The cost of buying a house is more than just your monthly mortgage payments. Before that, experts recommend that you save at least 13% of the value of the property to help with the following costs:
Stamp Tax: This is 10% of the value of the property, not the final sale price, which is normally higher. The tax on the transaction is another 3% if it is to be your primary residence and you need residency permit for the area. This goes up to 4% if the buyer is a legal entity rather than a natural person.
Stamp Duty (Imposta di Bollo): set at 0.8% of the property value.
Tax on the registry of the property: you have to pay to legally register the property. This is 10% of the property price in urban areas and 17% in rural areas. That said, most houses, even in the countryside, are legally considered as ‘urbanas’, whereas the label ‘rurales’ refers to land. Note: if the buyer is a company then 20% VAT on the declared value is paid instead, based on the municipal records of the type, size and location of the property.
New properties: the VAT on new builds is 10% (20% if they are luxury properties classified as A1 in the property register). This tax is included in the price charged by the builder of the house. If you’re building your own house, though, there is a special reduced rate of just 4%.
Registering with the tax office: to be able to buy any property in Italy, you must register with the Italian Tax Office (Agenzia Entrate), who will provide you with an identification number. The money must be paid by bank transaction to any Italian bank, where you will have to open an account, before the purchase is finalised.
Non-tax related
Estate agency fees: In Italy, both the buyer and seller pay the estate agent their finder’s fee, anywhere from 2% to 3% of the sale value, plus VAT.
Notary fees: notaries are state-regulated so they all have the same rate for their services – 1% or 2% of the property price.
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