Buying Guide Details
Buying Property in Umbria
Where to buy property in Umbria
Overseas property buyers have been looking at buying property in Umbria for many years, as it is often considered a cheaper alternative to Tuscany. Its popularity has, however, led to property prices that are now nearly level with those of its neighbouring region. With rolling countryside, woodland and the magnificent Trasimeno lake and park, Umbria is a very scenic region and it has rural properties in abundance, as well as some historic towns.
The allure of countryside properties in need of restoration attracts many overseas property buyers to Umbria. The area around Citta di Castello in the north provides renovation properties in easy reach of Tuscany, while Terni province, in the south, offers some very inexpensive traditional properties to restore.
Property prices are at a premium in towns such as Orvieto, Todi and Assisi, with their wealth of culture and medieval architecture. These tourist centres may offer rental opportunities with visitors, though, to offset the higher prices. There are many other equally beautiful old towns off the tourist track with lower property prices.
Lake Trasimeno in the northwest of the region is another property hotspot, and prices close to the lake itself are among the highest in the region. Buying property a little further away from the lake will give better value for money in this beautiful area close to the Tuscan border.
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The Process of Buying Property in Umbria
- While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in Umbria is actually pretty straightforward – if somewhat time consuming
- Anyone wishing to buy property in Umbria 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 Umbria 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 in Umbria 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 Umbria up to 17% for a rural property in Umbria. Most properties are considered urban
- 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 is considered a ‘luxury home’. This is usually included in the price
- Reduced rates of 4% VAT are available for those who build their own property in Umbria
- 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 Umbria.
Getting there
There are flights to Perugia from several UK airports. There’s also the option of flying to Florence in Tuscany and driving down.
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