As spring begins to draw near many people will enjoy an early break in their favourite Italian destination, a quiet rural corner of Italy with a slower pace of life where restful environment allows a person to relax and recharge and wish that they owned their own Italian hideaway. The idea of owning such a property can be more than a daydream and it is possible that it can be self-funding.
Any second property has the capacity to provide a rental income, however, there is wisdom in buying Italian real estate, Italy is the third most popular tourist destination in Europe and the scope for an income deriving from a holiday let is almost guaranteed. A straightforward house or apartment obtained with the intention of letting it out during the holiday season can provide a steady income throughout the spring, summer and into the early autumn and with the help of a good local manager it can be done at long distance. Depending on the property, the running costs, mortgage, maintenance, advertising and management fees can be comfortably paid for from the income derived from the holiday letting period and provide an income for the owner. Also, when the time comes, the owner has a retirement home available in a familiar area, should that be part of the plan.
As a property purchase is generally one of the largest purchases an individual makes, the project must be approached with caution; whilst buying a house in Italy should be no more challenging than buying a house in the UK, there are differences and you will need a knowledgeable professional advisor to guide you as to the best way through the process. Giambrone's lawyers have extensive expertise in buying and selling a wide variety of both residential and commercial property it Italy, we can help you navigate the different conveyancing process and ensure that there are no nasty surprises that you discover at a later date that you were unaware of. Our bilingual lawyers in our Italian offices have a comprehensive knowledge of the all the potential liabilities and will avoid any pitfalls that may derail your plans.
If you are prepared to go further taking a step up to running a small business, for example a bed and breakfast this can be a very successful enterprise. The idea of themed holidays offering more than just a place to lay your head can be very popular. Also art or cookery classes or outdoors pursuits can be a very attractive proposition for tourists looking for something more when they go on holiday.
Alternatively, taking on an estate with a productive vineyard or an olive grove can be another way of generating income from your property by selling to the local restaurants and hotels.
It goes without saying that very careful research with the help of a professional advisor with a comprehensive knowledge of the all the potential liabilities and costs is a strong recommendation. A property that can pay for itself in a wonderful region can be an idyllic lifestyle choice. Giambrone can help you achieve this without the stress and anxiety that often accompanies such a project.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.