# Buy Italian flat in retirement?



## zaphod (Jun 19, 2010)

First, my apologies if these questions have been treated already. I did a search here and found some good information, but I still have questions. (The "Buying with Ancient Properties. Help?" and "Double Dip Recession how is it affecting life in Italy" threads were chock full of info, for example.) I am planning my retirement now and am thinking of Italy because I have loved my time there. 
I don't know whether, in retirement, I should rent or buy a small place. I am alone, and my needs are modest: perhaps a one-bedroom flat with a large living room for entertaining. I would like to live in the city rather than in the suburbs, near the art and cultural activities I love. This would be my "prima casa." (And only home. I will have no encumbrances in the United States.) Would you buy real estate - a condo or a flat in a city center - these days? Or would you rent instead? I'm intuiting that, if you're American, this might be a good moment to buy Italian real estate simply because the market might be a bit low and the exchange rate decent. On the other hand, I'm not actually on the ground there. I've done a bit of online research. Online prices for very small flats seem about affordable for me. But I understand that the prices you see online may actually be somewhat inflated compared to those you might see on the ground in Perugia, Venice, Florence, etc. For anyone who is actually there now, or who is expert in such things: what is your sense of where the market is now, and where it might be going in the next, say, two years? What are the pitfalls and limitations for an American buying a small flat in Italy? Tax implications? (For example, one post in another thread asserts that "if you plan to buy in Italy and are not a resident you will be buying a second house. It is considered a second house or vacation home no matter if you own another home or not somewhere else in the world." It this true?) Special difficulties in buying or reselling? Is there an online real estate site that you believe is especially useful? Is it possible or desirable to try to establish a long-distance relationship with an Italian real estate agent even though I am at the very beginning of the process? Thank you for any help.


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## NickZ (Jun 26, 2009)

Rent first. Learn the area. Decide if you like the area.

To directly answer your questions. I doubt the market is roaring away anytime this decade.

Prima casa requires you to get residence in the same town. Technically you could rent a different home and still qualify. Being an American you have to get residence for your visa. So this shouldn't be an issue for you.

Reselling? Buy expecting to keep. Unless you're in a highly desirable area it can take many months to sell. Even in normal times. Italians tend to buy a home and live in it until they die. 

I'm curious do you understand how small a small studio is? 30sqm is about 300 square feet. Some are smaller. Depending on layout this can be fine or it can be very tight.


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## zaphod (Jun 19, 2010)

NickZ said:


> Rent first. Learn the area. Decide if you like the area.
> 
> To directly answer your questions. I doubt the market is roaring away anytime this decade...
> 
> ...I'm curious do you understand how small a small studio is? 30sqm is about 300 square feet. Some are smaller. Depending on layout this can be fine or it can be very tight.


First, thanks very much, NickZ, for the useful advice, and even more for the incredibly rapid response. Renting and looking around seems like very good advice, unless I find something online that seems incredibly attractive. (Highly unlikely.) I do realize that living in a space that's too small might affect quality of life, so I'm not looking for a studio. (It does occur to me to ask: is a one bedroom flat considered a "studio" in Italy?) May I ask: do you have a recommendation for a single, retired man? I was hoping for perhaps 6-800 square feet (56-75 square meters)? Again, I was thinking of something very basic: a bedroom, a large living room, kitchen, bath, in a building with an elevator if necessary, in town. Beyond that, a nicely appointed building, perhaps a balcony or a small courtyard if possible, but not required. Thank you again.


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## accbgb (Sep 23, 2009)

Is it okay if I ask whether you have worked through the details of the legal issues concerning remaining in Italy beyond the initial 3 month tourist visa waiver?


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## zaphod (Jun 19, 2010)

accbgb said:


> Is it okay if I ask whether you have worked through the details of the legal issues concerning remaining in Italy beyond the initial 3 month tourist visa waiver?


It's very OK, ACCBGB, and thanks for the response. I believe I meet the economic requirements for retiring to Italy, and I think I can meet the requirements for the Elective Residency Visa. Does this part of the process of retiring to Italy - qualifying for residency - offer any difficulties for buying a flat? Thanks again.


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## NickZ (Jun 26, 2009)

A one bedroom is usually called a monolcale. Some are one big room with no dividers. Very modern and in some ways better for space. Others have walls dividing the space.

At 75sqm you'll almost certainly be looking at least two bedrooms if not three. Of course nothing forces you to use the room for a bed.


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## rsetzer99 (Feb 20, 2014)

You will need to either have a rental agreement, or purchase contract prior to getting your residence visa. At first glance, it may seem it should be otherwise as they are asking you to make a significant financial commitment and could still refuse your request to live there. But, those are the rules.


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