Often people consider doing their first Italy property purchase in an area they know well, usually through their vacation visits and being familiar with the area is certainly a good idea when buying your Italian property. It is important also to bear in mind that circumstances can and do change in life. So it will be wise for you to consider whether any potential property meets not only your needs now, but also your needs in the future.
Therefore, before taking the plunge, indeed, before starting your search in earnest, you should ask yourself some fundamental questions which we have summarised for you in this section:
You may find that some of these questions cannot be answered either in full or with any real degree of accuracy but hopefully they will help you in making a sound investment purchase. Always aim to find a property that you feel confident will grow in value, at least in line with the market rate, and one that will be easy to let.
Putting aside other considerations, your main investment reason for buying will be one or a combination of the following:
What is vital though in all three cases is to always look for high-quality properties, which meet the following criteria:
It seems like common sense that you should calculate what you can afford to pay before you start to look for a property. But many people manage to leave Italy having signed to buy a property that is a great deal more expensive than they originally believed they could afford. This, quite obviously, can lead to serious problems in the future, especially if you find out that you cannot service a loan and therefore have to sell.
You should do everything possible to ensure that you, rather than changing circumstances, control when the property is sold. This means operating at all times within a realistic budget.
With only a little research, it is not difficult to avoid paying too much for your property. You need to check with estate agents and compare prices of similar properties in the same area. A rule of thumb is to remember that most Italian estate agents will put a property on the market at around 15% above the price they expect it will sell for.
It is also a good idea to employ a professional to assess the quality of the place and check whether there are any faults needing urgent (and expensive) attention when assessing the valuation of the property.
All estate agents will be able to give details of a Geometra (the equivalent of a surveyor) who will provide you with a detailed assessment of the state of the property.
The type of property you want will strongly influence where you look. Or, in the same way, if you are set on a particular area and a particular kind of location within that area, that too will have an influence on the types of properties available for purchase.
Once buy within fairly easy driving range of an airport. Ideally, this should be within one to one and a half hours distance.
The key points to determine here is whether the property is the kind of property that generally sells well in its location. As well as whether your Italy property is typical of its area, and that estate agents locally are selling lots of this kind of property and in the same price bracket.
Also, check with estate agents where the largest numbers of buyers in their area are from and what their main reasons for buying properties are. The same is true of the properties in the immediate vicinity of your dream home.
Always check how long the property has been on the market. If this is for an extended time, it does not necessarily have to sound alarm bells, but it is worth taking into consideration. Bear in mind, however, that some rural properties in Italy may take many months to sell.
Thank you for visiting our guide… we look forward to welcoming you to Liguria and hope you will love it as much as we do !
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