Buying a property in Italy step by step: a guide to the process and a warning about high taxes and fees.

Introduction Italy is undoubtedly one of the most beautiful countries in the world, attracting many foreign buyers with its stunning scenery, historic cities, excellent cuisine and lifestyle. It’s no wonder that buying a holiday property in Italy is a dream for many people. However, the process of buying a property in Italy has its own specifics and pitfalls that are good to know before embarking on this adventure. In this article, we’ll take you through the steps of buying a property in Italy and warn you about the high taxes and fees involved in the process.

Step 1: Finding a property The first step in buying a property in Italy is to find the right property to meet your needs and requirements. At this stage, it is very useful to use the services of real estate agents who know the local market well and speak Italian. Real estate agents can help you find properties matching your criteria and arrange viewings. We definitely recommend visiting your chosen property in person and checking its condition thoroughly before you decide to buy.

Step 2: Inspecting the property Once you find a property you like, it’s important to inspect it properly. This includes verifying the ownership of the property and any legal restrictions in the Italian Land Registry. We also recommend that you have an independent estimate of the market price of the property and a technical survey of its condition to avoid any unpleasant surprises.

Step 3: Reservation contract (Proposta d’acquisto) If you are satisfied with the property inspection and decide to proceed with the purchase, the next step is to sign a reservation contract called “Proposta d’acquisto”. When signing this contract, a reservation fee (caparra confirmatoria) of 10-20% of the purchase price is usually paid. The reservation contract confirms your serious interest in buying the property and reserves it for a certain period of time, usually 1-2 months, before a binding purchase contract is signed.

Step 4: Purchase Agreement (Rogito) The final step is to draw up and sign a binding purchase agreement called a “Rogito”. This act takes place in the notary’s office in the presence of both the seller and the buyer. Upon signing the purchase contract, the purchase price is paid and the ownership of the property is transferred to the new owner.

Warning on high taxes and fees It should be borne in mind that buying a property in Italy involves relatively high taxes and fees, which can add significantly to the total cost of the transaction. The main items are:

• Real Estate Transfer Tax (Imposta di Registro) – 2-9% of the purchase price depending on the type of property
• Mortgage tax (Imposta Ipotecaria) – fixed fee 50 EUR
• Cadastral tax (Imposta Catastale) – fixed fee of EUR 200
• Real estate agency fee – usually 3-4% of the purchase price + VAT
• Notary’s fee – usually 1-2.5% of the purchase price

The total additional costs associated with the purchase of a property in Italy can therefore reach up to 10-15% of the purchase price of the property.

Benefits of buying a share in a property with Flatels If you are tempted by the idea of owning your own home in Italy but don’t want to go through the complicated and expensive process of buying the whole property, buying a share in a property through Flatels can be a great alternative.

With Flatels, you can buy exactly the share of your chosen property that you will actually use for your stay. You will save not only on the purchase price, but also on all related taxes and fees. Then leave all the worries related to the purchase, maintenance and management of the property to us – at Flatels we will gladly take care of everything.

When your life situation changes and you no longer want to own your share, you can simply sell it without having to worry about finding a buyer or arranging the sale. With Flatels, you get all the benefits of owning your own home in Italy, but without the hassle and commitment that comes with buying a whole property.

Conclusion Buying a property in Italy can be the fulfilment of your dream of living in this beautiful country. However, you should take into account that in addition to the purchase price of the property itself, you will have to pay considerable additional costs for taxes, fees and professional services. A great alternative to enjoying your own home in Italy without all the hassle and complications is buying a share in a property through Flatels. With Flatels, you’ll get exactly what you expect from your dream second home, but with much less cost and worry. Discover a smarter way to your dream second home with Flatels.