Italy is a popular destination for Britons looking to relocate, and with €1 (around 85p) homes up for grabs, it’s understandable why so many will want to take the plunge.
A website for 1 Euro Houses – Cheap Houses in Italy explained that the property scheme started with the aim of “countering the abandonment by the population and reviving the areas in difficulty”.
The website explained: “With this operation Case a 1 euro (1-euro houses) we try to repopulate gorgeous villages that are being deserted, with the young population leaving and the elderly slowly fading away.”
An attractive prospect for Britons looking to invest in a fixer-upper property in Italy, it’s also possible to repurpose the building into a boutique hotel, a B&B or a bigger project with several properties.
Italy is an attractive prospect for buyers looking to invest in European property
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Of course, the €1 houses won’t be brand new but will require major improvements.
Before buying, Britons must check their chosen area’s requirements for participating in the scheme, as some towns may require them to live in the property they purchased.
As interest in Italian properties surges, an expert in expat insurance offered his top tips for purchasing property abroad.
Marketing director at William Russell, William Cooper, commented: “Buying property abroad as a UK expat can seem complicated with unique challenges such as language barriers, exchange rates, and more difficulty getting a mortgage. But it’s pretty straightforward if you know what you’re doing.
“If you’ve found your dream home abroad, my tips are to work with local experts, monitor currency exchange rates, and organise financial documents well in advance to make the process go as smoothly as possible.”
Work With local experts
William advised: “Consider hiring local property and law experts to help navigate language barriers and local laws.
“If you can, pick estate agents and local legal council officials who specialise in working with British expats or find a community of British expats for the country you’re moving to and ask them for recommendations.
“For legal experts, make sure they’re registered with any local legal councils and/or the Law Society in the UK.
“If you don’t speak the language or aren’t fluent in it, more often than not, these experts will act as your translator, too, which will help streamline the process.”
Monitor currency exchange rates
Britons buying abroad were advised: “Transferring your money from your UK-based bank account to your overseas seller may incur a currency conversion charge.
“Arrange your financing ahead of time whether it’s through a local bank or an international mortgage.
“Keep a close eye on currency fluctuations and consider using a foreign exchange specialist to save money.”
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Before buying abroad, there are important factors to consider to make the process easier
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Organise financial documents
William said: “As a UK expat, you might need to supply your mortgage lenders abroad with more extensive paperwork, such as proof of income, tax returns and credit history.
“Plus, there are extra expat-only steps you’ll need to go through such as anti-money laundering and tax checks.
“Some countries require expats to take out things like private health insurance as part of the process, too. So it’s a good idea to get these organised and translated well in advance to prevent any hiccups.”
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