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Buying a house is one of the most exciting moments in life. It means having finally found the perfect place for us, which includes all the features we have always wanted (or almost): terrace, garage and maybe even an extra room to work from home.
Before holding the keys in your hands, however, you know that there are several procedures to take care of. One of these is carefully calculating the budget for the purchase of the house: in addition to the price of the property, in fact, you must not overlook the additional costs.
To help you make a realistic estimate of how much you will spend to buy your new home, we at Casavo have decided to provide you with a list of the costs to take into account.
1. Notary fees
Notary fees depend on several variables:
- the value of the property you are purchasing;
- the city where the property is located;
- the type of home, and therefore whether it is a first or second home;
- the request for a mortgage.
In the latter case, the notary will have to draw up a deed of sale and a mortgage deed: the higher the price of the house and the amount of the loan, the higher the notary's fee will be. In the case of financing, it will also be necessary to register a mortgage to guarantee the loan itself, which is usually equivalent to double the amount disbursed. In short, a series of documents that increase the fee of the professional you ask for assistance.
Don't worry: to protect citizens, since 2005, there has been the price-value regulation, which guarantees greater transparency and fairness in fees when the buyer is a natural person. By submitting an official application to the notary - which obviously must be approved - the costs to be incurred are reduced by 30% and the taxation is calculated on the cadastral value of the property.
For further information on the deed of sale, take a look at the article we wrote specifically on documents that the notary must produce.
2. Taxes
The taxes related to the purchase also affect the final budget. The registration tax amounts to 2% of the cadastral value of the property for the purchase of a first home; it rises to 9% for a second property.
If the property is completed less than 5 years ago and is sold by a construction company, in addition to the registration tax of €200, you will also have to consider the VAT which amounts to:
4% for the purchase of a first home;
10% for the purchase of a second home;
20% in the case of a luxury good.
The amount of land registry and mortgage taxes, however, is €200 each, while they drop to €50 for purchases from private individuals. Lastly, don't forget the costs relating to the documentation to be provided to the bank, which vary from municipality to municipality.
3. Mortgage
If you need to take out a loan to purchase your new home, keep in mind that a mortgageinvolves a series of additional costs.
The cost of the technical appraisal varies depending on the credit institution but is usually around €300. Then you have to pay the investigation fee. approximately 1% of the mortgage value is and the substitute tax is 0.25% of the mortgage value for a first home or 2% for a second home.
If all this bureaucracy worries you, know that we have created the new free Mortgage Service for those who buy a home with Casavo. When purchasing a property, you can count on the help of one of our specialists who will take care of:
- collecting the property documents needed to submit the mortgage request;
- collecting the income documents;
- monitoring the progress;
- meet specific requests from banking institutions.
A complete solution, with no additional costs, that makes your purchasing experience even easier.
About budget
When calculating the value of the property you are about to purchase, remember to also check the condominium fees. To do this accurately, we suggest you request the seller's last three meeting minutes with the thousandths breakdown attached. The history will help you calculate your future installments in detail.
Also, make sure that the current owner has paid all previous bills, so that you can not to leave unpaid bills that could weigh on your pockets.
Here are a couple of questions to seek answers to before buying a house.
Has the seller paid the condominium fees he is entitled to?
Article 63, third paragraph of the Civil Code establishes that the buyer who takes over the rights of a condominium owner is The seller is responsible for paying the expenses relating to the year of purchase of the property and those of the previous year. For this reason, it is important to check that the seller has not left any insolvency.
To avoid unpleasant surprises, before putting a Casavo property on the market, we always check that it is not subject to mortgages, foreclosures, or pending obligations of any kind. Every property we sell is free from legal and administrative constraints and is already has been subjected to all the appropriate appraisals and checks.
Are there extraordinary condominium expenses?
Also check whether any extraordinary maintenance, renovations and improvements relating to the common areas of the condominium have been approved in the latest condominium meetings.
The Civil Code establishes in any case that extraordinary expenses approved before the date of sale of the property remain the responsibility of the seller.
Furniture also matters: our advice
Unless you already have all the furniture you need, among the expenses you will have to bear for the new home there is also that related to the furniture.
The cost of furniture varies depending on the style you have in mind - by the way, have you thought about how to choose it? - but above all based on where you will shop. Catalog furniture from the most popular brands is available at reasonable costs, while for custom-made furniture you will have to invest a little more.
If you are looking for inspiration for the design of your home, don't miss the ideas and advice from Casavo: you will find many useful ideas for reproducing the most popular styles. in vogue at the moment, and to furnish the different areas of your home.
Summing up…
To experience the purchase of your new home with peace of mind, trust Casavo: everything will go as it should, and you will find a world of advantages just waiting for you. Start looking for the home you've always imagined on our listing platform.
