Properties for sale sardinia italy;All advice on documentation, fees and exemptions regarding the purchase of a house in Sardinia.
Would you like to buy house in Sardinia? It could be convenient from an economic point of view!
Properties for sale sardinia italy: View properties for sale in Sardinia
before proceeding with the purchase of a house, it might be necessary to pay attention to a few points regarding the general conditions and also the documents that are written during the entire sale procedure.You will find below a full range of tips and advice that will help you to enjoy your new property without unpleasant surprises.
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Properties for sale sardinia italy;Factors that define the real estate price changes.
When it is question of acquiring real estate property in Sardinia, as in any places, it is probably quite important to assess whether the price offered by the real estate agency, the builder or the private individual is appropriate.
The factors that you can value to verify it are many and are based as much on your personal preferences as on objective factors which define the price changes of a house, in positive as in negative.
Here are as follows, the main objective factors:
- The size and area in which the property is located
- The type (apartment, detached house, semi-detached house)
- The maintenance
- The condition of the building
- The orientation (north, south, west, east?)
- The heating system
- The parking
- The distance from services (supermarkets, shopping centers, airports, hospitals …)
- The proximity of the sea
- For apartments: the presence of lifts
Properties for sale sardinia italy , Documentation on the real estate property
When negotiating, it is very important to check that the house is in order from all points of view.
Therefore, you should ask the seller some documents. These are:
- The title deed: this is the most important document because it certifies the owner of the property
- The building permit
- The construction plan approved by the municipality
- The registration in the land register (catasto)
Market value per m²
Before buy house in Sardinia, check what are the average prices of real estate properties in the same area, namely the m² value of houses in good conditions.
This value will increase or decrease depending on the conditions of the house that you would like to buy, when checking the points that you have read in paragraph 1.
Properties for sale sardinia italy ;Conditions of the real estate property before purchase
To avoid unpleasant surprises, check that the building is in good condition. To do so, you can turn to expert technicians.
For example, you noticed cracks on walls that worry you? An expert will be able to assess whether this is a real stability problem or only superficial cracks.
The other point to check is the condition of the tiling, or the parquet floor, the doors and the windows.
In addition, it is very important to check that the electrical and hydraulic system is in good condition and above all conform to standards. Regarding the electrical layout, you can ask the seller or the builder the plans in order that an electrician can evaluate whether it needs to be replaced or not, in case the house is not a new construction.
For plumbing, you can investigate on infiltrations or leaks, why not asking the neighbours. Usually, it is always better to replace a very old system.
View now all properties for sale in Sardinia
Indications on the real estate agency
As you have could read it before, the checks on the property you wish to buy are many, but above all necessary. If you have limited time to do so, you will probably choose to turn to a real estate agency.
Real estate agents verify the provenance of the house, the beneficial ownership and possible restrictions and / or mortgages.
You have decided to buy a house through an agency? Then you will need to sign an offer to purchase and pay a deposit. The owner must usually give an answer within 10 days: obviously, if the deposit is cashed, the offer is considered accepted.
In addition, each agency charges a commission on house sale.
Properties for sale sardinia: Commission to pay to the real estate agency: some useful advice
The commission payable to the real estate agency is a percentage of the sale to be paid both by the seller and the buyer. Regarding the value of this percentage, in Sardinia, it generally varies between 1 and 5%, but no minimum or maximum amount has been fixed by law.
The agencies can however rely on the indications from the Chamber of Commerce, even if there are no restrictions.
After having paid the agency the amount of the commission, remember to keep the invoice: mediation costs for real estate consultation are deductible from the income tax (form 730) up to 1000 €.
Importance of the information stated on the preliminary sale agreement
Once you have chosen the house to buy and agreed on the purchase with the seller, it is necessary to write and sign the preliminary sale agreement, which is the step before the sale and which binds both the seller and the buyer. Writing the preliminary sale agreement means to guarantee the validity of possible payment or deposit receipts.
The data stated on the preliminary sale agreement are also very important because they will then be reported on the notarial deed: check that they are 100% correct.
You wish to know which data will state on this document ? Here is the list :
- Seller and buyer personal data
- Property description: category, year of construction, location
- Land registry information
- Possible mortgages and the seller’s guarantees on them: if the house is mortgaged, it is necessary to ask the seller the mortgage release. If this is not done, you can deposit the amount corresponding to the value of the mortgage to the notary who will give it to the seller once the mortgage has been released.
- Certificate of habitability
- Restrictions: it would be better for the seller to declare on the preliminary sale agreement, the absence of restrictions regarding easements, landscapes, architecture.
- Indications regarding the possible presence of a tenant. If the tenant is also the seller, it is better to establish – before the deed – a closing date.
- Price, payment terms, deposit. Especially, it will be stated whether it is a confirmation deposit or a penitential deposit. In the first case, if the buyer withdraws the offer, he loses the deposit, while the seller, in case of withdrawal, will have to pay back the double of the paid deposit. In the second case, the party who withdraws will have to pay a fee, which has been set beforehand.
- Information concerning the choice of the notary, ie whether it was chosen on the seller advice (and / or the agency) or independently.
- If the mortgage is transferred from the seller to the buyer, the loan amount and the last due must be indicated on the sale agreement.
An important clarification must be made concerning the agreed price on the sale agreement. Indeed, the value can refer to the surface or be a lump sum value. In the first case we speak of “vendita a misura“, while in the second we speak of “vendita di corpo”
Here is an example ; for a property of 200 m2, it is sold “a misura” if the given price is 3000 € per m², whereas it will be a sale “a corpo” if the price indicated on the sale agreement is 300 000 €.
Usually, it is the price “a corpo” that is indicated because it avoid some issues. In fact, if the surface of the property is less than the one indicated in the price “a misura”, the buyer (or the seller) can ask for the price difference, in positive as in negative.
