Buying a house in italy - the costs

How to get a mortgage in italy as a foreigner
Richard Edwards' Italy house Buyer's Guide

what you get for the money

I often get enquiries from people wanting something like an independent house that can be used as a B&B, has a pool and a view and the budget is €150,000.

It’s clear that research hasn’t been done as in the area where I work (Piedmont), it’s not possible to get what is described for this money. And I get this often. I’m sad having to write back crushing their dreams and telling them they’re way off.

Prices vary from region to region and province to province. For example, a 4-bedroom house close to Alba in the famous Barolo wine area sold for €1.2m last year. If we were to move that house 35 km north to the Asti area it would be worth around €750,000.

Get to understand the areas and the pricing - what you get for your money in those areas and be prepared to make some compromises if you don’t have the budget for what you dream of. It’s amazing to own a house in Italy but we also need to be firmly on the ground, in reality.

How long you can stay

Should I stay or should I go?

Check that you can buy a house here.

I read recently a post of an Italian agency here in Langhe (Piedmont). They stated 'Anyone can buy a house in Italy!' NOT TRUE!!! Italy has payback laws. If a country stops Italian citizens from buying a home in their country, Italy automatically (no discussion) bans their citizens from buying here in Italy.

For example - people from New Zealand can’t buy a house here and Swiss people aren’t permitted to buy more than 1,000 sqm of agricultural land. Same as people from Canada can’t technically own a house here. You need to check.

There can be ways around it - if you have dual citizenship or buy in the name of your spouse who has different citizenship, for example.

Think about how long you want to stay here too. American citizens, for example, can stay for up to 3 months in a 6-month period. So, 6 months a year but not staying for longer than a 3-month period.

Same with British people since they voted to leave the EU. Some simple research through Google will give you the answer.

If you want to apply for residency, owning a house won’t guarantee you will get it but it might help in the process. There are experts to help you get a visa.

Get finances in place first

Show me the money!

No use looking to buy with a mortgage unless you know you can get a mortgage or what percentage is realistic.

I strongly advise you to do that before you come. It will save you and everyone else a lot of time. It is usually possible to get loans from Italian banks. I have an Italian expert that’s well, an expert.

So, you know what you’re looking for and where. You know what you can afford and finances are more or less in place.

What’s next?

Watch my Buyer's Guide series on YouTube