Purchasing a property in Italy

6 Replies

Just got the news that I am moving to Aviano for the next three years! Anyone have tips about buying in italy? Specifically, where to get the loan? Any insight will help. -Joey
Originally posted by @Joseph Nichol :
Just got the news that I am moving to Aviano for the next three years! Anyone have tips about buying in italy? Specifically, where to get the loan? Any insight will help.

-Joey

 When I was a loan officer, I dealt with a guy from Italy who said they pay cash for houses in Italy. Not sure if that was just his village but you might want to email the embassy in Rome and ask.

@Joseph Nichol Don't do it! I just moved back from being stationed in Italy and had researched that idea, but there are so many issues with trying to buy property in Italy that it is absolutely not worth it. We even had an Italian Realtor come to our local REI group and tell us not to do it. It's very difficult to get a loan so you basically have to pay cash, there are zero landlord/eviction laws so local Italians end up just squatting in properties and not paying rent, and its nearly impossible to kick them out. Lots of other cultural reasons not to do it as well, but I won't go into it on this forum.

Thanks @Mike M. for the help! @Stuart Grazier dang can't believe its really that bad. Do you know of any laws against Airbnbing out my apt even if I'm just leasing it?

@Joseph Nichol I don't know of any specific rules against or for using AirBnB in Italy, however my experience was that all of the local rentals were managed through the base housing office, as they have to be approved by the military. You have to sign a lease through the base housing office and I am going to guess that they wouldn't allow for you to sublease (AirBnB) the property, but I am not certain, so it may be something to ask one of the housing reps when you are looking for a place to live. 

@Joseph Nichol Biggest issue (apart from tenant as mentioned by @Stuart Grazier ) is lending. Have you figured out how you will be financing this property? The retail banking system is very different in other countries. You're not going to get the same products and you will be at a significant disadvantage when buying foreign property (unless you have a sizable portfolio and deep lender relationships).

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