Index
How to buy a house: steps to follow and checks to do
Acquiring ownership of a property is an unparalleled satisfaction, in fact for many people it can truly represent a dream come true. Before enjoying the happy aspects, however, it is necessary to understand how buying a house works and weigh the advantages and disadvantages. Buying a house involves inspecting the property, obtaining a purchase offer, obtaining a mortgage if necessary, and final notary deed.
If you want to experience this moment without stress, a little caution doesn't hurt. Beyond the bureaucratic quibbles, don't forget one crucial fact: you will have to make a considerable financial commitment that, depending on the type of financing, could last a long time.
Whether it's a first home or a second home doesn't matter: the ordinary home buying process follows five distinct phases, and it's important to be clear about their differences. Have you been told it's long and complicated? Not necessarily: find the home that meets your expectations, and we at Casavo will take care of the rest. In this guide you will find our advice to avoid unpleasant surprises and buy a house with peace of mind.
Steps for buying a house
Phase 0: preliminary evaluations
Phase 1: inspection of the property
Phase 2: purchase proposal
Phase 3: preliminary purchase agreement
Phase 4: notarial deed
Phase 5: mortgage
Phase 0: what to evaluate before starting the process of buying a house
Before you even start downloading real estate agency apps or stopping in front of shop windows, it is important to think about the type of house you want and that you can afford.
First, sit down and think about your budget, taking into account the expenses that follow the purchase process, such as furniture or any renovations, as well as mortgage interest. Then, make a list of your needs: how much space do you need? How many rooms do you need? How essential is it to have a balcony, terrace, or garden? City center or suburbs? In short, having a clear list of your needs will help you avoid having a calendar full of appointments for houses that aren't really right for you and will help you avoid wasting time. But remember to always maintain a certain flexibility: sometimes the right house is one we wouldn't have considered at first glance!
Once you've identified a house that interests you, that meets your dream needs and fits your budget, the actual purchasing process begins.
Phase 1: Check the legal and structural status of the property
You've found a house you like, it has the number of rooms you want, a nice terrace and fits your budget. But be careful: even before the aesthetic aspect, it is essential to read up on the technical, legal and structural requirements. In fact, while the appearance of a house can always be improved through renovations or even just a refresh of the walls and furnishings, the legal and technical aspects cannot be overlooked. If the house you've identified doesn't meet your technical needs, it's usually best to look for another property.
The online real estate agency from the client's point of view
If you're looking to buy or sell a house, you've likely come across various types of agencies, including some virtual ones. Many still harbor a certain distrust, worried about the lack of direct human contact. However, these new realities offer numerous advantages for those who have to buy or sell a house.
- Certificate of habitability
- Building permits
- Intended use
- Right of ownership, debts and obligations towards banks
- Relationship between price and value
- State of the property
Let's first look at the legal implications to pay attention to: never take for granted that the property you are interested in has all the permits in rule. First, make sure you can view the certificate of habitability and verify that the structure was built following a regular building permit. Even in the best of cases, illegal work carried out subsequently could emerge. Don't panic: if the sellers can document the amnesty issued by the Municipality, you have nothing to fear.
Among the investigations that often go unnoticed, pay particular attention to the intended use of less important rooms. Warehouses, attics, and lofts are often registered as C2 and, according to local regulations, you cannot live there.
Furthermore, to avoid wasting time, make sure that the seller actually owns the building: inheritances and donations could involve other parties and lengthen the sale and purchase process. In the case of a condominium, it is best to ensure that there are no outstanding payments from the current owners: a quick check of the financial situation, however unpleasant, is advisable. Regarding bank obligations, make sure that no mortgages are encumbering the property.
Once you have verified that the main documents are in order, it is also important to ensure that the price of the property reflects its value. How can you ensure this? It's simple: the Revenue Agency provides a handy database for real estate prices.
Finally, think about the condition of the property: how much renovation work would it require? In the case of invasive renovations, the future costs would fall on your finances, and you should therefore evaluate whether the total expenses would fit within your budget. An appropriate check, perhaps with the help of a surveyor expert in the field, is ideal for dispel any doubts.
Second home purchase process: be aware of different taxation
The process for purchasing a second home does not change much. With the exception of the costs and specific concessions, the checks and documentation to be completed are identical to those just examined.
The only difference is the bureaucratic paperwork. Since Italian law considers a second home to be an unnecessary asset, you will have to pay IMU, IRPEF, TASI, and TARI. Whatever your motivation for purchasing a second home—for vacation or investment—it's a good idea to consider the incidence of taxes in your calculations.
Phase 2: How to best manage the purchase proposal
Once you've chosen the perfect home for you, following the necessary checks, the first official step in the sale is your signature on the purchase proposal. In short, it's a declaration where the home buyer certifies to the seller their intention to purchase their property.
Please note that for you, as both seller and buyer, the purchase offer is a binding commitment and has a cost. In addition to filling out a specific form, you also have to pay a deposit equal to approximately 10% of the sale value, and then wait for the other party's response. A word of advice? Don't make more than one offer at a time. Although you can withdraw without penalties until the owners have responded, starting multiple sales at the same time is strongly discouraged!
Phase 3: what you need to know about the preliminary purchase agreement
As soon as the first part of your offer is accepted, it must be converted into a preliminary contract – more often called compromesso d'acquisto. Although it is only a private agreement, it is here that the significant information about the property is set down in black and white – such as the selling price – and the ancillary clauses are noted.
In short: the agreement is signed, and both parties to the sale are required to respect the commitment made through a definitive agreement. The penalties for those who fail to keep their word, in fact, can become truly hefty.
Phase 4: it's time to sign the notarial deed
At this point in life, all that's missing is the official confirmation, and it's not difficult to imagine how to proceed with the purchase of a house: you need to draw up the deed of sale. The notarial deed is the contract that transfers ownership of a property from one person to another, and must be drawn up publicly by a notary, in the presence of buyers and sellers. Personal data, payment methods, and many other details: before getting to the signatures and the handing over of the keys, numerous files must be filled out.
Phase 5: get the mortgage
How does the actual payment work? Unless you've saved a significant amount of money, to complete the home purchase process you'll first need to get a mortgage. Only once you've demonstrated that you meet the age and income requirements will you receive financing and be able to take the first step towards your new home.
Now that you have no more doubts about how to proceed with the purchase of a home, imagine how this process can become simple and quick. How? On our advertising platform you can find the home that best suits your needs – and for Casavo properties, we take care of everything, including mortgages and bureaucracy.
