It’s easy to understand why Tuscany is such a popular region for foreigners looking to purchase a home in Italy. Stunning scenery, a laid-back culture, a mild temperature, and dazzling towns like Florence, Pisa, Lucca, and Siena are the backbone of Tuscany’s allure. It’s hardly surprise that after visiting Tuscany, many people wish to recreate its splendor at home. But what exactly are the top real estate markets in Tuscany? How does one go about purchasing a home in the Tuscany region? How much do homes in Tuscany typically cost?
If you’ve always dreamed of owning a piece of Tuscany real estate, we hope our fast guide to Buying in Tuscany will help you do it with as little hassle and risk as possible.
In which areas of Tuscany would you recommend investing in real estate?
Exactly where in Tuscany you should invest in depends largely on your own unique needs and desires. Do you long for the quiet of the country? Alternatively, you may visit one of Tuscany’s many fantastic cities and immerse yourself in the region’s rich cultural heritage. The good news is that everywhere in Tuscany is a fantastic time to purchase property since the market is so steady.
How does one go about purchasing a home in the Tuscany region?
Before making proposals on properties in Tuscany, it’s best to do some preliminary research, organize your funds, and establish a network of reliable resources. If you plan on opening a bank account or purchasing real estate in Tuscany, you will need a Codice Fiscale (fiscal number), which may be obtained with the assistance of an English-speaking lawyer.
It is also recommended that you open an account with a currency expert since they may often save you 3-5% of the value of the transaction when converting money from one currency to another. Learn how a currency expert may help you save money: Reasons why you may want to see a currency exchange expert before buying a home in a foreign country.
Before planning a trip to visit properties in Tuscany, you should receive mortgage advice if you need one or are contemplating acquiring one for your home purchase there. Most Italian mortgage lenders need a least 40% down payment, and their lending conditions might be significantly tighter than those in the UK. A mortgage adviser familiar with the Italian mortgage market will be able to analyze your chances of being approved for a loan.
Once you’ve gotten everything in order, it’s time to plan a vacation to Tuscany to check out the real estate market and begin really looking for a place to call home. When you’ve finally discovered your ideal home and had an offer accepted, it’s time to call in the legal reinforcements: your lawyer. However, before signing any documents or making any payments to the estate agency or the seller, you should consult with an Italian property lawyer.
How much do Tuscan real estate prices typically start at?
You should budget an extra 10–15 percent on top of the price of the home you choose to cover things like:
- The notary’s fee might be up to three percent of the sale price of the property.
- Legal costs are often quoted as a percentage of the sale price of the property, ranging from 1% to 2%.
- Tax paid to the land registration, often a one-time payment of about €200.
- Property purchase tax (Registration tax) – comparable to stamp duty in the UK, for example, this ranges from 1% to 9% based on a variety of variables, such as your residence status, whether or not this is your first house, and whether or not this is your sole property.
There may be additional fees associated with certain Tuscany property transactions, but these are the basics to consider. Learn the ins and outs of buying or selling a home in Italy by reading our subsequent articles.