Housing Italy

Housing Italy: how to purchase or rent

Foreigners who live in Italy have the right to purchase a house like an Italian citizen. If you have chosen a house you should check that it has been built by law and it is not subject to mortgages, that is its owner has contracted debts offering in guarantee his/her house. You should also check that the owner can sell: if he/she isn’t the only owner it is fundamental that the other owners desire to sell. The seller could also be a company: a builder, a co-operative or a building society.
Italian building societies receive commissions from seller and buyer. Before purchasing there is a commission not superior to the 2 % of the total cost. You should also inform about appraisals and middle values regarding the district, the middle value is the square meter price, you can turn to real estate agencies for an appraisal.
After these checks it is compulsory to contract a preliminary but binding agreement or deed filled in by a notary, containing: description and location of the house, the declaration of desire to purchase and sell, the agreed cost, terms of payments, deposits. In Italy costs for the deed of sale are charged to the buyer and are in proportion to the selling value of the real estate. Higher the value of the real estate, lower the percentage asked by the notary.
If you don’t want to pay cash your house you could take out a mortgage remembering that Italian banks don’t fund an amount superior to 70/75 % of the cost of the real estate, and the 30-35% has to be paid cash. Banks can determine three types of rates: a fixed rate that stays the same for the entire mortgage; a variable rate that changes according to parameters suggested in the mortgage contract and a mixed rate, the initial rate can be modified according to expiry and conditions established by the contract. Instead if you are interested in rental you have to stipulate a rental contract that has to be registered, the tax for registration is the 2% of the annual rent and has to be paid a half by the tenant an a half by the owner.
 

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