< Home

Name

Phone

Email
Italy & Sicily Buying Guide
 
 

It is hard to beat Italy, and if you travel to Calabria will find first-class food, wine and culture.  With prices at present equivalent to that of non EU countries – now is the time to buy!

Jewel of the Sea is currently the fastest selling development in Europe. Clients are realising now they can buy in a market that is both safe and rising. No longer does an investor have to travel to Eastern Europe, Morocco or Turkey, they have promising market prices in a country that they have a love and familiarity for.

Early investors will invariably see higher returns. Both residents and non-residents alike are able to buy in Italy.


Whatever your reason for purchasing Brighthouse Overseas will ensure you receive total satisfaction from your property.

What can I afford?
Decide your budget before you start looking - not forgetting to add 10-12% of the purchase price for the fees and taxes.  Interest rates in Italy are significantly lower than in the UK and other parts of the world, therefore your money could go a lot further than you realise.
And when it comes to arranging a mortgage, you could be in for a pleasant surprise once you find out how much you can afford.
Selecting the Best!

Buying Off-plan enables you to select the most sought after properties on any of our developments. The best units offer higher capital appreciation in the smallest time frame and often demand the greatest rental incomes. Capital growth in the Calabrian region of Italy is expected to rise to 20% inline with the rest of Italy by the year 2010. 

But what is Off Plan?
Off plan is buying a property from the development plans before construction commences. It gives you the benefit of purchasing at the lowest price. The price will then be increased during construction until the final price at completion. Buying property Off-plan is proven to be a superb method of investment.

At Brighthouse Overseas we constantly seek new investment opportunities for our clients, but, more importantly, we have a comprehensive set of exit strategies in place (ways of realising your investment) to ensure that you make the best possible profit on your investment at the right time.

We will be delighted to go into the detail of purchasing off plan with you personally without any commitment.

Price appreciates as more units sell:

As more units are sold, the price of the remaining units will rise. Many buyers prefer to see the actual product they are purchasing and pay a higher price. They often buy to rent. Off plan purchases achieve this and capital growth. Off plan investment is an excellent choice especially in Italy and we are dedicated to sourcing the best investment options for your particular needs.
We will gladly help you generate personal wealth through safe and intelligent off-plan investment.

Finding a Lawyer:
We can recommend an experienced, English speaking lawyer that will be able to assist you with your purchase.  Their unique service ensures that correct procedures are followed to ensure a smooth property purchase in the Italian property market.

Your lawyer will undertake all the necessary due diligence and checks on your chosen property and safeguard your investment.

If you do not wish to visit Italy to complete, a Power of Attorney can be given to your Lawyer who will arrange the completion on your behalf.

To reserve a property:
The first step is to formalise your offer on the property.  This will involve a holding deposit of 3,000€ which can be either “definite” or “refundable” depending on your preference. *This may be paid via credit MasterCard/Visa, cheque or cash (Euros).  This deposit will reserve the property for you and will have it removed from the market, thus protecting your interest to purchase.  The holding deposit is fully refundable for a period of 21 days, unless otherwise stated.  This will give you sufficient time to visit Italy and view the property.  If you cannot visit during this period you will be expected to make your holding deposit definite, i.e. non-refundable.  Alternatively, if you decide not to proceed your deposit will be refunded in full.








How to buy in Italy:
Once the terms of the purchase have been discussed and the seller/developer accepts the offer, a binding agreement is born which is sealed by signing a reservation agreement and your deposit will then become non-refundable.  Usually 14 days after signing the agreement it is necessary for you to pay approx. 35% of the purchase price to the lawyers.

The developer will draw up the “Compromesso” (Builder’s Contract) identifying both parties (buyer & seller), the property in question and various other important facts, concerning the purchase. This document serves in place of your title deeds whilst the property is under construction.

When it comes to the property’s eventual completion, a further document is signed, the “Rogito”

The document is drawn up by the Notary (Notaio), who represents both parties. The buyer, seller and estate agent are all required to be present for the signing of the contract at the Notary's office. You can sign the Rogito in person or appoint a Power of Attorney in your absence. You will be expected to transfer funds to the vendor and the Notary at this stage. The best way of transferring funds to your Italian account in time for the Rogito is by using a specialist currency dealer, which may be able to offer you better rate of exchange.

