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Buying a house is a big step, but the purchase price is not the only cost to consider. To have a clear vision of the investment, it is essential to take into account the ancillary costs. Here is an overview of the main costs that accompany the purchase of a property in Italy.
1. Notary’s Fee
The Notary plays an essential role in the purchase, ensuring that the deed of sale complies with the regulations. The notary’s fee depends on the value of the property and the complexity of the transaction.
For the deed of sale, the cost generally varies between €2,000 and €4,000, but can fluctuate based on specific needs, complexity of the sale and the value of the property. The fee could also vary significantly from Notary to Notary.
It is advisable to request a quote from your trusted Notary to have greater clarity. Our team is available to help you find the notary office that best suits your case and budget.
Also consider the costs for the preliminary contract, which requires registration and involves additional registration and notary costs.
2. Taxes for Purchasing in Italy
Taxes vary depending on whether the purchase is a first or a second house:
First house: The registration tax is equal to 2% of the cadastral value if the seller is a physical person.
Second house: The registration tax increases to 9% if you purchase from a physical person.
For example, for a first home with a cadastral value of €100,000, the registration tax will be €2,000, while for a second home the tax reaches €9,000.
These amounts are paid directly to the notary, who transmits them to the State.
3. Deed Registration Fees
The deed of sale must be registered at the Land Registry. The registration fee is around €200-300.
4. Real Estate Agency Commission
If you use a real estate agency, you must also consider the commission, which usually varies – for example – between 2% and 4% of the purchase price. For a property worth €200,000, the commission can range between €4,000 and €8,000, plus VAT. Some agencies charge a fixed commission, independent of the price of the property, in the case of transactions of a lower value.
5. Mortgage Fees
In the case of purchase with a mortgage, the main costs are:
Processing fees: Generally between 0.5% and 1% of the capital requested. On a €150,000 mortgage, these costs range between €750 and €1,500. These costs may also be determined as a fixed amount.
Property Appraisal: The bank requires an appraisal to value the property, which costs between €300 and €500.
Please note – the mortgage deed also requires a notary intervention, with additional costs.
6. Interpreter and Translation Fees (Foreign Buyers)
If the buyer is a foreigner and does not understand Italian, an interpreter and an official translation of the deed of sale are required. Costs may vary based on the complexity of the documents and the language. Alternatively, it is possible to appoint a special attorney to sign the deed on behalf of the buyer, thus avoiding the need for translations.
7. Fire Insurance
In the case of a mortgage, the bank may require a fire insurance policy. The cost of this insurance depends on the value of the property and the coverage required.
8. Life Insurance
When applying for a mortgage, some banks also require a life insurance policy to guarantee the loan. The cost depends on your age, health status and the insured amount.
Trust our consolidated expertise and experience in the real estate sector, gained over the years, to protect your rights and interests, avoid losses and quickly and easily realize your project
Conclusions
Buying a property involves several additional expenses in addition to the purchase price. To avoid surprises and plan a realistic budget, it is essential to consider all these cost items: from the notary’s fee to taxes, from the agency’s commission to the expenses related to the mortgage and insurance. Careful planning will allow you to face the investment in a more conscious and safe way.
Contact us our real estate team for a professional and customized consultation.
