Why buy in Italy?

Italy is one of the most popular travel destinations in the world and has the most UNESCO World Heritage Sites of any country. In Italy, you can find great art, fascinating history, rich culture, delectable food, stellar fashion, ancient structures, beautiful seas and mountains, the green, rolling Tuscan hills, rocky and stunning cliffs over crystal waters, cultural heritage sites, Greek ruins, cannoli, pasta, the perfect espresso, and much, much more…

Many Americans dream of having a second home for vacations in Italy, and it is easy to see why! The quality of life in Italy is world-renowned, the food incomparable, and art is around and in every corner. Italy is passionate, vibrant, and sometimes a little crazy too! Italy attracts more than 65 million tourists every single year.

Owning a home in Italy makes it easy to visit all of Italy and Europe by train, car, and low-cost flights, with extremely short travel times. You could easily Airbnb your home, earning an income. There are no restrictions on this in Italy.

How long can you stay in Italy after buying a home?

You could apply for a long-term visa if you want to stay longer than three months on each trip if you don’t need to work in Italy. You can apply for Italian citizenship if you have an Italian ancestor (parent or grandparent).

Italy is also introducing a Digital Nomad Visa for highly qualified workers who work remotely for a non-Italian company, either freelance or as a team member. The ‘Digital nomad visa’ would allow remote workers to legally live and work in Italy for up to a year, and it can be extended to close family members!

What do you need to buy a home in Italy?

To buy a home, you need your U.S. Passport and the Italian “codice fiscale”, which is free and easy to get. Opening a bank account in Italy is recommended, but it is not mandatory. Transferring the money to Italy is easy and secure. I collaborate with a fantastic company that gives the best exchange rates and has zero fees, which helps my clients save money. If you can’t travel to Italy for the closing on the property, you can give power of attorney to my legal consultant, located in Italy, who will represent you at the final contract.

What about financing?

When first discussing a potential purchase in Italy with new clients/buyers, many people ask about financing. Unfortunately, it is sometimes quite disappointing for them; getting a mortgage from an Italian bank and purchasing as a non-resident buyer is a ‘mission impossible…” Only a few banks in Italy are open to considering an eventual application from an American buyer. Still, from my experience, I can tell you that after months and months of waiting, hundreds of documents, translations, etc., the bank may easily reject your request.

Instead, obtaining an Equity loan in the U.S.A. is the best way to obtain financial support for an American buyer to purchase a home in Italy.

How can the sales process in Italy be handled from the USA? Is it safe?

In the high-tech world of today, it is doable and safe to buy a home in Italy from the U.S.A.! Many of my clients are North American buyers interested in purchasing in Italy, and I have been working successfully in this way for over seven years, even though the pandemic!

There are many differences between the USA and Italy regarding real estate, but I have perfected a system that helps my clients. I know the client’s needs and preferences, and with my background and professional team in Italy, I can make sure the process and transaction are secure with the least stress possible.

The U.S. real estate market is much more transparent than in Italy. In Italy, one has to understand and accurately research the house’s history, whether things are indeed up to code, and many other aspects of safety or surety of purchase.

One must have people and practices in place to check these things and understand the subtlety of how Italians sometimes do these things. In addition, for negotiation and handling such a large purchase, with Italians, you must speak the same language or even their same dialect to be in ‘sintonia’. Sometimes you need this to have trust and clarity in the deal.

Are the home prices affordable in Italy?

This is the best time to buy a home in Italy. You can find incredible deals and prices, the lowest in the last 15-20 years. Also, with the US dollar, which has recently gained a lot from the Euro, it is cheaper for an American to buy property in Italy.

I receive requests from potential buyers that dream of buying a home in Italy, asking me to find homes in costly places in Italy, like the center of Rome, Florence, Amalfi, and Capri, at prices extremely low for those areas. When I explain to them that it’s something impossible to find, like looking for a single home in Santa Monica for 300K, or a penthouse in Manhattan for 500K, they show me listings that have extremely low prices, but in reality, those properties are not for residential use (for example they are designated as storerooms, or are garages camouflaged in the advertisement as apartments). A further misleading offer is an owner selling a ‘nuda proprieta’, where the buyer will enter possession of the property only after the seller dies.

Buying an ‘unseen’ home in Italy

Since the pandemic started, I have worked a lot with zoom meetings and walk-through videos to show homes in Italy. Fortunately, in this period, I have sold many homes in Italy ‘unseen’ (virtual viewing only). The buyers from the US and UK had seen only photos and videos of the properties before they purchased the home. They were represented by my legal consultant, who is based in Italy. These clients enjoyed their new homes in Italy for the first-time last summer, and everybody was so happy! I’m sure that the ‘unseen’ sales will keep increasing, due to the convenience and savings on travel, etc.

‘1-euro homes’ for sale in Italy?

I don’t see the bargain in buying these homes at 1 Euro. Yes, 1 euro is very little, but there are many other things to consider. The houses are in remote places (certainly not places you would visit if you were a tourist, even a tourist dedicated to being ‘off the beaten path.’). These are really off the beaten path, meaning you might miss out on some of the things you came to Italy to enjoy – dairy shops, butchers, cafes, restaurants/trattorie, or even a small supermarket to make a meal.

Most importantly, the homes are completely dilapidated. You must restructure them within 12 months of the purchase. So, there isn’t the possibility of slowly having it done – you must get the experts and the contractors there somehow, and immediately. Who will oversee the massive work?

If you manage to pull off this complete, remodel up to code, and within the timelines, the question becomes: what will you do with it? Enjoy your holidays in an extremely remote part of Italy. Airbnb your home when you are not there when there is no market for Airbnb in that area? Re-sell it at a price that can pay you back, at least for the rushed remodel.

Italy is so beautiful, and even if the economy is not running very well, do you think Italians are so ‘naive’ that they would sell a house for 1 Euro if there were a potential for it to have a much higher value?

A little more about me.

I was born and raised in lovely Tropea, Calabria. I lived in Florence for 21 years, where I was a Real Estate Broker for 13 years. In 2015 I moved with my wife to Santa Cruz, California (USA). I have been a California Realtor since May 2015. In 2017, I got the California Broker license, and I am a Broker-Owner of Lorenzo International Real Estate. In April 2021, I became an American citizen, so I now proudly have dual citizenship: Italian and U.S.A.

I live in California, but I travel to Italy for long periods with my family at least twice yearly (totaling 3-4 months per year). In this way, I live in two worlds, which also

helps our quality of life because we get the best aspects of both countries, cultures, customs, etc.

Living on two continents, North America and Europe, is the best gift you can give yourself – for your mind, culture, and well-being.