19 Jan Buying real estate – procedure and costs
Buying real estate on Lake Maggiore - procedure and costs
How do you find the right property on Lake Maggiore?
We started our real estate search from Germany. Initially with an online search via IDEALISTA with the right search filters. On IDEALISTA, you can also search in German and English, and most of the property descriptions are also translated.
We then contacted the local estate agents and arranged viewings on site. Being there in person was crucial, because the condition, lighting conditions, smells, neighborhood and surroundings can hardly be realistically assessed in photos.
We have had good experiences with planning viewings over several days. This makes it easier to compare different properties and you develop a feeling for prices, locations and typical defects more quickly.
The estate agent through whom we finally bought is highly recommended: Filippo Ongania from Elite Luxury Real Estates. Sounds very pompous, but he also has moderate properties in his portfolio. What we liked about him and his team was that they continued to support us for a very long time after the signing, e.g. with registering with the utilities, garbage, tax numbers, etc. Filippo knows his way around the east bank particularly well.
Procedure
Once a suitable property has been found, a so-called “Proposta d’Acquisto”, a written purchase application, usually follows. This is often combined with a small down payment and signals serious interest to the seller. Legally, this is not yet the final purchase, but it is an important intermediate step to create a commitment.
This is usually followed by the preliminary contract, the “Compromesso”. This sets out the purchase price, schedule, handover date and important details. From this point onwards, the commitment is much stronger. Here in particular, you should pay close attention to what is included in the purchase, what furniture remains, what work still needs to be done and what deadlines apply.
The actual closing finally takes place at the notary’s office. The Italian notary plays a central role in this process. He checks the ownership structure, ensures that there are no encumbrances on the property and ensures correct entry in the land register. Compared to other countries, the notary in Italy is a very important safeguard for buyers.
We signed with a very good notary with an excellent interpreter in Varese: Olivia Barresi.
What costs are incurred when buying real estate?
In addition to the actual purchase price, there are other costs that you should realistically factor in. Real estate prices on Lake Maggiore vary greatly. A large, ready-to-occupy villa in the immediate vicinity of the lake can cost several million euros, while smaller houses in the mountains are significantly cheaper. The Piedmont side of the lake tends to be slightly more expensive than the eastern, Lombardy shore.
There are also notary fees, taxes and, if applicable, estate agent commissions. Ongoing costs such as property tax, waste disposal charges, insurance and utility connections should also be taken into account from the outset. Especially if the property is not used as a main residence, the tax burden can be higher than expected.
Sorry, the comment form is closed at this time.