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Author Topic: Moving to Abruzzo  (Read 1546 times)

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Offline The Saint

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Re: Moving to Abruzzo
« Reply #15 on: March 29, 2017, 05:26:43 PM »
I think the OP is looking to work managing rental properties for owners and not actually rent out a property of their own. Have I read this right?

Yes that's how I read it too, but we seem to be getting a running commentary on bookings to date.  :)

I would also advise to rent first, better that than to make a big mistake buying the wrong house, buying in the wrong area etc etc. Whatever you decide, good luck though.


Offline dvl00

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Re: Moving to Abruzzo
« Reply #16 on: March 29, 2017, 07:07:26 PM »
Good luck with your future business , I have a flat in Loreto Aprutino and I would be interested in letting you manage my property , pm me if you are interested

Offline Relaxed

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Re: Moving to Abruzzo
« Reply #17 on: March 29, 2017, 09:17:27 PM »
If I have understood correctly, PJM is enjoying the best of both worlds, (and he's not tying up any capital in a potentially difficult to sell Italian property).

The option of taking on a long term (3 or 4 years) rental of an Italian house, say at 500 a month (= 6000 a year), and then renting it on as a holiday let for 800 per week in the good season, you only need 8 weeks rental to more than cover your own rental costs. The house is available for your own holidays, or longer stays, for 44 weeks of the year - a benefit which is pretty cheap if all you are paying for it is your utility bills and the lessee's part of the property taxes! Serious maintenance costs (or landslip/quake disasters) will be the responsibility of the landlord - not you.

What's not to like about this solution? Well, you may not get enough holiday rentals; so you are forking out 6000 a year (plus property taxes) for a place where you and your family and friends can always holiday free of charge throughout the year - that's not a lot of money if you look at any timeshare options.

The main downside, in British eyes, is the conviction that 'property is gold, and will never lose value', coupled with the notion that as a freeholder you can build (or alter) your own 'castle'.  As somebody mentioned above, your comune might well frustrate you on the 'castle'  front, and not only if you are in a centro storico - watch out also for AONBs which abound in l'Abruzzo.

Now there are people who really have a passion for seriously fiddling about with buildings, or with land, (and I'm one of them!) and they are absolutely going to have to own their own place. These people might well be attracted to buying in a location which seems absurdly affordable, just so they can get their mitts on a project big and exciting enough, and they'll often have an experience which delights them. Sometimes, though, they will have bitten off much more than they can chew, and it all goes pear-shaped. Other times it works for a good while, but then circumstances dictate a change, and this is when the 'received UK wisdom' that the property market is liquid (in Italy) bites them very hard.

If you have plenty of spare cash (magari) then every indulgence is possible; but if you are relatively struggling, then committing whatever capital you have to the purchase of a house in rural Italy might not be a sensible financial move.

Offline Vignaverde

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Re: Moving to Abruzzo
« Reply #18 on: March 30, 2017, 08:20:51 AM »
I personally wanted to buy my own house, renting is a great idea but i never even considered it and i would say over 90% don't. Aspiring to own a property in a foreign country is a great thing and may give lots of stress but the pleasure far outways this in my opinion.
The problem i see when people come to sell is when they came on a tight budget initially and bought something low cost in maybe not so good an area or with some sort of compromise (due to budget restraints) then spent a lot of money on it and finally expect to sell it on for a high price including all the compromises you had to make at the start. Its not so easy to sell on when this happens. If you buy a property next to a power station (exaggerated example) for 20,000and spend a million doing it up you may have a great house, maybe even better than all the others BUT it's still next to that powerstation. We often buy overseas houses to suit our passions this is always going to be harder to sell on than a property in th UK next to a good school or close to a metro line etc etc, thats not the state of the market thats just common sense.
I have a good few houses owned by Brits that i dont think i will sell at the prices asked i have also sold others with no problem and in decent time. You have to have a good get out plan and thats means thinking about ehat you bought and how likely someone else will buy it. If you bought cheap and had to compromise then do not spend too much on it that way you may sell to someone else who needs to compromise.
Estate agents in Abruzzo www.vignaverde.com
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Offline Venatore

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Re: Moving to Abruzzo
« Reply #19 on: March 30, 2017, 11:35:01 AM »
Sage advice from Vignaverde I believe. Though initial property prices seem competitive it's easy to spend as much again on the doing up! Maybe I'm a tightwad but I took my time finding my 'right house in the right location that needed the least spent on it'.
The Abruzzo market can appear to move slowly compared to the UK but this does mean there is lots of choice, there is no rush and you can be picky. I don't believe my house will produce much in the way of monetary yield but I do feel enriched in so many other ways.
V

Offline old timer

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Re: Moving to Abruzzo
« Reply #20 on: March 30, 2017, 01:38:09 PM »
I also think you need to be very careful purchasing a property. It is not the same as for instance the UK where you can stay for a couple of years and move somewhere else. Seling no matter what property can be hard and offten long. What a english person will like is often not what a Italian would buy.

Offline Vignaverde

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Re: Moving to Abruzzo
« Reply #21 on: March 30, 2017, 04:23:30 PM »
Not sure why people compare buying here to buying in the UK. We buy here for different reasons the Italian property market is stable and can be like the UK if you buy in places which will attract the highest number of potential buyers (Where Italians buy). Obviously if you buy an ild ruin in beautiful countryside and lovingly restore it over 20 years you may only attract like minded people but is that no what its all about? People buy here mainly because they have enough funds to warrant a second home and want to enjoy life a little and push the boundaries of normal life. You cannot compare the two. Its like saying dont buy a 3 litre BMW when a 1 litre Hyundai is far more practical, people love to be adventurous and most dont listen to advice because they want their adventure, i see this in the faces of people most days of my working life.
Estate agents in Abruzzo www.vignaverde.com
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Offline old timer

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Re: Moving to Abruzzo
« Reply #22 on: March 30, 2017, 05:32:25 PM »
What I was trying to say was in England at least some parts houses sell very fast. Where I live a week would be a long time. My daughter has just managed to buy a house that had only been on the market a week. If you are used to a property market that is moving fast. Then I think you will agree the Italian market does not move at the same speed. I wish it did. I know that they are different markets but if you are new it italy it can be quite different.

Offline Vignaverde

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Re: Moving to Abruzzo
« Reply #23 on: March 30, 2017, 06:28:26 PM »
The city market here is much more vibrant but considering most Italians already own a dozen houses in the countryside it can be a little slower  there  ;D
Estate agents in Abruzzo www.vignaverde.com
Day seminar event in the UK www.liveladolcevita.co.uk