The process step by step
OK, so how does it work? From sitting at home in safe Scandinavia, dazzled by postcards depicting sun-drenched beaches and dreaming of one day, owning something in Italy, to actually being there and purchasing your dream home is a big step. A series of events and decisions that may seem difficult and may often be quite protracted.
That is why we have collected the most important points on how a possible purchase may be arranged. From start to finish – from the initial search on the Internet to the day you, as a satisfied customer, are standing there with the keys in your hand to your new home in Italy.
1) Where do you start?
Browse the Internet.
Travel around Italy and see which region you find is the most interesting. Once you’ve found something that feels good, rent an accommodation and get the feel of the new area for a while. And if you have the opportunity, live in the area even during the low season. The most pleasant of the summer towns/villages can be almost completely deserted in winter. This is valuable information to know before you make your decision.
2) How do you find the right property?
After you have been in touch with Thomas and told him of your wishes, he puts the information in a virtual platform (REPLAT) of Italian estate agents. REPLAT has approximately 5,000 certified estate agents registered who cooperate throughout Italy. In this way he can increase your chances of finding your dream home significantly. Thomas tailors your requirements so that only the most interesting properties are mailed directly back to you.
Note! During this stage, it is especially important that you receive the help of an authorized estate agent. The regulatory framework in Italy is different (compared to home) and, unfortunately, this leaves openings for dishonest operators. That is why it is a great advantage to have access to an authorized estate agent who can guide you to the approved web addresses and properties.
Even if you have already found your dream property with another agent, we still recommend that you contact Thomas and Agenzia Immobiliare IBIS first, i.e. before you contact the other agent. Thomas in turn will contact the agent for the property you are interested in and he will manage the entire purchase process. The advantage of having an estate agent who speaks both Swedish and Italian cannot be emphasized enough. In this way, you avoid unnecessary additional costs for translation, general advice, tips and recommendations, etc.
3) The purchase
An exciting period now begins when many choices and decisions must be taken. It is fun, but also a time of turmoil which can make itself felt, and many questions will have to be asked.
If you have found the right property to buy/bid for, you should immediately contact the Italian Embassy at home in Sweden to acquire a so-called “Codice Fiscale” – an Italian social security number. You must have one in order to be able to go further in the process.
If Ibis and Thomas Wallin (TW) is selling the house/apartment you are interested in, you are in good hands. Thomas keeps an eye on the whole process and will guide you safely through the entire process.
Together with TW, you visit the property you are interested in. After that you can then go through the pros and cons the house/apartment/the area has. Thomas helps you to get in touch with the right professionals who may be needed to get an idea of the property’s general condition. In addition, TW helps you with the fees/bills/expenses that come with the purchase.
Time to make an offer? It is now important that your Italian ID card is registered and that you have opened up an Italian bank account. When an offer is accepted by the seller, a deposit is transferred to the seller. An alternative for Swedes is that they bind themselves to send a down payment directly to the owner within a short time after he has signed the purchase contract,
TW will be involved throughout the bid process and acts as a secure intermediary between you, as the buyer, and the seller.
THE ACTUAL PURCHASE
The bid is now registered – something that costs money for the buyer (about 400 Euros).
For the final payment, the buyer must bring an Italian bank draft which the notary (a lawyer who specializes in real estate transactions and ensures that the purchase is conducted correctly) registers. It is handed over to the seller when the final contract is signed. You cannot pay for a property with cash. The notary also deals with the land registration fee, and ensures that the parties have paid the fees to the real estate agent. In Italy both the seller and the buyer pay the estate agent if the property has gone through an authorized intermediary.
You should be present at the notary, and if you cannot speak Italian, you should either have the contract translated into English or have an Italian-speaking representative available who can translate. If the property transfer is arranged by TW he will be present during the meeting. Something that is included in the estate agent charges.
Buying a home abroad almost always means that a range of ancillary expenses pop up that were not really expected. That is why the most common expenses, which are good to know about before your purchase in Italy is finalized, are listed here below:
The notary will charge from 1500 Euros and upwards.
An engineer who surveys the property costs around 500 Euros.
When the deposit is paid, the estate agent must register the prepayment. It costs about 400 Euros.
The estate agent also bills the buyer for the purchase. Make sure you agree to and budget for the charges before you sign the contract. Normally there is a fee of 3% on top of the purchase price, plus VAT.
When you sign the contract, you pay tax on the taxable value. 9 per cent in the case of leisure accommodation, 2 per cent if you are registered as living permanently in the dwelling. Then you have to be living in Italy for a period of at least six months and one day each year.
A good rule of thumb is to expect 8-10 per cent of the purchase price for expenses associated with the purchase of a second home, if the seller is a private person. Approx. 15 per cent if the seller is a construction company.