxwhite1
2/11/2021 08:26 EST
It seems a lot of people on this and other forums have the expectations that they can/will set up their home in Italy [or other countries] as an Airbnb or some other rental arrangement such as a VRBO. Allow me to offer a bit of advice. Do not purchase with the expectation that you need the rental income to afford your home away from home. I can attest to the fact that it is not as easy as listing it and collecting the income. It takes a special person with a property in a desirable place to manage this arrangement and make it worthwhile. I can elaborate if one is interested but suffice it to say, buy a property you can afford with zero rental income, and then if you have the disposition to put up with all the problems which come from renting to strangers, then go for it.
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nick0126
2/11/2021 08:34 EST
yes the North can be a trendier place, but it multiplies your investment and carrying costs. Looking at areas within a short /weekend drive from Rome (Rome is larger than the next 10 cities in Italy combined) improves AirBnB opportunities as Romans luv to get out of the city for short bursts and this makes your "season" year long . Check out Abruzzo for fixer-up opportunities and then prepare for a long, (piano,piano!) process.
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codybrandy
2/11/2021 08:45 EST
You make a good point Foxwhite. My little town in Liguria has sooo many AirB&B's that are in fierce competition with each other...and we aren't even a tourist town. (We are 25min to the 5Terre and in the hills) Prices for lovely 1bd apts go for c. E 20- E40...which is hardly worth the effort for the owners. There are also rather strict obscure rental rules and tax ramifications: i.e. one odd one is how high is the ceiling. Another problem would of course be what type of Visa the new owners would need. It's not that easy to get working Visas.
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Rugbywolf8
2/12/2021 06:38 EST
Thank you and yes there will not be a requirement for an income from the property or to dip into our pensions at that point.
I would not say that the B&B business would be a hobby but we have no desire for it to become all encompassing. it is something we hope to transition to over a period of time if it starts to take off and as we wind down our current jobs which we can do remotely.
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Rugbywolf8
2/12/2021 06:41 EST
Thank you, from a business perspective you make a good case. Will certainly look into that area.
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William RussellGet QuoteWilliam Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.
William RussellWilliam Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell. Get Quote
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Rugbywolf8
2/12/2021 06:42 EST
Thank you, always good to get a heads up on potential issues in advance.
I would rather have the steep learning curve before any serious money is in play.
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