Buying Property in Calabria, Italy

The payment schedule and costs associated with buying the property:

The standard payment structure:

• A €3,000 deposit is required to reserve your property. This is usually paid by credit card and can be paid during the viewing trip to hold the most favourable plot, or after your return.
• Your purchase contract is issued after the €3,000 deposit has been paid and between 30 and 50% of the agreed purchase price of the property then becomes due depending on the development This is usually 4 to 6 weeks after your reservation.
• The remaining 50 - 70% of the agreed purchase price (less the €3,000 deposit) is payable on completion.

All payments are fully bank guaranteed.

Additional Costs

The following additional costs will be incurred. As a guide you should expect to pay up to an extra 15% of the purchase price of an 'off plan' property.

This will cover the equivalent of VAT which is charged on the purchase price of any new property, solicitor's fees, notary's fees, land registry fees and local taxes. Your lawyer will advise you of the exact costs associated with your purchase.

There may also be charges for a mortgage and currency transfer. Please see 'Financing Your Purchase' for more information.

The cost of owning the property:

The annual running costs will depend on the size of your property and its value:

As a guide, running costs for an average priced 2/3 bedroom property will be between £1,000 and £1,500 per year to include utility bills, local rates, annual property taxes, community charges and insurance.

Your lawyer will ensure that all utility services are connected to your new property and will assist with the setting up of direct debit payments from your Italian bank account which they are able to open on your behalf.