(Happy are those who dream)
Dreams!
… and are willing to pay the price
to make them come true!
Chapter I
For some 45 years by now – give or take – I have had, deep in the back of my mind, a dream to “one day” own an old house or farm or something, to restore and enjoy as a holiday place…. somewhere Pleasantly Sunny of course, especially in Winter(s)!
Naturally, France has always been high on that list, as most of Spain is too far away, too hot and too dry to be of serious consideration. But for some reason I have had a massive blind spot: somehow Italy
(Mountains or high up in the hills is milder in temperature!)
But more recently – reluctantly and slowly – I came to the conclusion I was “getting too old for that shit”: restorations would be beyond my physical capability. Ideas of living abroad (semi-)permanently also seemed beyond my reach. Then, just as I was ready to concede the dream was no longer obtainable, things changed, maybe….??!!
Hans has been dreaming the same kind of thing as I did: we even discussed ideas, options, locations etc. BUT… Hans does have “a thing” for Italy;
This being in Italy
Anica and I have stayed there several times already! It is indeed a little slice of paradise!
Chapter II
Things were looking up: Anica and I had a 2-week holiday and looked at the separate ruin on Hans' land. It was big, much bigger than we expected, or needed. It is connected to the water mains which is a big plus. It had already been approved to be rebuilt as a house: it no longer has an agricultural function in the registers. Because of the commercial resale value, it became way too expensive for us, especially as it would require demolition and rebuild. Finding the perfect place went on the back burner once again….
But these searches are wont to have more twists & turns than the highest of mountain passes! Still on that first visit, one of the last days of April 2018 we took a dirt-road from Hans’ place into the mountains. The road most closely resembled a dry river bed, not a road at all, but that did not stop me. A beautiful view, higher up the mountain did stop us, however. We enjoyed it, got back into the car and drove on…
But these searches are wont to have more twists & turns than the highest of mountain passes! Still on that first visit, one of the last days of April 2018 we took a dirt-road from Hans’ place into the mountains. The road most closely resembled a dry river bed, not a road at all, but that did not stop me. A beautiful view, higher up the mountain did stop us, however. We enjoyed it, got back into the car and drove on…
… and spotted this ruin in the distance. I got curious and as we got closer, then we noticed an artificial lake “just” below it. We looked around and took pictures and by now I was really keen to have a look at the ruin as well! What we discovered was indeed a total ruin: complete with a collapsed roof and collapsed wall and a tree growing inside it. Another total rebuild project, in the middle of nowhere. It oozed charm & potential.
It is facing almost due East and has the most spectacular views! The second highest mountain in Tuscany, Monte Amiata is standing smack in the middle of these views!
It used to be a farm building. That means that for instance at present there is no electricity, no water, no sewage system, no showers & toilets, and another little chestnut: no permission to live there or use it as a (holiday?) home. Good points and a few really bad points as well: not the perfect choice!
Things to consider that we learned from this property are the distance to shops, public transport, friends, public utilities and the quality of the road for easy access. That led to a brief consideration of an apartment in the town of Arcidosso. But apartments have no land, a big wish of Anica, who wants "room for a pony" as Hyacinth Bucket would say. So an apartment or townhouse was also ruled out.
By now Anica and I had been there two more weeks, this time in Summer which made our determination even firmer! I made another trip in late Autumn, among other things to inspect another object with a nice view, several thousand square meters of land and closer to towns.... but it was bordering on a busy main road, it was once again a ruin, requiring a rebuild and it was quite expensive. Ruled out.
My most recent trip going to Hans' place was in December 2018. The weather even late December, the friendliness of the locals, the Christmas festivities, it all felt so right! Or imagine discovering that the tiny Church of Salaiola celebrates it's consecration on September 18th., my birthday, like it's meant to be!
I looked at a nice plot of land just outside of Salaiola (unsure if it is for sale or even if a building permit would be possible) but with no sun in the afternoon. In the center of the hamlet, there is another, smaller, plot of land, this one with a building permit and it is for sale, but quite steep and again, not that well located for the sun. So both of these objects have some good points but certainly do not "tick all the boxes!"
