INTERNATIONAL
these homes are often very old and neglected and in need of much refurbishment .
Can South Africans buy property in Italy ?
They ’ re by no means luxurious , splendidly built villas ! As 1eurohouses . com puts it : ‘ We are talking mostly about dilapidated or dangerous properties in need of renovation .’
But you may be able to snap up a bargain that may not need so much work . It ’ s a case of doing your research and finding the gems among the hundreds of homes being advertised online . 1eurohouses . com adds : ‘ In some cases we also talk about houses built in the 80s and 90s . These need less extensive renewals .’
How much do renovations cost ?
According to a report by the Independent , renovations can cost between € 20,000 and € 50,000 , so between R384,220 and R960,550 . This still keeps it ‘ affordable ’, particularly when you consider that the average cost of a house in South Africa ’ s major metros is generally over R1 million .
Buying a property in Italy as a foreign buyer is not always a straightforward exercise because there are various rules that apply depending on where you are from . European Union citizens are free to buy property in Italy , as well as any citizens of countries that have a bilateral agreement with Italy when it comes to property purchases , according to Expatra . com .
If there ’ s no bilateral agreement , Italy ’ s reciprocity rule will then apply . According to Expatra . com this means that if an Italian can buy a house in your country , then you can buy in Italy .
The municipalities involved in the project may each have their own rules and stipulations , so it ’ s important first to contact them directly before getting your hopes up on a place you ’ ve spotted online . 1eurohouses . com adds : ‘ Many municipalities ( to make sure the buyer is serious ) require that interested parties visit the municipality before purchase to see the houses for themselves .’
Don ’ t forget to factor in other costs like legal fees , which can add up to around € 3,000 . It ’ s inadvisable to buy a property online without viewing it , so you ’ d need to factor in the costs of travelling up to Italy as well as any associated visas that you ’ ll need for the trip .
Finally , make sure you have all the experts that you will need lined up before engaging in this venture . This means ensuring that you have qualified notaries , construction engineers and builders who can help you with your project .
When it comes to the purchase and renovation rules of the homes , buyers of the € 1 houses must guarantee the following according to 1eurohouses . com :
Where can I find listings of these € 1 properties ?
To find out more about which Italian municipalities are involved in this project and to find out more about how this works , go to : case1euro . it , 1eurohouses . com and property-insicily . estate . Local government websites such as Commune of Sambuca or Citta de Troina also have information about the initiative and listed properties for sale .
A plan of the restructuring and revaluation project . This can ’ t be a wish list or a vague outline – it must be a solid plan and it must be executed within 365 days of purchase of the property .
Start on the work once all the permits have been organised . The timeframe is decided by the municipality .
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Take out a surety policy of between € 1,000 and € 5,000 to guarantee the execution of the work . Some reports claim that the guarantee fee can go as high as € 10,000 . This policy usually expires within three years .
Regions taking part in the € 1 houses initiative include the likes of Lombardy , Tuscany , Liguria and Piedmont , to name but a few . You could also buy homes in Sardinia and Sicily .
Angelique Ruzicka