Whether you’re looking for a full-time home, a vacation house, or an investment, you can’t go wrong with a luxury villa in Chianti. Prices in this part of Tuscany are still relatively affordable, and if you want a piece of this paradise, the time to buy a villa is now.
Great Investment Opportunities
The UK’s Royal Institution of Chartered Surveyors has determined Italy to be one of the best countries for real estate investments because the Italian property market—undamaged by cheap credit—did not fall victim to the boom and bust that shook up the US and the rest of Europe. Recent changes in tax laws have also driven purchasing costs down by 10% to 15%, so there’s no better time to buy luxury villas in Chianti.
Ensuring That You Get the Best Deals
Any real estate transaction—especially in a foreign country—can turn into a nightmare if you don’t proceed cautiously. These two tips should help ensure that your purchase of a luxury villa in Chianti goes smoothly:
1. Have a realistic budget.
The Tuscan region is one of the most popular areas for foreign buyers because of its picturesque countryside. Although, Chianti is more affordable than other areas like Florence, luxury properties here aren’t cheap. Expect to pay at least 3 million Euros for a country house with a small winery (up to 7 million Euros for bigger land). Also, don’t expect huge discounts. You aren’t likely to get 40% off. The norm is around 10%.
If you are looking to buy a fixer-upper that you can convert into your dream villa, be prepared with more money and hard work. Expect to spend 1,500 Euros per square meter for restorations. Be sure to take into account maintenance costs, too. The bigger the property, the more upkeep it requires.
Finally, have a budget for extra costs. Buying a previously inhabited villa in Chianti can mean paying an extra 7% to 10% in taxes and fees; for new-builtproperties, the rate is between 12% - 15%. You also have to ensure that you can afford the cadastral fees, determined by the Land Registry.
2. Work with a reliable real estate agent.
Buying real estate in Chianti can be a challenging experience communication-wise, so it’s always better to work with an agent that speaks both Italian and English. Even better, choose an agency that has offices in both London and Tuscany. This ensures that they understand the unique challenge buyers, like you are facing—foreign buyers who are purchasing luxury villas in Chianti. They can guide you through every step of the process, ensuring that you comply with all the local laws and legalities involved in Italian real estate investments.
About The Author:
Based in Florence (Italy) and London (UK) with ten years of combined experience, Precious Villas are a dedicated team of real estate agents in Tuscany and beyond. Their collection of city centre, countryside, and coastal properties is unsurpassed and includes some of the most sought-after real estate in the world. Their experienced, successful and dedicated team of estate agents will work closely with you to customize your buying experience based on your individual needs and desires.