Discussion
I am looking at a ski apartment in Cervinia, seen the sort of thing I am interested in for a good price, but having trouble with getting advice so can some one help.
1 I assume that a condominium apartment will be on a lease, what is the likly term of a lease?
2 And what is likly monthly service fees?
3 I've seen some apartments in what look like large 'private' Alpine houses, to small to be caled condominiums, how does the title work if I bought one of these.
4 Is there finance available in Italy on this type of purchase? Say 30% of price over 2 to 5 years.
5 What is the property market like as an investment, (rental income looks good but capital growth)
6 Aanything to be aware of or run away from? (I loooked at Spain but title lookes like an issue, so forgot it).
7 Can i get the ttle in my name? I am a British citizen, I have property in UK and Asia and reside in Asia.
If any one is either an estate or finance brooker and is looking for a potential cutomer please PM me.
Lots of questions, I appreciate any answers
Thanks
1 I assume that a condominium apartment will be on a lease, what is the likly term of a lease?
2 And what is likly monthly service fees?
3 I've seen some apartments in what look like large 'private' Alpine houses, to small to be caled condominiums, how does the title work if I bought one of these.
4 Is there finance available in Italy on this type of purchase? Say 30% of price over 2 to 5 years.
5 What is the property market like as an investment, (rental income looks good but capital growth)
6 Aanything to be aware of or run away from? (I loooked at Spain but title lookes like an issue, so forgot it).
7 Can i get the ttle in my name? I am a British citizen, I have property in UK and Asia and reside in Asia.
If any one is either an estate or finance brooker and is looking for a potential cutomer please PM me.
Lots of questions, I appreciate any answers
Thanks
Hi Kelvin,
not a RE agent, just an italian abroad here.
So:
1)Leasehold is not common in Italy, basically all you get is either rent or Freehold, unless you buy in a timeshare kind of property where what you get is....err....a timeshare.
2)Service fees obviously depends on what the building you are looking at has in terms of on-site services (pool, large garden, porter...) and may in some cases include part of the utilities bill (usually water). Costs are split on the basis of the size of your property relative to the overall estate (so called millesimi di proprieta') Usually anything above 500€ per annum....
3)Title works exactly as explained at point 1, from my perspective, the smaller the condominium is, the better it is since it's easier to find agreement, less likely litigations etc...
4)Finance in the form of mortgage are available (usually minimum lenght is 10 yrs). If you are willing to commit to shorter loans, you should seek for a "Finanziamento" which usually run for up to 7 yrs and about 50K € max amount, but since they are not secured by the property, they have higher APRs and may be tricky to get in your situation (not being a resident...)
5)CApital growth is in general a big unknown since the market is starting to recover from a deep recession that hasn't compressed prices that much but has completely frozen transactions, anyway if you buy in a good lacation, possibly close to the slopes, you will for sure recover your capital comes sale time. Don't expect London-style value growth.
6)Not that i'm aware
7)Of course you can, title transfer is performed by a notary (Notaio) who should be able to advise you on the best solution. The choice of the professional is up to the buyer, so in this case to you.
Hope that helps,
Enrico
not a RE agent, just an italian abroad here.
So:
1)Leasehold is not common in Italy, basically all you get is either rent or Freehold, unless you buy in a timeshare kind of property where what you get is....err....a timeshare.
2)Service fees obviously depends on what the building you are looking at has in terms of on-site services (pool, large garden, porter...) and may in some cases include part of the utilities bill (usually water). Costs are split on the basis of the size of your property relative to the overall estate (so called millesimi di proprieta') Usually anything above 500€ per annum....
3)Title works exactly as explained at point 1, from my perspective, the smaller the condominium is, the better it is since it's easier to find agreement, less likely litigations etc...
4)Finance in the form of mortgage are available (usually minimum lenght is 10 yrs). If you are willing to commit to shorter loans, you should seek for a "Finanziamento" which usually run for up to 7 yrs and about 50K € max amount, but since they are not secured by the property, they have higher APRs and may be tricky to get in your situation (not being a resident...)
5)CApital growth is in general a big unknown since the market is starting to recover from a deep recession that hasn't compressed prices that much but has completely frozen transactions, anyway if you buy in a good lacation, possibly close to the slopes, you will for sure recover your capital comes sale time. Don't expect London-style value growth.
6)Not that i'm aware
7)Of course you can, title transfer is performed by a notary (Notaio) who should be able to advise you on the best solution. The choice of the professional is up to the buyer, so in this case to you.
