How to Avoid Pitfalls in Buying Your Italian Property

There seems to be one very consistent strain in discussions about investing in the Italian real estate market. This ‘consistent strain’ is certainly ubiquitous in relation to buying property in Italy and its, perhaps, not very surprising.

A certain level of risk is associated with buying property in Italy which is accentuated by the acclaimed fact that a large number of investors experience recurrent frauds. Suffice to say, many investors are presumptuous in there approach to the peculiarities of the Italian property market.

Below are a few tips that should help you cut through the red tape and confusion and hopefully guide you through your investment in the Italian property market

It is vital that you are absolutely certain about why you want to buy a property in Italy. This is even more important for the large number of potential investors from outside Italy. You will discover that establishing the purpose of your investment will lay a solid foundation for navigating through the ‘minefield’ of buying your property in Italy. You might be an avid real estate investor looking to diversify your assets, or a retiree looking for your summer home dream.

The first thing you want to do is determine the geographic areas of Italy that best captures your purpose for investing in the Italian property market. The foregoing is of great importance as location determines if you will succeed with your proposed model of profit. You might be targeting the lucrative rental market, viz, professionals and executives, tourists, students or resale to holiday home hunters.

If you’re considering the rental market, you want to pay attention to things like, the accessibility of the property, whether there are existing or planned airports nearby offering cheap flights by budget carriers. Those who are looking for a summer dream home want to make sure they are not investing in a property that might give way to a planned motorway or development in the short to medium term future.

We find that a large number of investors don’t engage the services of mortgage lenders who specialise in the provision of international finance in Italy. The advantage of engaging a specialist and experienced mortgage lender is in the wealth of knowledge of both the local Italian property market and the provision of mortgages to overseas buyers.
You are also likely to be furnished with preliminary information that should give you a fair idea of the amount of funds you should have to work with.

The last pitfall you want to avoid is in not “cutting off you nose to spite your face” in engaging various services to assist you in your property search and processing of necessary papers and documents. For example, you will have to make the choice between engaging an estate agent or an independent service in your search for the ideal property. If you engage the services of a real estate agent, do make sure they are professionally qualified and registered with there local chamber of commerce.
If you engage an independent service, be aware that the independent might not be qualified or have a clue about the background of any property you might be viewing.

Your choice of a lawyer is also vital as they’re worth there weight in gold at the end of the day. Engaging a bi-lingual lawyer is something you want to consider very seriously so you are kept in the loop of all that is happening. The property investors’ lawyer will not just conduct all the necessary checks but be the best person to help in cutting through all the red tape involved in the property purchase process.

Visit VFI Overseas for Calabria Property Italy. Permission granted to re-distribute this article granted as long as a link to our website remains.

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