Good preparation Italy
Good preparation
Being well-prepared is often half the battle and, once you get deeper into the buying process, it prevents stress and panic attacks. In short, to be well prepared is to buy carefully and in a controlled manner. We can assist you in the preparation process. We have an extensive network of specialists in the industry.
Is buying and owning a home in Italy really for you? And how do you address it? There are legions of books available on this subject. We are happy to give you tips.
If you are going to buy a house in Italy then some knowledge of the Italian language is indispensable. It starts with language, even in Italy.
You cannot buy a house in Italy without having an Italian tax number; the Codice fiscale. Contact Mortgage & Abroad about how to request this number or visit: https://www.agenziaentrate.gov.it/portale/web/english/nse/individuals/tax-identification-number-for-foreign-citizens
If you do not know what you have to spend then you cannot search for a house. Get advice on this; based on available equity and your borrowing capacity, the buying budget can be determined. Contact us for a free exploratory “quick scan” and possibly a preliminary application to an Italian bank.
Good planning gives overview and thus control of your project. Create a timeline showing approximately how much time you will spend on each stage of the buying process.
Avoid dwelling too much on multiple thoughts (regions). Focus on a particular Italian region and thus avoid that too broad an orientation will take you too much time and it will only be searching and your plan will never become concrete.
To be prepared for applying for a mortgage later, it is very wise to prepare for it at this stage. In fact, a lot of documents will be requested regarding your identity, income, expenses and future collateral.
If you have never bought a house in Italy before, it is unwise to want to handle the purchase without outside help. You will find that it is impractical to have to reinvent the wheel on every subject. Moreover, a good advisor makes his money back. Map out which advisors you can approach. In doing so, it is particularly important that you timely approach a legal advisor who will be unlined to assist you on your purchase.
The role of the notary in Italy is somewhat similar to the role of the notary in the Netherlands. An Italian notary also checks and examines whether what is stated in a purchase agreement is correct. This includes the property’s registrations, the status in terms of any mortgage collateral that is on the property.
We can help you prepare a notarized power ofattorney for the completion of the purchase from the Netherlands (without the need to travel to Italy to sign personally with the notary). We have contacts with a Dutch notary where the process of making the power of attorney and apostille can be arranged remotely (via zoom/teams).
Especially with somewhat larger purchase amounts, it is wise to think about “estate planning” in advance; in other words, avoiding paying (too much) inheritance and inheritance tax in the future. In Italy, paying double inheritance tax on the property (both in the Netherlands and Italy) is real! Get advice on this.
