Today, real estate abroad has become closer and more affordable than ever. In fact, in any European country, you can purchase a house at your disposal. The main thing is to decide from the very beginning what and where you want to buy. Different countries mean different laws, customs, cultures, climates, mentalities. After all, even the landscape outside the window will differ. Will it be a house for private use, or do you plan to generate a certain income from the property? It is extremely important to decide where exactly to look for housing sale offers.
Today we will focus on England and Italy. It would seem difficult to compare them, because England is a more developed country in various parameters, therefore, buying housing there is more profitable. But still, let's first compare, and then draw conclusions
Real estate in England – a special charm of deep antiquity
Precisely charm, because the British are famous for not rushing to demolish old houses, even despite the fact that new ones are much more comfortable, equipped with modern windows, heating systems and everything necessary. Thus, they preserve the historical image of the city. Why? The answer is simple: that very charm that attracts tourists, despite often bad weather, unusual right-hand traffic. The authorities of London, in turn, also do everything to preserve the city's appearance – reconstruction or redevelopment of an ancient property can only be carried out with permission and coordination from the mayor's office.
In England, there are two types of property ownership: Freehold and Leasehold. In the first case, the buyer receives an unconditional right of ownership of the property, including even the land plot on which it is located. In the second case – the right to use the property on a leasehold basis for a very long period: (up to 999 years). Thus, in the case of Leasehold, we buy a house, but the land on which it stands is leased to us. It should be noted that most houses in London are sold precisely on Leasehold terms, which is actively supported by the government.
Moreover, for those who have in one way or another supported the UK economy (purchased a house or securities) with an amount or total of amounts of £1 million, there is a program for obtaining a residence permit. At the same time, purchasing real estate does not grant the right to permanent residence in the country, but allows obtaining multiple-entry visas for 1-3 years.
How to buy real estate in England?
The scheme of actions for buying real estate is quite similar to other European countries. Having found a suitable option, you make a purchase offer. If it is accepted, a memorandum is drawn up, which includes the names and addresses of the parties, the property, as well as the details of the seller's and buyer's lawyers. The lawyers draw up a sales contract, checking both the property (this is done by the buyer's lawyer) and the origin of the buyer's money (by the seller's lawyer). In parallel, an appraisal of the property is carried out to determine its technical condition. After that, the parties sign the contract, the buyer transfers 10% of the purchase amount to the seller's attorney's account. By doing so, he demonstrates the seriousness of his intentions.
After that, the day of the transaction is appointed. On this day, the buyer transfers the entire amount and receives the documents for the property, becoming its full owner.
Italy – a country of architectural monuments
Why buy real estate in Italy? Several answers can be given to this question:
– to generate income by renting to numerous tourists;
– to relax occasionally yourself;
– for permanent (or long-term) residence.
It is also possible to combine options. For example, you can spend one of the summer months in your own house located somewhere in Tuscany, and rent it out the rest of the time. But will it pay for itself in this case? Yes, it will. Italy is visited by millions of tourists every year, and the Italians themselves love to travel around their country. So you can be sure that your property will be in demand among travelers.
The question is different – what will be the income? With a private house, it will be large. After all, you will have to hire an agent who will keep it clean, pay bills, and transfer the proceeds. (It is easier in this case to entrust this to the person who helped you with the purchase.) Also keep in mind that a house bought for recreation will from time to time require costs and investments. More profitable in terms of generating income is the option of purchasing an income-generating house with several apartments for rent.
Many people buy real estate with the prospect of obtaining a residence permit. In this regard, we note that purchasing a house does not guarantee its receipt, but significantly facilitates the process.
How to buy a house in Italy?
First, using the Internet, newspapers, agencies, etc., we find a suitable option. It is better, of course, to see with your own eyes what you are going to purchase, so some real estate agencies even organize special tours for their clients. After the final choice, a preliminary agreement is signed. At the same time, each party justifies its intentions. The client justifies that he is able to pay for the purchase, and the seller justifies that the property indeed belongs to him and has no debts or claims. Then, in the presence of a notary, a contract is signed. The buyer pays a deposit of 10 to 50% of the total amount. Thus, he secures the right to purchase. This real estate in Italy should no longer be put up for auction until the completion or termination of the transaction.
The funds are credited to a special notary deposit. The parties sign an agreement. At this point, the buyer hires a surveyor (geometra) who checks the property for potential issues. After that, the remaining amount is transferred within the set deadline, and the parties sign a notarized purchase agreement. In this case, it is necessary to pay all associated costs: commissions, notary fees, taxes, etc.
After signing, the documentation is sent to the cadastre, the real estate registration office, and the tax agency. Approximately 15 days later, the new owner receives a completed certificate of property ownership.
England or Italy?
This is mostly a rhetorical question. Ultimately, everyone will decide for themselves. However, it is worth summarizing the information and drawing conclusions.
In England:
– high prices;
– potential difficulties with tenants who have signed a 20-year lease before you bought the building (in that case, without their consent you cannot even make repairs);
– government policy to reduce the number of cars (whereas Russian buyers usually look for homes near large parking lots);
– the need to maintain the city's general appearance, refraining from renovations (often there are also bans on internal remodeling);
– not the most pleasant weather, damp climate.
Of course, this option also has advantages: a fairly high standard of living, many attractions, etc.
In Italy:
– some of the lowest prices in all of Europe;
– excellent climate;
– developed tourism industry, which contributes to generating income from real estate;
– simplified legislation compared to English law;
– a wonderful place both for vacations and for permanent residence.
«The grass is always greener on the other side» – goes the old saying. However, while sitting on the shore of the Ligurian coast or inhaling the scent of flowers from the fields of Tuscany, one can confidently say that the grass is greener where we are.
_