Buying costs in Italy are some of the most expensive in Europe, and can be up to 17% on top of the purchase price. Read on for a breakdown of exactly what you'll have to pay and to whom, so you're not caught short while chasing the Italian property dream.
Many properties in Italy are freehold. The total fees for buying a property can be as low as 10% or as high as 20% of the purchase price. It would be wise to allow an average of 17%.
Property transfer tax in the form of registration taxes is only payable on pre-owned properties and effectively replaces VAT.
When buying a property in Europe, you should take the same care and caution as you would when buying a property at home.
Always ensure that you have independent legal representation. This will not only overcome any language barriers, but also ensure that any problems with your contract are highlighted and dealt with.
In Italy a public notary will also undertake a large part of the work, ensuring planning permission has been adhered to and that the property sale is dealt with in accordance with Italian law.
Always ensure you undertake the same checks on purchasing a property abroad as you would do in the UK – for example surveys and other standard parts of the buying process.
If you are buying in a tourist area, it is always advised to check for any future development plans around your property.
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Amanda Lamb is on her travels finding you the ideal location for your new house
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