BUYING PROPERTY IN ITALY
Rental properties in cities like Rome or Milan, a one-bedroom apartment are expensive to rent, that´s why buying property in Italy is more advantageous than renting.
You should know that expats can’t buy property in Italy unless their country allows Italians to buy property in the home country. The law of reciprocity said that only countries that have an agreement of real estate acquisition are eligible.
It’s important for you to have in mind the property you wish to buy, for what purpose (holidays, permanent home, or invest)
Purchasing Property in Italy
Before the purchase property in Italy you need to open an Italian account, you must do it yourself in Italy. You will need an Italian tax code number, which you can get it in the Italian embassy in your country or through an Italian tax office (this could take three or four weeks).
First of all you will need a real estate attorney, and once you choose the property you which to buy, make an offer. You must pay 1% of the purchase price as a gesture of good faith. The offer of purchase is only binding on the buyer; the seller may still consider other offers. Specify a time limit in the offer document, so as not to be left hanging by the seller.
When financing a property in Italy, anyone can apply for a mortgage if they have enough capital, but that doesn’t necessarily mean you’ll be granted one. You will need more than enough to just cover the cost of the property. The buyer is responsible for paying the notary, as well as any legal representatives. The buyer also picks up all sale and transfer of property fees.