purchase or rent

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  • 3 Post By Larry and Arlene

purchase or rent


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  #1 (permalink)  
Old 22nd March 2014, 12:11 AM
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Default purchase or rent

Does anyone have a good site on the do's and don'ts of purchasing property in Italy.
I would love the experience of "Under the Tuscan Sun" but I am a retiring school teacher.

Just a one room... piece of paradise... I can handle that... with a cat...

Procedures ect...

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Old 22nd March 2014, 08:33 AM
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First of all do you need a visa? If you do this is your first hurdle.

Best to start out with a rental. Learn the area. Decide if it's worth it for you.

Remember the average Italian place is smaller then the US. A monolocale can be 20sqm meters (200ish sq feet) . So when you say one room make sure you are ready for that.

Problem from a rental view point it's not like that 20sqm will be a great deal cheaper then a large place.

Normal rental contracts are longer then what you're likely used to.

Unfurnished really means unfurnished. Kitchen cabinets etc are considered furniture. Both for rentals and buying.

IMHO start by making a list of what you need.

Size/space features. Sort of area you want.

Make a list of what you intend to do.

Budget.

Fixer upper or turn key?

Be realistic about yourself. Some people think they want rural but can't handle Green Acres.

Best to ask more questions so people can fill in the blanks.

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Old 22nd March 2014, 08:55 AM
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Concur with above. My rx:
- rent first
- being alone in isolated area has led many others to regret. How do you want to spend your day?
- think about transportation. How will you get around?
- prepare for some worst case scenarios: e.g., What happens if relative back in US needs care? What if your health fails a bit?
- repeat this mantra: It is not that hard to spend money in Italy....It is usually very hard to get the money back out again.
-

In my village of 350 people there are a couple of dozen empty but furnished houses. They are largely unadvertised. If someone showed up and offered the owners 500 euros/month or so for a short term (3-12 month) lease it would be easy to strike a bargain. You can sink 80-130k+ euros into one of these dwellings but (given opportunity cost of tying up your soldi, taxes, difficulty getting out at the end) my bet is that renting a most viable option.

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Old 22nd March 2014, 11:29 AM
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Wow you have got this down..... Many thanks.... Your right right right, renting is the first and foremost step for me... Thanks for giving me perspective and the ground to stand on.
Best of Luck.. Dwight

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Old 22nd March 2014, 11:35 AM
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Quote:
Originally Posted by NickZ View Post
First of all do you need a visa? If you do this is your first hurdle.

Best to start out with a rental. Learn the area. Decide if it's worth it for you.

Remember the average Italian place is smaller then the US. A monolocale can be 20sqm meters (200ish sq feet) . So when you say one room make sure you are ready for that.

Problem from a rental view point it's not like that 20sqm will be a great deal cheaper then a large place.

Normal rental contracts are longer then what you're likely used to.

Unfurnished really means unfurnished. Kitchen cabinets etc are considered furniture. Both for rentals and buying.

IMHO start by making a list of what you need.

Size/space features. Sort of area you want.

Make a list of what you intend to do.

Budget.

Fixer upper or turn key?

Be realistic about yourself. Some people think they want rural but can't handle Green Acres.

Best to ask more questions so people can fill in the blanks.



This site is well worth my time. You and others have given me the grounding I need. Sounds like checkout out the areas renting short term then long term and then and only them possibly buying. Thanks you so much and best of luck...
I am sure many more questions to come...

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Old 27th March 2014, 05:05 PM
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We will add our ditto to the comments above. We are former Californians and have been in Ascoli Piceno, Le Marche for 9 months. We love it for many reasons. But what has been vital is this is an active location with some of the friendliest people we have ever had the pleasure to get to know. We have an ever widening circle of friends who have held our hands through any number of bureaucratic hurdles.
In Italy, the rental structure very much favors the tenant. We decided to rent for a number of reasons the least of which is the world-wide economic situation remains unstable. We wanted to retain flexibility so that we could react quickly to changing events. True properties are a possible bargain ut the corollary is if you have to sell you will have a problem and probably take a big loss. Restoring an old property sounds romantic but it can very quickly become a very lengthy, expensive and frustrating proposition. The general rule of thumb is to make a place marginally livable, double the original acquisition price and then add you living costs while the interminable work slowly, very slowly progresses.
We have some other posts that go into a great amount of detail in getting your Elective Residence Visa and then the further processing once in country. Bottom line, we still can't understand how we got so smart to do this. One of the best things we have ever done.
stefanaccio, Phil306 and BeejGa like this.

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Old 27th March 2014, 09:30 PM
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Thanks to all ... it is not only a physical adjustment but mental one that is becoming more clear as I get info from all of you and do research...

Dwight

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Old 28th March 2014, 05:50 AM
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Honestly that depends on you. Some people are better at accepting change.

I always suggest coming for a month around Christmas. The weather is more or less it's worse. You will find it harder to do things or just to see people.

If you don't start going nuts that time of year you'll likely be fine the rest.

Summer is sunny. People are out .

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Old 6th April 2014, 04:53 PM
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Ditto all of the above: RENT!

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