Real estate in Rome: stages of buying a home
The real estate market is a popular investment option. And choosing where and what to buy a home, an excellent solution would be to invest in another country, such as Europe. Many do not consider such an option due to the complexity of paperwork, but it is not always the case. Real estate in Rome and Italy is quite affordable for foreigners, and the registration of the transaction does not cause difficulties, if you study the issue in detail.
In European countries, the legal framework, which excludes the risk of fraud in the purchase of housing, works perfectly. Foreign citizens or foreign companies have the right to invest in the Italian real estate market, restrictions apply to agricultural land and those located near military bases and in the border area.
The most attractive city in the country in terms of housing is Rome. The first thing to start with is to study the peculiarities of the local real estate market. The cost of objects in this ancient city is high, prices in new buildings will start from 200 thousand euros. Housing secondary stock can be found much cheaper, for example, for 70 thousand euros. First you should decide on the amount which you expect, and on this basis, look for the right option. As in any city, in areas far from the center you can find apartments cheaper, but renting housing in historic parts of Rome will bring more income.
When looking for a property, it is better to seek help from a real estate agent, who will quickly select a few objects to suit your needs. Another important point is opening an account with a local bank. Without it, you will not be able to make financial transactions within the country. In turn, you should have an individual tax number to open an account. When all the documents are ready, you can start the procedure of buying real estate. When you choose a suitable object, the seller is sent an offer to buy it. The document contains a list of conditions for the transaction: how the funds will be transferred – in parts or in one amount, during which period. The down payment should be 7-10% of the total cost of the property. As soon as this paper is signed, the transaction processing begins. If any person refuses to cooperate in the process, they will be penalized. The down payment is not refunded to the buyer, and the seller, who has changed his mind to sell, will pay double the amount of the down payment.
In the case when the buyer does not have the full amount for the purchase of housing, his account should be 20-30% of the value of the object. Only then the deal can be made. All documents are checked by a notary. He examines the papers on the property, confirming that it belongs to the seller. If the specialist finds any violations – the process of buying and selling stops.
If the notary approves the documents, the parties sign the bill of sale and the real estate is transferred to the new owner.