Buying a flat in Milan for expats

Hello , you Can contact *** maybe she Can give you good advices , maybe !!

Thanks

***

Hi dear,
That was very nice comments and useful,
First of all, I have no idea how much fee in total we need to pay for extra costs such as Tax, Real estate agency fees, loan procedure, insurance, survey costs, commune charge registration fee, Legal fees, ...

Secondly e.g. for a flat with cost 150K Eur, what percentage as first buyer house we need to pay for these costs, Or If we pay full 100% of a house price, how much are the extra costs.

Thirdly as an EU citizen, what exactly document we need to show to the bank and how many percent of the total house price they can offer to us as a loan. (e.g. 60%)


Regards
Matt

Hi Matt,

Thank you for your comment

Re extra costs:

- Tax: depends on your intention to move your residency to Italy or not, in the first case you will pay a much lower amount.

- Agency fees are usually 3% of the property purchase, with a minimum of €3,000. However there are agencies which ask slightly less or slightly more that what I mentioned.

- Loan procedure might last for long if you do not have the right info and brokers to deal with. Just talk with the major banks in the Country. The documentation required is usually related to your income, residency, job, etc.

- Legal fees are not of a high amount and, when you instruct a lawyer at the early stage of "negotiation", you might end up saving more money. Sorry, I cannot say more since it would appear like I am promoting my firm (which is not my intention here).

Just a small additional information regarding Taxes:

When you buy a property with fiscal benefits, registration tax will be 2% instead of 9%.

In any case, the amount of the registration tax cannot be lower than €1,000. Transcription fees and cadastral taxes will be €50 each when you buy a first home.

I hope the above is of help.

LL

Thank you so much for the info.

Hello, Matt!
I'm not very much informed about Northern Italy, but I know some tips about mortgages since I'm interested in buying flat in Italy (Sicilia).
As far as I know, loan applications actually process relatively quickly and usually take 2-4 weeks for approval.
Also banks require all the documents to be translated into Italian and notarised.
Before signing purchase agreement you should verify that the property was built/renovated respecting the building regulations and that the current indoor and outdoor structures of the building are coherent with the cadastral plans.
Maybe this article: tranio.com/italy/mortgage/ will help you to get more info.