Buying Property in Calabria, Southern Italy - By: Jamie Hanson

Italy was not affected with global recession. Further closing costs have lessened the cost due to changes in the tax strategy of the Italian government. Recently these changes have made Italy as a great place to invest. Nevertheless, prior to entering into property purchase, it is imperative to know and follow certain rules to make sure about closing and investing in property. The most important 10 rules are below.

- Think beyond attractive Tuscany: Italy is a country with a wholesome climate and long coastline Southern Italy, with spectacular beaches and comfortable climes, particularly Calabria, offers properties at a fraction of the value current of Tuscany. People can only truly experience Calabria when they have visited the region.

- Select a good real estate agent: Go for a actual real estate agent, who holds a professional license, qualification and cover insurance, and is registered with a Chamber of Commerce. The agent has to become a member of different institutions.

- Select property within your budget: In Calabria, you can purchase property such as good farmhouses, villas or beach resorts. The budget and type of property is dictated by the buyer. Further, in Italy while negotiating be realistic about discounts. Do not expect large discounts because maximum 10 percent is the norm.

- Don't strain while buying: Be cautious when selecting the property to buy. The money and effort involved in upkeep is vital. So, go for a property that you will be able to control after purchasing, because large properties require standard upkeep and maintenance.

- Be conversant with the buying process: Once you strike a deal with the seller at an agreed price, you have to deposit 5 percent of the price. After your surveyor and lawyer's permission both the parties sign a contract (compromesso) accepting a timeframe to resolve the deal. Then you make a second down payment cumulatively being around 30 percent. Going back after this stage attracts severe financial penalties for both parties. Finally, both parties sign a final contract (rogito) before a notary, and the buyer makes the full payment through Italian bank draft.

- Hire a lawyer: Unfamiliarity with the Italian legal method requires the services of an independent lawyer conversant with the real estate sector. The lawyer takes all the legal formalities and adjudicate accordingly.

- Check your add-on costs: Have a apparent idea of the fees and taxes to be paid. Normally 7 to 10 percent is added to the cost of resale property and 12 to 15 percent for new ones. Other costs include 3 percent to realtor, Euro 500 to 1500 per hour for lawyer and Euro 5000 for a notary. The other factors for new properties are different and the lawyer can advice you.

- Avoid banks to change currency: The professional currency converters will advise you about the present exchange rate. They also offer better rates than banks, and help you save large amount of money.

- Return on your investment: Plann with the investments. If you plan to rent out your property, see to it that it is nearer to the transport hub and airport. A reasonable return is expected.

- Learn some Italian: In southern Italy, mostly Calabria, most people do not speak a foreign language. Even if you plan to stay in your property for a few weeks annually, learn some Italian because it will endear you to the locals.

- Learn some Italian: In southern Italy, particularly Calabria, most people do not speak a foreign language. Even if you arrange to stay in your property for a few weeks annually, learn some Italian because it will endear you to the locals.

About the Author

If you are interested for Calabria property and desire to know more about Property in Calabria visit calabrian-property.com

Article Directory Source: http://www.articlerich.com/profile/Jamie-Hanson/34129

Additional Articles From - Home | Home & family | Kids