Buying Property in Italy: Process Explained

Buying a house in Italy process

You may wonder, can foreigners own property in Italy? And the answer is yes. It involves a few extra steps if you’re a foreigner, but your right to buy is no different to the locals.

1. Acquire a codice fiscale

This is your tax code for Italy, and you’ll need it if you want to do anything involving finances whilst in the country. To get one, head to your local tax office Agenzia delle Entrate or to your local embassy. You will need proof of your right to stay in Italy, either through a visa or EU passport. 

2. Open a bank account

In order to transfer funds while buying property in Italy, you’ll need an Italian bank account. If you don’t have the best grasp of Italian, you may want to get language assistance until the sale is final. To open your account, you’ll need the following:

• Passport
• Your codice fiscale
• Proof of valid residence (visa, EU passport, residence permit, etc.)
• Proof of employment/study

3. Find your property

Knowing how to buy a house in Italy is one thing, but finding a house worth buying is another. This bit can be the most fun but also the most stressful part of the process. Kyero can help make it easier, with our listings of Italian properties just a click away.

4. Survey time

You will want to know that the property you’re buying is in sound condition. That’s where a survey comes in. You could also take this opportunity to talk to neighbours and local businesses to get a better feel of the area and any insider information about your property. 

5. Make an offer

When you make an offer you’ll have to sign an agreement known as proposta di acquisto. This locks you into your commitment to buy, provided it is accepted by the seller.

6. Sign a contract

If your offer is accepted, you can now sign a contratto preliminare. This is also the point where you should transfer over a deposit and will usually require an amount of around €10,000.

7. Get a notary

A notary is required to make sure the process runs smoothly, so it’s definitely recommended you get one who can speak English so you don’t feel in the dark about anything. 

8. Complete the sale

You will need to meet the buyer and attend the notary’s office together in order to sign the atto pubblico di compravendita, which is the deed of sale. You will have to transfer the purchase price, usually by bank transfer, and that’s it!

Tips to negotiate prices when buying property in Italy

There are a few things you can do to try and keep prices reasonable, and a lot of them are essentially common sense:

• Don’t appear too keen — obviously, when the seller thinks you’re really interested, they’re going to use it to their advantage. Try to visit the property no more than twice, and make a reasonable offer, don’t short-change yourself. 
   
• Be informed — know everything you can about the house, and if there are things about it you know will cost you down the line, you can negotiate based on this.
   
• Be flexible — people sell for all sorts of reasons, so the seller may be motivated by more than the highest offer. This is especially true if you prove you can move fast and be flexible on things such as contract signing.
   
• Set a time limit — once you’ve made your offer, give the seller a time limit to accept or decline, this can help speed things along.

5 reasons to buy a house in Italy

Italy is no doubt on just about everyone’s travel bucket list. Just in case you’re wondering why Italy is worth the move, we’ve compiled some great reasons to consider buying property in Italy:

1. The culture

Everyone knows Italy is one of the best countries in the world when it comes to art, music, fashion and more. But for those buying a property in Italy, you might want to also consider the everyday culture of Italy. Italians are often described as being more warm, open and hospitable. Italian people are naturally welcoming and a culture of family and closeness is something you may see shared by a great deal of your new Italian neighbours. 

2. The food

As the land of pizza and pasta, as well as endless other delicious delicacies, Italy is well known by many foodies as a must visit destination. But for those looking for a permanent stay, food remains just as much of a benefit of the move. On a daily basis, you may see greater emphasis placed on better quality supermarket foods, purchases made from local sellers and a greater appreciation for food in general which champions more nutritious meals over fast food or ready meals, Italy is, after all, the home of the slow food movement. 

3. The weather

Italy’s climate is a marked improvement from climates in Northern Europe and much of the USA, for those who love the sun. Summers reach highs of 23 °C in the North and 28 °C in the South. You can also find many natural attractions, while the country’s northern ski resorts attract enthusiasts every year. 

4. The cost of living and quality of life 

Italy’s salaries are generally lower than the UK, however, rent and general cost of living are also lower. Italy offers bank holidays a year. For those with children, Italy also has a very good education system, and unlike the UK, the option to attend vocational schools is more common and covers multiple fields, from the arts to technical institutions that specialise in teacher training, architecture and the sciences. 

5. The healthcare system

Italy uses a national healthcare system. While this is sure to be a relief for those buying property in Italy, it is not totally free, and some treatments may require a co-payment from you. That said, Italy is often ranked highly for its healthcare and these small financial outputs are well worth the quality of healthcare provided.

Buying property in Italy pitfalls

So, now you know how to buy property in Italy, and for the best price, it’s also worth making sure you know what are some common buying property in Italy pitfalls. As a foreigner, when it comes to buying property in Italy, pitfalls are inevitable, but some issues are tricky even for locals to keep track of. So, here are a few things to keep an eye on to pitfalls kept to a minimum:

• Remember expenses

There are a few extras you’ll have to pay for when buying property in Italy, and these are on top of your house price. You’ll need to pay VAT, a special tax on second-hand property, and a mortgage tax (around 2% of the loan amount). You’ll also need to remember that you’ll likely need to take out suitable insurance to secure a mortgage which will be an ongoing expense. 

• Remember management fees

Make sure you know precisely what you’re due to pay in management fees if you go for a flat with communal areas. These can be relatively low compared to management fees in other countries such as the UK and USA (around €400) but this can quickly climb depending on where you live, and the amenities offered to you. 

• Trying to buy at the wrong time of year

Of course, you can buy at any time, but for buying property in Italy, pitfalls are more likely in August. This is a holiday month and you can expect very little to be done during these weeks. When buying a house in Italy in August, the process may slow to a crawl. 

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