Hope that helps,
Enrico
Thanks Enrico,
Title looks like the sort of thing I have on my Condo in Malaysia, there it is called a 'strata title', I hold the 'freeholh' on the piece of land my apt covers but 200 feet up in the air, along with the people on the 23 floors beneath me, i.e. I have the straat that is 200 feet up.
I realise I wont get UK growth on property, just wanted an idea if the market was growing, I am actually looking for some were I can meet up with my CHildrena s we all live in diffrent countries, use as a Eurapen base when I retire, and leave to the kids, so a steady growth that covers my investment looks fine.
Any way thanks you have engouraged me too keep studing the idea and the market and I think we will go over and look in the Summer.
I love Cervinia, been there a load of times, never had bad weather, never had a bad hotel and always been treated great by the people there, was last there at Christmas, we love drinking the local wine, simple, fruity, bit unsothisticate but I like it.
Thnaks very much Kelvin
Title looks like the sort of thing I have on my Condo in Malaysia, there it is called a 'strata title', I hold the 'freeholh' on the piece of land my apt covers but 200 feet up in the air, along with the people on the 23 floors beneath me, i.e. I have the straat that is 200 feet up.
I realise I wont get UK growth on property, just wanted an idea if the market was growing, I am actually looking for some were I can meet up with my CHildrena s we all live in diffrent countries, use as a Eurapen base when I retire, and leave to the kids, so a steady growth that covers my investment looks fine.
Any way thanks you have engouraged me too keep studing the idea and the market and I think we will go over and look in the Summer.
I love Cervinia, been there a load of times, never had bad weather, never had a bad hotel and always been treated great by the people there, was last there at Christmas, we love drinking the local wine, simple, fruity, bit unsothisticate but I like it.
Thnaks very much Kelvin
Berw said:
I love Cervinia, been there a load of times, never had bad weather
I too love Cervinia and have been there many times, however I have had some atrocious weather - very high winds and -28c 
resulting in everything (Ski-wise) being shut. On the other hand I have also had some great weather, especially late season. And where else can you ski for miles at a time...
Berw said:
Hi again, Ok seen a few things that interest me and the wife and I are planning a Europe trip to look, but I've been told that I can not get a car registered in my name in Italy unless I am an Italian citized, is that right? Thanks
No, not true (I'm German and my cars are registered in Italy), I try to get some info on that point to make sure
Nope I was wrong, you'll just need to ask the Comune (Local council) for a certificate stating that you have an address in Italy (it's called "Cretificato di domicilio")
TBH I would have been surprised that our authorities wouldn't want some money
Edited by AlexIT on Wednesday 4th June 11:33
Berw said:
Hi Thanks,
I have amate who lives in Venice, he told me, he has a UK Audi and he drives it back to the UK, I didn't believe him, thoought it would breach Europen law,
IIRC you cannot keep it in another country for more than 6 consecutive months, without registering it there. I have amate who lives in Venice, he told me, he has a UK Audi and he drives it back to the UK, I didn't believe him, thoought it would breach Europen law,
In cervina now looking at apartments, bit of shell shock, so many for sale, thinking to make a stupid cash offer and if rejected make to someone else until i get acceptance all the apartments are basically same and everything the agent gas shown mw works, so it looks like down to best value
weather in cervina great snow everywhere if sking for a few days runs are empty
weather in cervina great snow everywhere if sking for a few days runs are empty
[quote]thinking to make a stupid cash offer and if rejected make to someone else until i get acceptance
[/quote]
Yes that's how you shall do it. You'll eventually find someone who wants to get rid of it.
On a side note, try to gather as much info as possible about local property taxes. For holyday homes in some places they have more than doubled i the past year.
On another side note... lucky git... I'd love to be there skiing instead of looking at the snow on the mountains from the office
[/quote]
Yes that's how you shall do it. You'll eventually find someone who wants to get rid of it.
On a side note, try to gather as much info as possible about local property taxes. For holyday homes in some places they have more than doubled i the past year.
On another side note... lucky git... I'd love to be there skiing instead of looking at the snow on the mountains from the office
You are correct, just make low offers until you find the one that will accept.
Property prices in Italy have plummeted over the last few years.
I found it pretty straight forward buying in Italy, but the running costs and taxes are high especially if it is a second home.
A word of caution.....don't ever rent it out. Their rental laws are crazy and the legal system is sooooo slow when you want to evict.
Don't ask me how I know.
Property prices in Italy have plummeted over the last few years.
I found it pretty straight forward buying in Italy, but the running costs and taxes are high especially if it is a second home.
A word of caution.....don't ever rent it out. Their rental laws are crazy and the legal system is sooooo slow when you want to evict.
Don't ask me how I know.
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