The first step is to make sure that you have a clearly-defined source of finance. The three most popular options are: Having the cash available in one lump sum; obtaining a mortgage on the Italian property you are purchasing; or obtaining a first or second mortgage on your main home. It is also crucial to choose a lawyer who is an expert in Italian law, and a financial advisor, or agent, to obtain the best possible financial advice for your particular situation.
Next you will need to decide on an area. Whether you think you would like a rural property, to be near the sea, a lake or in a village, town or city, it is good to have a general idea of basic requirements. These can be initially broad, such as ‘one bedroom or two?’, or even as simple as whether you would like an apartment or a house. My advice here is to keep an open mind. Many clients decide on certain specifications and do not view all types of property, thus limiting their choices. This is a real mistake as, in my experience, clients who have had definite ideas about buying an old or rustic property often end up buying a new one. Once you have decided on your finances, found an area you are interested in, and have some idea of what type of house you would like, it’s time to decide which company you are going to buy through. There are a number of factors to bear in mind here.
Firstly, narrow down your search to a company that belongs to a trade organisation, such as ‘The National Association of Estate Agents’ (NAEA). This organisation was established in 1973 and can be described as a ‘one-stop property shop’. The association has over 80 members including agents, lawyers, removal companies and insurance agents. Another important thing to remember is that even though an estate agent operates in the UK, this has no relevance whatsoever to selling abroad. Do not decide to deal with your local agent just because they happen to be offering some property abroad; check that the company actually specialises in overseas real estate.
Finally, find out if the company you wish to deal with has someone that speaks Italian and has expertise in Italy. If not, then always be careful. Many companies and individuals decide to ‘dabble’ in the property business and see it as a quick way to make money. However, this could be at your expense. Always do your research on the company first. Some of you will already be wondering why you need an agent and may be thinking of taking matters into your own hands. In most cases almost anything can go wrong and often does. Firstly, you will have no idea to whom you are speaking, however nice they may seem, as in any country there are always people looking for ways to ‘make a quick profit’. You will have no way of knowing whether the property is at the market price or, as often occurs, up to 50 per cent above market price ‘especially for you!’.
The property may not even be for sale, as in many cases properties in Italy are owned by several members of a family, perhaps as many as seven or eight, and as well as possibly being scattered all over the country, some may want to sell and others may have different ideas. You will not know if the papers are in order, and whilst by law you have to use an Italian notary in Italy who is supposed to act for both parties, it is quite legal to sell a property with a hidden clause, for example with a right of way through the land or past the house. You may often only find out about this at the completion stage, when you have already paid around 30% deposit, and can’t change your mind. It may sound like a minefield, but go about it in the correct way and it can be very straightforward. Remember that it is quite legal for individuals or agents to buy a property, making a deal to pay the owner at the completion stage. They may pay the original owner £40,000 and sell it to you for £80,000. This person or company will proudly tell you that they are not charging commission like other companies - indeed, they are not. However, rather than charging 3% or 5% they are, in fact, charging you 100%. You have been warned. If a company tells you that they do not charge commission, be careful, things may not be what they seem. The best safeguard is to employ an independent solicitor. If you buy through an agent they should advise you to do so, but ultimately the choice is yours.
The Internet is another very good vehicle for buying an Italian property. There are pictures of the properties, and websites are usually updated regularly. Though many agencies with websites are quite reputable, there are a few who are not. Remember that there is no regulatory body for the Internet, so anyone can set up in business and display a huge amount of properties without much experience. Always be wary of newcomers, and try to find out as much as you can about the company before you start dealing with them. It is better to contact several companies initially; you will often get a ‘feeling’ for the one you prefer. Once you have decided on the agent, make arrangements to view some properties. Buying an Italian home is a very important decision, so make sure to leave yourself enough time. It is not feasible to spend just one weekend viewing to find the property of your dreams; it could happen, but is not very likely. If you allow time to make sure everything is in order when you purchase, when you decide to sell the property you should have no problems.
Try to be practical regarding the number of properties you will be able to see. Some houses may be located an hour’s drive away, and even if you only visit two it could take the whole morning. In the afternoon you can perhaps see another couple, maybe three, it really depends on the area. If less travelling is involved, then six visits in one day is certainly possible. However, expect to see fewer larger properties, as they take longer to view. Try to be honest with the people showing you round; if you realise the property is not for you, then it’s best to mention it as soon as possible. It will save a lot of time and hassle. Be careful if the owners are with you, which is quite common. You may not like the property, but try not to offend anyone! Most good companies will normally give you advice or book your hotel and give you names of car hire companies. The Internet is your best option for flights, with companies such as Go, Buzz and Easy Jet offering some really cheap fares. It is also worth remembering that it is cheaper to spend four days in Italy than in London or Bath! This is where ‘easy access’ to your Italian home becomes a key element of its appeal.
If your property is a maximum of 1 1⁄2 hours from the airport, then it is very convenient to use for short trips. The idyllic farmhouse three hours from the airport and an hour from the shops sounds romantic and often costs less, but you must consider how practical it is and if you will really use it. If you are thinking of renting your property for extra income, then access to airports and cheap flight is imperative. Now, with all the above information to hand, you can arrange your viewing trip.
Linda Travella runs her own company, Casa Travella, that specialises in selling property in Italy.
