Property in Italy to renovate
Views to die for, vintage charm, healthy surroundings, and fantastic investment opportunities. The benefits of purchasing historic countryside real estate in Italy seem to be numerous. What's the drawback? Rickety window, door fixtures, and timeworn plumbing, perplexing bureaucratic problems, and possibly tricky intercommunication with property contractors, builders, and managers who aren't usually English-speaking.
So, why would a foreign buyer want to invest in such a time-consuming project?
Why should an investor choose to buy and remodel a historic Italian farmhouse?
On top of the stunning views and enjoyable lifestyle that goes hand in hand with residing in a centuries-old villa in the Italian countryside, there are 3 main benefits to consider.
Refurbishing an old countryside property could be a direct way for you to contribute to a zero-waste society.
Living sustainably and being environmentally conscious entails making well-considered green decisions: if you're using an existing house rather than building a new one, you aren't "consuming soil," therefore are not contributing to global pollution. Italy is currently the ideal location for showcasing your direct contribution towards a sustainable world. Indeed, with the help of regional regulations, a significant majority of the cities in Italy are pursuing urban sustainability policies.
2) Tax relief
Renovating a weather-beaten farmhouse, a casa colonica, or a country cottage is difficult, but it provides financial rewards. In terms of period real estate renovations, current Italian law provides for very cost-effective situations. Indeed, both the purchase price of the property and the cost of the construction work benefit from significant cost savings. A foreign investor who wants to renovate a period property can request an exemption from taxation for all restructuring costs, as well as a very attractive state reimbursement. Because Italian bureaucratic paperwork on such deals can be somewhat complex, foreign proprietors should have a dependable and competent Italian financial and legal advisor acquainted with guidelines established in Art. 16 of Legislative Decree 63/2013 to facilitate and assist proceedings.
Other benefits apply for foreign buyers who wish to buy and refurbish an old house in the countryside to open and operate a hotel business. Specifically, in this instance, a business owner can integrate an Italian corporation – for using it in running the company - and thus gain access to breaks and incentives in taxation easily.
3) Historical importance
Possibly the most substantial and impactful of all "objective" reasons. Refurbishing a wreck means securing a once-in-a-lifetime opportunity: the chance to live in a unique setting, surrounded by old, responsive walls brimming with energy and character. Staying in a historic building means you'll have a home that "talks to you," informing you about the area's history, traditions, and culture. A one-of-a-kind location with a vibe that almost no new home could ever match. As a result, realizing that refurbishing an old place to integrate its services and restore whatever requires renovation does not always necessitate changing the original structure. Professional assistance, such as a contractor, builder, or architect, can deftly improve existing design features while preserving the home's charm.
Caution and the assistance of reputable local consultants are critical components of a cost-effective, worry-free, and successful renovation.
Renovating a rustic building: the style of the interior
Consideration of "what it will look like" begins as early as a real estate asset is chosen for purchase, renovation, or restoration. It's crucial to select a style that looks attractive and fits the surroundings, premises and one’s requirements: even if it is an old farmhouse, the furniture doesn’t always need to be age-old or classic!
We do recommend focusing on the natural country character to appreciate a country estate’s inherent simplicity. Weathered walls of stone, original doors, and uncovered wooden beams, for example, can all be enhanced to get amazing results. Countryside charm is highlighted by checked upholstery, a touch of diversity, and simple furniture. All that is required is to strengthen and complement the building's original model while keeping the environmental and cultural identity of the location in mind.
Renovating a farmhouse: incentives and tax benefits
As stated previously, the number of Italian government policies aimed at promoting the rehabilitation of historic buildings has significantly increased over the last few years. A prime example is the renovation bonus which might be requested on residence-classified structures.
How can a foreign investor gain insight on current options? Visit a municipal government website, and you may be in for a pleasant surprise. In Lombardy and Tuscany, for instance, both of which boast excellent options for bonus granting. In Tuscany, Regional Law n.3 of 7.2.2017 created an administrative policy to restore the uninhabited rural landscape and transform buildings in a year. Lombardy, contrarily, began funding in 2018 to make calls for the urban redevelopment.
Again, warning and careful planning are critical: regardless of the intended outcome, all restoration and renovation work on a wreck or ancient building in a farm should be performed by experts. An owner or an investor cannot forgo a professional's in-depth evaluation of a property's condition, such as the condition of the beams and roof, or without professional expertise regarding compliance with applicable laws and guidelines.
About our services
Our experienced team of professionals - qualified architects, surveyors, property specialists, engineers, and knowledgeable astute accountants and lawyers - takes pride in assisting prospective investors with all matters related with property renovation, business acquisitions, amelioration and implementation.
From identifying the best property asset to rebuilding it, from maximizing financial benefits to transforming it into a profitable business organization, we are entirely dedicated to our clients’ satisfaction and thus provide reliable consultancies, straightforward advice, and an efficient, comprehensive range of services.
Specifically, we assist by:
- Helping our international clients in locating suitable farmhouses/properties/antique houses in the countryside of Italy;
- Planning to build a new farmhouse while keeping an eye on local business development, illustrating important issues and evaluating all significant aspects: type of tourists, local market, local regulations, infrastructures, etc.;
- Providing comprehensive advice on the best procedures to succeed in a future business venture, including consultancies as regards business entity types, costs planning, tax planning etc.;
- Repairing and remodeling real estate units as necessary for future commercial uses, including giving precise cost estimates.