Italian mortgage rules are not tough but what’s hard is to find genuine sellers and reasonable properties. It’s difficult especially for the outsiders to judge the right cost and tax charges, so they take help of local agents of Italy. Following are the details of main property taxes:
– In case the purchase is done with a private owner the registration tax is 3% for the main residence, 9% for non-residents & secondary residence (20% for luxury). These values are calculated on the cadastral value of the property that is always lower than the market price.
– In case the purchase is done with a company as a builder of a new construction site at the Notary deed the buyer has to pay VAT on the market price (the price agreed with the seller) and this is 4% as a first residence home or 10% if the property is a secondary residence.
With the word residence is meant “fiscal residence”.
The property rates have shown significant high due to the recent developments in Lake Como whether that relate to George Clooney’s’ Villa Oleandra or films like Star Wars, James Bond, Oceans being shot here. Also the graph of rental income has gone up in last few years due to growth in tourism. So, this seems to be the right time for you to buy new property in Lake Como, in case you have been thinking for long.
Contact local real estate professional if you want to know more about what kind of property to buy in Lake Como or how to evaluate the right cost & additional costs like taxes.