Guide to buying homes in Italy and Lake Maggiore, for foreign customers

Italy is increasingly becoming a destination of interest for foreign customers to buy a villa, a farmhouse or an apartment.

The reasons are easy to understand, in Italy there are all the views available such as lakes, the sea, the countryside and the mountains.

Food and wine are a feather in the cap of the whole peninsula, Italy owns 75% of the world's artistic heritage.

This trend is also confirmed for requests for the purchase of villas on Lake Maggiore and in Stresa, both for use as a holiday home and as a primary residence.



Who can buy

Real estate properties in Italy can be purchased by both individuals and companies and, with the same rights as Italian citizens.

All foreign people can buy, where there is reciprocity between the country of origin and Italy.



Checks to be carried out

Before proceeding with the purchase, after identifying the area of ​​interest, it is necessary to check all the technical-legal aspects related to the property itself.

The checks carried out by Stresa Luxury Real Estate take place before the marketing phase of the property on the market.

They consist in verifying that the house is built with regular permits and that during the period of possession no works requiring authorizations have been carried out.

In the event that unauthorized works are present, it is necessary to ascertain that the works have been regularized, and that the owner is in possession of the amnesty concession issued by the Municipality.

In the case of purchase from a builder, our agency requires the latter to copy the building permit and the project approved by the Municipality.



The steps

The first step to making a purchase is the signing of a purchase proposal by the buyer, which includes all the main terms of the transaction: the price, payment methods and timing.

If the seller gives a positive answer, a sum of about 5% as a deposit must be sent to the notary who will follow the transfer of the property. This sum will be received on a dedicated escrow account.

The second step will be the signing of the preliminary purchase contract (compromise). It consists in the payment by the buyer of a deposit of 20-30%, in the same way as for the purchase proposal. In the preliminary contract, all the agreements made in the purchase proposal are indicated in more detail. The preliminary contract can be signed in the form of a private agreement or at the notary who will register and transcribe it at the Real Estate Registry. In this way, the buyer is protected against any transcripts detrimental to the seller.

The third and last phase is the signing of the definitive contract (notarial deed) to be stipulated obligatorily in front of the notary. The notary will have previously verified what has already been checked by the Stresa Luxury Real Estate agency, to ensure the regularity and lack of mortgages or debts on the property. If the buyer does not speak the Italian language, the notarial deed will be translated into the main languages. At this stage, the full price of the property is paid.



Purchase taxes

Property taxation is essentially divided into two categories:

Properties where you want to establish your residence (first non-luxury home) where you pay the 2% registration tax;

Properties as a secondary or luxury home where the registration tax of 9% is paid.

In both cases it is necessary to add € 100.00 of mortgage and cadastral tax.

The percentages shown are not calculated on the sale price but on the cadastral income, which is the value attributed to the property in the Land Registry. These values ​​are much lower than the real value of the property.

Even foreign citizens who meet the requirements can take advantage of the "first home" benefits.

These requirements consist in transferring residence within 18 months of the notarial deed, not owning any other property for residential use in the municipality where you are buying and not owning other properties on the Italian territory where you have benefited from the concessions as a first home.

Stresa Luxury Real Estate in its office in Stresa, with the presence on the market of luxury properties on Lake Maggiore since 1991 and the experience of its team is able to assist you in all phases of your purchase.

It also offers assistance for any need for restructuring and future management of your property, thanks to the support of specialized professionals.