Fancy relocating to Italy? Here are five properties to buy in Turin, from £69,000
Choosing an area
The quiet region around Turin, Northern Italy, is having a moment as buyers realise that Milan is expensive, Tuscany is crowded and Puglia is too hot. A former industrial powerhouse – home to Fiat, Cinzano, Lavazza, Ferrero Rocher and producer of some of the world’s best wines – Turin, the capital of Piedmont, is perfectly located: an hour from the Alps, an hour from the centre of Milan and less than two hours from the beaches of the Italian Riviera.
Prices are still reasonable in Piedmont and there are some incredible properties to be found at great value. The region is full of grand old baroque palazzi and Liberty style (what the Italians call Art Nouveau) country houses that are grander than the farmhouses of Tuscany.
In the city itself, many families opt for the area near the river (Borgo Po) or head for the numerous villages in the hills, which all have very easy access to the city centre and where you will find homes with gardens. Moving out to the countryside, the wine and truffle region of the Langhe is home to some of the country’s best wines, boosting its popularity.
Prices
House prices in Turin are rising all the time and as of July this year were averaging €2,000 (£1,730) per sq m. Renovations of period buildings in the historic centre are upwards of €4,000 (£3,460) per sq m.
Renovation costs
A basic bathroom renovation of a space measuring between 3.5-5 sq m will cost around €10,000 (£8,650). Prices may increase out of town and don’t forget you are in Italy – works will overrun so allow a contingency budget and don’t forget to include professional fees and permits.
How to search
There are many independent agencies in Italy. Fees for the buyer vary between 3% to 4% plus IVA (VAT) of the purchase price, payable on exchange of contracts. The seller also has to pay the same. If you are looking online, check out idealista.it and immobiliare.it which are the main Italian property portals with listings translated into English.
Using an agent will remove the risks of nasty surprises – for example, an agent will check planning compliance and coordinate the conveyancing. They will also have access to properties that may not appear on the large search engines. Kate Steel Property (katesteel.it) offers a full search and purchase service across Turin and Piedmont for international buyers as well as helping coordinate renovations if necessary.
Extra fees
In Italy, stamp duty on second homes is 9% of the property’s cadastral value (which is assigned to every property by the Italian government for tax purposes, and is much lower than the market value). All fees will also have IVA added at 22%. Once you own a property, each year you will have to pay IMU property tax (based on cadastral value and local tax) as well as TARI (local waste collection). Second homeowners must also pay TASI (street lighting and other public services) annually.
The process
Buying in Italy can feel daunting as it’s bureaucratic with several different steps to go through. Once you have decided on your dream home you submit a formal offer (proposta) through the estate agent. Prices can be negotiable, and your agent will guide you. International cash buyers are seen as attractive clients. Offers can also include requests to include furniture or garden equipment, or this can be negotiated separately.
Offers are not subject to survey unless a mortgage is involved. It is up to the buyer to arrange a site visit with a surveyor or builder if there are structural concerns.
Buyers are expected to leave a small deposit (1% of purchase price) with the agent which is refundable if the offer isn’t accepted.
At this stage you engage a notary, and the transaction fees are generally around 1% of purchase price.
You then transfer the deposit (normally around 20% but this is negotiable) into your notary’s ESCROW account that can then be released to the seller at contract exchange. This is the compromesso. If, for any reason the buyer backs out at this stage, they will lose their deposit and if the seller backs out they have to pay the buyer double the amount.
The remainder is paid at the final sale meeting, the Rogito, once building and planning compliance has been reviewed and the sale deed is ready for signing. This only happens once the contract and all the details have been read aloud in the notary’s office with buyer and seller present to sign each page. If you don’t speak Italian, you may need to pay a translator to attend with you.
The luxe palazzo
★ Price €1,650,000 (£1.4m).
★ Property type Meticulously renovated baroque palazzo with period features, formal gardens and separate guest and staff accommodation.
★ Size 1,880 sq m.
★ Location Only 25 minutes from Turin, the village of Romano Canavese also offers fast access to Milan and the Aosta valley with its numerous ski resorts. The area is known for its vineyards and walking and biking trails.
★ Layout Palazzo Caligaris has 20 beautiful rooms configured in a horseshoe shape around a sunny courtyard. The three wings of the property are connected via an impressive atrium and main staircase. A large guest house has three additional bedrooms.
★ USP It is not easy to find historic palazzi for sale that are renovated to such a high spec as this one, with splendid frescoes in every room, fireplaces, plus terracotta and stained concrete floors.
See katesteel.it
The property features frescoes from c1650
The fixer-upper
★ Price €80,000 (£69,200).
★ Property type Medieval house that dates back to the 15th century, in need of renovation.
★ Size 500 sq m.
★ Location Thirty minutes from Turin and Asti, Pino d’Asti is a rustic hilltop village in the Monferrato wine country.
★ Layout Originally one of the gate lodges of the neighbouring castle, the property has ten rooms spread over four floors with period features. However, many of the floors and ceilings require restoration, and plumbing will need to be added.
★ USP This offers great value, especially for those looking for a passion project. It’s also close enough to Turin for a night out.
See katesteel.it
A sunny reception room runs the length of the villa
The family villa
★ Price €795,000 (£688,000).
★ Property type Eighteenth-century villa with period features and magnificent views of the Alps.
★ Size 400 sq m.
★ Location Only ten minutes from the centre of Turin, Cavoretto is a small village favoured by families and arty types for its idyllic scenery.
★ Layout The five-bedroom property has charming living quarters on the ground floor, and spacious suites upstairs. The attic floor features a separate apartment, while the basement level opens on to the garden.
★ USP This is an ideal property for those seeking an authentically Italian family home close to the city centre.
See furbatto.it
The apartment is set on the ‘piano noble’ (noble floor) of the Palazzo
The pied-à-terre
★ Price €440,000 (£381,000).
★ Property type Fully renovated apartment in a 17th-century palazzo in the Latin Quarter.
★ Size 100 sq m.
★ Layout The apartment occupies an internal wing of the palazzo overlooking the courtyards below. The main open living space has a bespoke modern kitchen, high frescoed ceilings and double-height windows on both sides. A separate suite is where you’ll find the bathroom, walk-in wardrobe and double bedroom with small balcony.
★ Location The Quadrilatero Romano (Latin Quarter) of Turin is the oldest neighbourhood in the city and known for its cool independent shops, street markets, restaurants and nightlife.
★ USP This apartment represents an immediately liveable solution for relocating to Turin, as well as an investment opportunity to buy into historic prime real estate with tourist rental potential.
See katesteel.it
Split-level living, just steps from the centre of Turin
The first home
★ Price €290,000 (£251,000).
★ Property type High-spec, modern, split-level loft apartment in an old factory building behind Piazza Vittorio.
★ Size 90 sq m.
★ Location Piazza Vittorio is the main square of Turin, facing the river Po and ideally located for the university and all the theatres, galleries, shops and restaurants the city has to offer.
★ Layout With entrances from both the street and the internal courtyard, the apartment has a spacious living room, an open-plan kitchen and dining area, a guest bathroom and a laundry room. The mezzanine is connected by a staircase and features a cosy sleeping area with wardrobes and en-suite bathroom. There is also a shared garden in the courtyard.
★ USP Perfect for first-time buyers or digital nomads seeking an eclectic blend of old and new in the heart of the city.
See gevimmobiliare.it. Follow @mad_about_the_house
For more information on Kate’ Italian renovation, and her upcoming interior design retreats, visit @madmad_about_the_house