Properties for sale sardinia, The deed of sale
Once the preliminary sale agreement is written, it is the moment to turn to the notary, prerequisite when you buy a house in Sardinia and in other regions of Italy. The signature of the notary formalizes the transfer of ownership of a real estate property.
Therefore, here are two indications that will help you to make sure that this step proceeds as good as possible:
- A written notarial deed of the sale, ie the deed of sale is obligatory: in this deed, all the useful information to identify the house (description, location) as well as the agreed selling price are indicated;
- In the deed of sale (as well as in the preliminary sale agreement), it is necessary to put the real estate booklet, a kind of identity card of the house.
The real estate booklet includes:
– cadastral information
– transfers of ownership
– possible mortgages
– the amount of the condominium fees if it is an apartment
– common areas
– property amnesties
Notary fees and required taxes when buying a real estate property
Notary fees and taxes required when buying a property
Writing the deed of sale includes notary fees, which you will fully pay for yourself. In addition to these fees, you must add the payment of some taxes.These taxes are proportional to the selling price of the house you buy and are different depending on the type of seller, which can be a private seller or a companyAt this point, you probably want to know what these taxes are and the amount of those. Here is the list:
Private seller
Registration tax: either 2% (for the first home) or 9% (for a second home) of the cadastral value of the property
Cadastral tax: 50 €.
Mortgage tax: 50 €.
Company
Registration tax, cadastral tax and mortgage tax: 200 € each
VAT: variable from 4% to 22%. Here are the details:
- 4% of the total price of the property for the first home
- 10% of the total price for the second home
- 22% of the total price for a luxury property
Properties for sale sardinia ;Purchase and sale between private parties: cadastral value and tax calculation
If you buy your house from a company, in addition to taxes, you must add VAT.
Let’s go back to the previous example: first home of 200,000 €. VAT for a first home is 4% of its value.
200,000 € x € 0.04 = 8,000 €
The total taxes will be:
200 (registration tax) +
200 (cadastral tax) +
200 (mortgage tax) +
8.000 (VAT) = 8.600 €
Tax reductions and incentives on notarial fees when buy house in Sardinia
Incentives for the purchase of new or energy-efficient housing, introduced by the Stability Law 2016 (art 1, paragraph 56, l.28 December 2015, n ° 208) have been reconfirmed by the Finance Law of 2017.
Thus, if you decide to buy a house with energy class A or B from a construction company before December 31st, 2018, you will be able to deduct 50% of the VAT you paid from the IRPEF. This deduction will be spread over 10 years and will apply if the real estate is either your first or second home.
If you want to learn more about notary fees, you can visit the Italian Notary Website.
Tax reductions on first home : here are the requirements
If you buy a house in sardinia( as a first home), you may get some tax reductions, if it is not considered a luxury house. Tax reductions are recognized when concluding the deed of sale.
To take advantage of those reductions, you will not have to live in the house you wish to buy, but you will have to meet other special requirements stated in the notarial deed as follows:
- the house must be located in your municipality of residence, or where you intend to transfer your residence within 18 months after the signature of the deed of sale, or in the municipality where you perform your professional activity;
- You must not be the holder (neither exclusive nor by conjunction with the spouse) of right of property, usufruct, use or housing of another real estate located in the same municipality as the house you wish to purchase;
- You must not be a holder (neither for quotas nor in legal communion) throughout the Italian territory, of right of property, usufruct, housing or bare property on any other property purchased (even by the spouse) taking advantage of the first home benefits.
Special cases :
The tax reductions are allowed even if the house is purchased by unemancipated minors or by prohibited or disqualified persons.
If you are an Italian citizen emigrated abroad, you can enjoy tax benefits if you buy the property as first home and if you meet the requirements 2 and 3. You do not have to transfer your residence in the town where you want to buy.
On the other hand, if you do not have Italian citizenship, you can take advantage of the tax benefits on the purchase of the first house only by observing of all the foreseen conditions, with a special attention to the point number 1.
When do we lose tax benefits on the first home?
The tax benefits on the purchase of a first home can be canceled in the following cases:
- if you do not transfer residence in the municipality where the first home is located within 18 months after the purchase.
- if you sell or give the property within 5 years after the purchase
- if the statements-concerning the necessary requirements to get tax benefits-that you have made in the deed of sale are false.
You can resolve the point n 2, that is to say, get tax benefits, if you buy another house (no luxury) as first home within one year after the sale or donation. Alternatively, you can also buy a land where to build – always within a year – a property that you will use as your first home.
The loss of tax benefits should not be underestimated: you will have indeed to return the deducted amount and pay a penalty equal to 30% of the VAT on the house.
Buy house in Sardinia: You want to apply for a mortgage? Here are some useful informations
Properties for sale sardinia italy; You want to apply for a mortgage? Here are some useful informationsIf you want to apply for a mortgage to buy house in Sardinia, remember that in Italy, banks usually finance up to 70-75% of the property value. The remaining percentage will be completely at your expense.
Some banks finance the total amount, but obviously the amount of the monthly payment becomes very high, given that mortgage loans have a length of fifteen years usually. Considering that the monthly payment is calculated on 33% of the applicant’s income, and again taking the example of the house in Cagliari of 200,000 €, to get a mortgage over 15 years, you should have a minimum wage of 5,000 €.
Our advice is to contact the bank where you want to apply for the mortgage and, before looking for real estate, ask for the amount that can be granted
Conclusions
Now that you have read this guide, you should have a complete vision of everything you need to know about buy house in Sardinia.The houses for sale on the island are many and you will probably be spoiled for choice, but with Insardinia.ch, you will only see the best ones.