Chapter IV
Still that same December visit, just before I fell ill I took a trip to the village of Monticello Amiata. It is another charming little Tuscan hilltop village, with a truly beautiful historic center! By chance, I spotted a sign that seemed to indicate a property for sale, but it was so faded I could not decipher the phone number. Curiosity got the better of me: I climbed the fence to look around....
.... and found a nice little building surrounded by a large, level plot of land, like a garden!
Just across the deep valley to the east is the hilltop town of Montelaterone. It also has views of Monte Amiata. Oriëntation to the sun, as well as the hours it receives sunlight, even on the Winter Solstice, were just about perfect! I had to know more!
This property is halfway between Hans' place and Monticello, on a provincial road, but a quiet one. There is a bus stop 500 meters away on the crossroad with Salaiola. Hans' paradise is 3 Km by car, 2 on foot. Monticello is also 3 Km, has shops, a pharmacy and a doctor's post. Arcidosso, the regional center is between 5 & 6 Km away. Close by, at about 300 meters is a Bed & Breakfast. The owner, Monica, gave me the first little bit of info. Of course, I used Google Earth and Google Earth view for more.
Then, a stroke of good fortune, the next day as I went back there was a car there. I met the owner and he showed me around and confirmed to me his desire to sell. He bought the place on impulse, for the views, but does not have enough time for it. I learned the land on the other side of the road is also a part of it; in total it may be as much as 2 hectares!
This plot is more agricultural: there are some 25 olive trees, some seem to flourish, with others in bad shape, but the land is almost flat. I can "see" a few fruit trees and perhaps some kiwis here in future.
Greta Phlix – who I recommended to Hans last year and who was the one who guided him in buying his dream property – will help me to negotiate the deal. Because electricity and water mains connections are both lacking on the property she suggests 25,000 euros is reasonable. (I'd be happy with that, or accept a higher price!) The seller invited us to make an offer, instead of mentioning his original asking price. BUT:
Chapter V
Things to consider that we learned from this property are the distance to shops, public transport, friends, public utilities and the quality of the road for easy access. That led to a brief consideration of an apartment in the town of Arcidosso. But apartments have no land, a big wish of Anica, who wants "room for a pony" as Hyacinth Bucket would say. So an apartment or townhouse was also ruled out.
Chapter III
The project (house) now has a name, to make it tangible. When staying in Hans' place I found very old weighing scales. In Italian:
stadera
[sta-dè-ra]s.f.
[sta-dè-ra]s.f.
Bilancia formata da un'asta metallica graduata su cui scorre un peso costante, da un gancio per il quale deve essere tenuta al momento della pesata e da un piatto, appeso a un'estremità dell'asta, in cui va posto l'oggetto da pesare
 |
One day *this* one will be in or at the house!
|
By now Anica and I had been there two more weeks, this time in Summer which made our determination even firmer! I made another trip in late Autumn, among other things to inspect another object with a nice view, several thousand square meters of land and closer to towns.... but it was bordering on a busy main road, it was once again a ruin, requiring a rebuild and it was quite expensive. Ruled out.
My most recent trip going to Hans' place was in December 2018. The weather even late December, the friendliness of the locals, the Christmas festivities, it all felt so right! Or imagine discovering that the tiny Church of Salaiola celebrates it's consecration on September 18th., my birthday, like it's meant to be!
I looked at a nice plot of land just outside of Salaiola (unsure if it is for sale or even if a building permit would be possible) but with no sun in the afternoon. In the center of the hamlet, there is another, smaller, plot of land, this one with a building permit and it is for sale, but quite steep and again, not that well located for the sun. So both of these objects have some good points but certainly do not "tick all the boxes!"
Chapter IV
Still that same December visit, just before I fell ill I took a trip to the village of Monticello Amiata. It is another charming little Tuscan hilltop village, with a truly beautiful historic center! By chance, I spotted a sign that seemed to indicate a property for sale, but it was so faded I could not decipher the phone number. Curiosity got the better of me: I climbed the fence to look around....
.... and found a nice little building surrounded by a large, level plot of land, like a garden!
