Buying a cheap house in Italy: tips from experienced buyers
Buying property in Italy at a low price is an attractive proposition for many travelers, especially with an increasing number of towns offering homes for next to nothing through regeneration programs.
Some have taken the plunge and purchased a house, which ranges from a few thousand euros to a few thousand, in a rural Italian village, but others are likely to be deterred by the fear of potential problems.
But are there any signs potential buyers should look out for before purchasing such a home? And how do you know what fine line you're on?
This question is best understood by those who have already done it themselves. In January, the Italian town of Biccari made headlines by starting to sell both demolished homes for one euro and ready-to-live-in homes requiring minimal alterations - the latter proving to be the most successful. Mayor Gianfilippo Mignogna decided to offer houses in an attempt to revitalize the dying town, which was gradually losing population due to many residents leaving to work in Italian cities or other countries.
Three stories of real estate buyers in Biccari
There are three stories of those who have bought or helped buy one of these ready-to-live-in homes.
Mariano Russo, an Argentinean with Italian roots, bought a cozy 55-square-meter, two-story house in Biccari for 7,000 euros (about $7,800). Russo's house was renovated before the sale - even the walls were freshly painted - and has a panoramic terrace, and the entrance is on a picturesque alley in the historic downtown area. In addition to the purchase price, it cost him an extra 3,000 euros ($3,400) to get a notary to draw up the purchase agreement.
"He is already fit to live. "We might just upgrade the plumbing and heating system and repair some of the floors," says Russo, manager of Argentina per il Mondo, an organization of Argentine Italians around the world. "The structure of the house is solid even though it is an old house, there is no mold on the walls and the roof is in perfect condition. "
Russo said the buying process went very smoothly thanks to the support of the local surveyor in charge of the project. "It's important to have someone to help you along the way, and we were happy to have such an agent," explains Russo, who plans to live in Biccari with his wife and two daughters for most of the year. "He prepared all the paperwork for us and helped us pay our property taxes. He made sure the house was free of any previous debts, which is something he didn't want to find out after buying it. "
But Russo almost fell into the trap of many other multiple-owner real estate buyers in Italy. This house had two owners, sisters living in different cities. Both had to agree to the sale first and then the final price. Fortunately, they were on good terms and it all worked out. But that's not always the case. Under Italian law, even if a property has 1,000 different owners, each of them needs to agree to the sale, otherwise it cannot take place. And, you might say, there are quite a few quarreling relatives in Italy. Therefore, buyers, with the help of the mayor's office, must avoid the risk that an unknown heir will suddenly appear to reclaim the sold property.
Russo notes that it is also important to make sure that there are no outstanding mortgages on the property, and that any minimal alterations or repairs made by previous owners have legal authorization for which the price has already been paid.
Finding an effective agent was a key factor for Rolf Bauer, a retired engineer from Germany, when choosing a bargain house in Biccari. "I love the atmosphere of the village, I believe fate has brought me here. I came to Puglia this summer to pick out a house and this was the first town I stayed in. It was perfect," says Bauer, who paid 30,000 euros ($34,000) for his renovated home.
"I found the surveyor's office right away, it was excellent. It is important to have the right person to help you choose the most suitable house for you. "
He decided to buy in Puglia rather than in Sicily, where various towns sell houses for one euro. "Sicily is too far south, and yes, I never wanted a one-euro house," he explains. "There's too much work involved. "
Bauer, who owns other properties in Europe, found the amount the agent charged - less than 500 euros ($560) - far below what he had paid in other countries. Since he became a Biccari resident, Bauer doesn't have to pay property taxes, which was also an attraction.
"I realized I needed to do something with the money, use it to relax and enjoy life," he says. "I'm a house collector, and in Biccari I found a warm place where I can live for several months of the year. I hate cold weather, here I probably won't even have to turn the heat on.".
The process of buying a cheap home in Biccari was a bit more complicated for Aksana Klimavets, a Russian translator living in Italy, who helped a Moscow businesswoman buy an old house here for 15,000 euros (about $16,800). The secluded three-story house sits on a narrow cobblestone alley, and was completely renovated at the time of the sale, with freshly painted white vaulted ceilings, marble staircases and a panoramic terrace overlooking a small square - the previous owners even left a baby stroller behind.
But Klimavec said it was very difficult to find a free notary to certify the signatures on the document, and the sale process took several months. "When we did manage to find a notary, we were told to transfer the money immediately before signing the contract, which is impossible because of Russia's strict rules on outgoing international payments, which take many days," she explains. "The bank has to verify and authorize, and that delayed the sale. "
To speed up the process, Klimavec's client decided to pre-transfer money to the notary well before the rescheduled appointment to sign the agreement, which meant buying an unviewed house. The client then flew in from Moscow to sign the contract and discovered that the notary had mistakenly given the wrong address.
"Fortunately, we double-checked, otherwise we would have bought someone else's property," Klimavets adds.
All these stories show that buying real estate in Italy can be successful if you have the right contacts and carefully study all the documents and conditions of the sale. However, you should be careful and seek professional help to avoid unpleasant surprises in the future.
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