Sterling Exchange - Foreign Exchange Made Simple

When making an overseas purchase, currency exchange may not be the first thing on your list. It can be equally as important as the purchase price though, as the exchange rate has a direct and noticeable impact on your bank balance. With this in mind Brighthouse Overseas recommend Sterling Exchange for all of your foreign currency needs.

As one of the fastest growing currency providers in the UK, Sterling Exchange will provide you with your own dedicated account planner from start to finish taking the hassle out of foreign exchange. Ensuring you receive the best rates of exchange available our planners will watch the market for you and can update you every step of the way on any sized transaction. Sterling Exchange will also be able to find you the best payment plans to suit your needs.

Why Sterling Exchange?

  • Free transfers on any sized transaction

  • Superior exchange rates to the high street bank

  • Account opening facilities with leading banks from our office in the UK,

  • Quicker payments via SWIFT international payments

  • Fixed Exchange rates for up to 2 years

  • A 24hr Information desk

  • Personal account manager

Based in the heart of London’s financial district with over 20 years market experience, Sterling Exchange is in a prime position to offer you a cost effective alternative to your bank’s foreign money transfer service.

For further information please click here – Client information brochure.

Or contact Robert Groves on

Tel 0207 329 9977

Fax 0207 329 9332

email robert@sterlingexchange.co.uk

Web www.sterlingexchange.co.uk

The Mortgage:

Mortgages are available L.T.V. 100%, subject to client status. 
(No Mortgage repayments necessary until the Title Deeds are signed and you take possession of your property).
At Brighthouse Overseas we will be able to introduce you to an experienced mortgage adviser that can assist you with your decision and ensure that you choose the most suitable form of financing, taking into consideration various factors including your personal circumstances, your age, the deposit you have available, the amount of capital you need to raise etc.
The terms and conditions of mortgages differ depending on the specific lender. However, all lenders will require some form of proof of income (P60, Annual accounts, copies of Income tax returns etc.) and a deposit varying from 10% to 50% of the value of the property.  We recommend that Tax issues be discussed with an independent tax advisor.

Capital Gains Tax: is exempt after 5 years; however you would still be liable to 40% in the UK if you bring your money back.


Additional Costs:
As well as paying the balance for the property, the buyer must also pay:

  • VAT: 10% for a foreign buyer or a resident purchasing a second home.
    (This figure becomes 4% if you are an Italian resident, ie. You have a residency permit in Italy)
    Please note that the tax is calculated on the value stated in the building registry, which may not always coincide with the purchase price.
  • Notary fee: Usually around 2% – payable when you sign the final contract

Running costs of your property will include:

  • Annual Tax – 0.4% – The Imposta Comunale sugli Immobili is an annual council tax calculated on the value of the property based on the value stated in the building registry.
  • Annual Rubbish tax – Approximately 250€/year
  • Utilities – electricity, water, gas, telephone (if required) – Slightly less expensive than the UK
  • Community Charges – Upkeep of communal areas (swimming pools, tennis courts, garden lighting, maintenance etc). These charges are decided by the community of owners, in which you have a vote. We estimate these to be around 500€/year

All of which can be paid via direct debit and/or the post office.

Guaranteed Rental Returns:

At Brighthouse Overseas will ensure that your property is at its best for rental. We can advise on professionally selected furniture packs at best value for money. You will have the opportunity to purchase properties with BANK guaranteed rentals. Also, certain developers of top resorts offer guaranteed rentals.

We can advise you to the best rental management companies for your destination. Your property will be head and shoulders above others for renting.

At Brighthouse Overseas we will only offer these if we are fully satisfied that they are achievable. Ask us for further details.

Useful contacts:           
www.enit.it - Italian State Tourist Board - useful for travel, history, events, etc
www.ambitalia.org.uk - Embassy of Italy in UK