This property is halfway between Hans' place and Monticello, on a provincial road, but a quiet one. There is a bus stop 500 meters away on the crossroad with Salaiola. Hans' paradise is 3 Km by car, 2 on foot. Monticello is also 3 Km, has shops, a pharmacy and a doctor's post. Arcidosso, the regional center is between 5 & 6 Km away. Close by, at about 300 meters is a Bed & Breakfast. The owner, Monica, gave me the first little bit of info. Of course, I used Google Earth and Google Earth view for more.
Then, a stroke of good fortune, the next day as I went back there was a car there. I met the owner and he showed me around and confirmed to me his desire to sell. He bought the place on impulse, for the views, but does not have enough time for it. I learned the land on the other side of the road is also a part of it; in total it may be as much as 2 hectares!
This plot is more agricultural: there are some 25 olive trees, some seem to flourish, with others in bad shape, but the land is almost flat. I can "see" a few fruit trees and perhaps some kiwis here in future.
I will need at least a part of that amount before I can even start negotiating through Greta. She has come up with an idea that would work perfectly for me; a "Rent-to-buy" scheme, not the most common but it is in the Italian regulations as a way to conduct the business!
Importantly, another - more recent - dream hinges on concluding this acquisition as well: using the surplus value on my present house to help Anica to a good start in life. This will work in two ways: once I register as Italian inhabitant Anica will have the right to go to school and universities there. Some of those universities are quite good - the oldest ones' are right there in Italy - and a lot have English Language studies! They are still affordable, unlike the Dutch Universities, as Anica found out recently.
And the proceeds from the sale of my house will probably yield twice the amount I need for Italy plus the upgrades I hope to do there! Even if that does not prove true, in 2023 the Italian property will be re-listed as a house so I can connect to the Electricity network. (I'm not sure if I *want* that but it will be possible). These things will result in a (much) higher value and (if need be) also a quicker sale!
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Stadera posts with lots of pictures!!
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Rent-to-Buy: A new way of owning your dream home in Italy
A new program created by the minds of Rent-to-Buy is called “vendor finance.” This allows a buyer to have a flexible contract used to tailor the juridical and financial bases of the agreement to both the vendor’s and the buyer’s needs. It’s a win-win situation for both the buyer and seller because the financial formula creates revenues for the seller as compensation for the vendor financing agreement.
Rent-to-Buy’s financial structure works as follows: the purchaser buys the property in monthly installments of which a significant part is paid towards the sale price and a marginal part as rent. The specific proportions of these two elements can be negotiated by the two parties. When the payment is completed in full at the end of the contract, there will be the consequent transfer of the ownership of the property (Rogito).
Of course, it’s worth keeping in mind that the buyer can choose to pay out the rest of the contract in advance and gain ownership of the property sooner, called the Buying Option. If the buyer exercises this right, he/she won't be required to pay any rent which is decidedly more convenient on the financial side.
For those thinking that this sounds too good to be true, remember that this form of buying a home has been legally approved by the Italian government in 2014. Proving to be a great solution for foreigners who want a home but who can’t obtain a mortgage because of red-tape. The Decree 133/2014 Art 23 allows for a special payment plan of maximum 10 years and the contract includes both the sale/purchase with the lease of the agreement. The legal security of such a contract is the same as anyone traditionally buying a home.
The monthly rate depends on the total sale price and the amount the buyer would pay as advance payment; however, the terms paid monthly are negotiable. For example, one agreement could be to pay 75% as part of the sale price installment and 25% as rent. You can read more about the fiscal aspects here.
Why is this a good idea? Here is a list of Rent-to-Buy advantages
- You would be able to buy a property which you wouldn’t normally be able to without vendor finance.
- The down payment is quite reasonable compared to a “normal” mortgage, (minimum 10%).
- The buyer is able to save money on the mortgage interest rate
- The buyer is also saving on the mortgage tax (2% of the lent amount), the administrative cost of the bank procedure and the cost of the compulsory purchase of any bank insurance linked to the loan
- Saving time: no need to provide an endless list of documents to be translated and notarized in the Italian Consulate
- Immediate use of the property.
- The possibility of sub-letting the property for short-medium-long term, thus financing (partially or totally) the monthly installments.
- The possibility of handing over the contract, meaning that there is the opportunity to earn money on the resale within 10 years and not to have to pay the transfer tax.
- The Deed will be filed for 10 years.
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