Buying Guide Details
Buying Property in Piedmont (Piemonte)
Where to buy property in Piemonte (Piedmont)
Many property buyers looking at Piedmont will be considering a property in the Alps, with excellent skiing in winter and breathtaking scenery at every time of year. The city of Turin has some excellent properties for urban dwellers but there is little doubt that the mountains and countryside are the prime targets for overseas property buyers. Property in Piedmont (Piemonte) is inexpensive compared with the likes of Tuscany and Veneto.
With borders onto France and Switzerland, there are Gallic and Teutonic flavours to this northwestern region, not least in its cuisine, with wine and truffles particular specialities, drawing tourists (and potential property buyers) in their droves.
Among the best-known towns in the area are the wine-making centre of Asti; Alba, famous for its truffles; the Alpine skiing resorts of Limone Piemonte, Prato Nevoso, Sauze d’Oulx and Sestriere; Turin, the regional capital and the home of Fiat; Verbania, on the shores of beautiful Lake Maggiore; and Vercelli in the east, a rice-growing centre.
Property prices in Piedmont are lower than, for example, Tuscany. There are over 40 golf clubs located all over the region. Urban properties are likely to be more expensive in Turin than other towns. Rural property in Piedmont (Piemonte) varies in price considerably, from the very cheap to the luxuriously expensive.
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The Process of Buying Property in Piedmont (Piemonte)
- While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in Piedmont (Piemonte) is actually pretty straightforward – if somewhat time consuming
- Anyone wishing to buy property in Piedmont (Piemonte) must first obtain a tax identification number (codice fiscale) from the Italian authorities
- There are then three main property buying stages. The property buyer makes an offer, which commits him/her to buying the property in Piedmont (Piemonte) at the given price. If the seller accepts, a deposit (usually 10%) is paid
- Both parties then sign a legally binding buying proposal (compromesso di vendita). This outlines the details of the transaction, including the scheduled completion date
- Should the seller withdraw, they must pay the property buyer double the value of the deposit. If the property buyer pulls out, he/she loses the deposit
- On completion, both parties sign the final contract (rogito) in the presence of a notary, who then issues the deeds and informs the land registry to transfer ownership. The remainder of the balance, plus all taxes, must then be paid at this point.
Homes Overseas Property Club
Homes Overseas has joined forces with a collection of IFA specialists to form the Homes Overseas Property Club (HOPC), designed for existing and prospective overseas property homeowners.
The Club – which has access to international lawyers in no fewer than 43 different countries - has been set up in order to guide people through some of the various issues relating to buying and maintaining a property overseas. It offers advice on a range of topics, including financial, legal, insurance, taxation, property management and foreign currency matters.
For further information please telephone 0845 838 7142 or email info@homesoverseaspropertyclub.com
Fees & Taxes
- Property buyers should set aside around 15% of the purchase price to cover costs
- Stamp duty/land registration tax for non-residents (i.e. second-property owners) varies from 10% of the declared price for urban property in Piedmont (Piemonte) up to 17% for a rural property in Piedmont (Piemonte). Most properties are considered urban properties in Piedmont (Piemonte)
- Residents or those intending to make a permanent move will pay 4% stamp duty
- VAT on new properties ranges from 10 to 20%, depending on whether the property in Piedmont (Piemonte)is considered a ‘luxury property’. This is usually included in the price
- Reduced rates of 4% VAT are available for those who build their own property in Piedmont (Piemonte)
- Estate agent’s fees are usually between 3 and 5% per cent, notary fees average around 3% and legal costs tend to amount to around 2% of the purchase price
- Local taxes (ICI) of between 0.4 and 0.7% also apply to anyone owning a property in Piedmont (Piemonte).
Getting there
Turin is served by a number of airlines from the UK.
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