Buying real estate – risks and personal experiences
Buying a property is always a big project, especially abroad. Here we report on how buying in Italy works, what it costs and what you should look out for.
Buying real estate on Lake Maggiore - procedure and experience
Buying a property on Lake Maggiore is a dream for many – whether as a second home or a permanent residence. In this article, I share our personal experiences: what worked well, what we learned, where there were stumbling blocks and what foreigners should really look out for. The text is based on my own experiences and is expressly not legal or tax advice.
Can foreigners buy real estate in Italy?
As an EU citizen, you can generally buy real estate in Italy without any problems.
An important requirement is the Italian tax number, the so-called Codice Fiscale. You can’t sign contracts or carry out banking transactions without it. This number should be obtained in good time, as it will be needed again and again throughout the purchasing process.
How does buying real estate on Lake Maggiore work?
Our real estate search was a mixture of online research on the real estate portal IDEALISTA, contacts with local estate agents and many on-site viewings.
Buying real estate in Italy involves several clear steps that differ significantly from Germany. The purchase offer, preliminary contract and notary appointment each have their own legal significance.
We have described exactly how the purchase process works here.
What costs are incurred when buying real estate?
In addition to the actual purchase price, there are other costs, just like in Germany, which 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 incidental purchase costs and taxes.
Risks and typical stumbling blocks
Buying real estate in Italy is not complicated, but it does have its pitfalls: All relevant documents are in Italian, many details are in small print, and whether the actual structural condition is approved and identical to the officially registered one is not necessarily certain and can cause problems!
We have put together a few recommended craftsmen for you here.
A supposedly low purchase price can quickly be put into perspective if unexpected work or adjustments become necessary later on.
I have compiled the mistakes we have made, what we would do differently today and which risks are underestimated in a separate article.
Our personal tips from the field
As in Germany, we would recommend that you only buy a property after viewing it in person. Particularly recommended: Several viewings from outside at different times of the day (position of the sun? noise pollution?) and, if possible, at different times of the year.
You should never sign preliminary contracts under time pressure, but take enough time to read and understand them.
The structural condition of the property should be carefully checked and compared with the official documents held by the local authority.
All personal experiences and concrete learnings can be found here.
Conclusion
Buying a property on Lake Maggiore can be a wonderful step if you approach it well prepared. It is not a quick process, but rather a journey with beautiful views, small detours and learning moments. With patience, realistic expectations and a little openness to the Italian way of doing things, the dream of owning your own home by the lake can easily be realized.
And if you need support on your way to owning your own property or later for everyday problems, we offer our Welcome Service.
Buying real estate – procedure and costs
Buying a property is always a big project, especially abroad. Here we report on how buying in Italy works, what it costs and what you should look out for.
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