As Brits Flee Italy, Affordable Real Estate is Left Behind for American Buyers

The weak pound, a recession across the eurozone and the rising costs of living in countries like Italy are forcing British expatriates to return home to the UK – leaving swathes of stunning real estate for sale at bargain basement prices! For American baby boomers seeking out a new life for themselves overseas in retirement, this is just fantastic news!

Italy is one of the hardest hit countries in terms of the expatriate exodus – the main problem being that Brits of working age cannot forge a living for themselves in a country that has barely enough work to go around for its own citizens, let alone for foreign residents. Italy is certainly suffering as a result of the eurozone crisis as well…and all in all, unless you have independent means to support yourself in Italy, it’s not an easy country to live in.

For Americans who have the means and the desire to establish a new life for themselves in George Clooney’s favourite European haunt however, the landscape is looking particularly attractive. What’s more, the euro is currently taking a tumble in terms of its value against the dollar, meaning your bucks will go far further in Italy now.

However, before you rush off and browse real estate websites to see what’s for sale, and marvel at the wealth of choice you have in Italy - from villas with pools overlooking the ocean to mountain top retreats, rural homesteads in Tuscany and very affordable homes in the likes of Calabria – you need to heed these sagacious words of advice from Italian real estate project manager Alison Harris.

Alison is a bilingual project manager specialising in Italian real estate projects for international clients. She’s currently assisting with the renovation of a Lake Como property for an American buyer for example, and is best placed to protect your investment in Italy from everything such as the language barrier to the bureaucratic red tape!

1. Do your location research – in Italy there are the likes of earthquake zones which can undermine the value of a property as well as its stability. If you’re unaware that a property you’re interested in is within such a zone, you may discover at a later date that you have paid well over the odds for a home that is perhaps uninsurable.

2. Watch out for areas of archaeological or environmental importance as well – because if you buy real estate within such a zone you could be restricted as to the amount of renovation or building work you can undertake to personalise or improve your property.

3. Know that whilst ‘back handers’ and ‘turning a blind eye’ are still sometimes par for the course with builders or architects when it comes to getting building work completed to your specification in Italy, you can be undone when the official authorities turn up to inspect building work because no longer are rules allowed to be broken…i.e., it’s best to play by the rules from the outset.

4. Get specialist legal assistance before you buy to ensure your best interests are protected.

5. Speak to a real estate expert for advice about any property you’re interested in purchasing before you actually sign any contract to buy! They can cast an expert eye over the project and let you know whether your plans for it are likely to come to fruition based on their experience.

6. Haggle – you don’t always have to pay the book price for a property, especially in these economically challenging times. If you’re a cash buyer you’re in a very strong position – but if you hate haggling, employ someone to haggle for you!

7. Have a structural survey conducted on a property before you commit to purchase – particularly if the home is in need of extensive work. You need to know what you’re letting yourself in for before you make an offer…hidden surprises could undermine your budget!

8. Finding a team you can work with and who will listen to you when you’re living in one country and renovating a property in another is a challenge – consider using a project manager to protect your investment and oversee the smooth running of your project. You will likely find that their fee is nothing compared to how much they’ll save you in the long run!

9. Visit Italy and get a feel for the country before you commit to moving to live there – yes it’s a stunning nation peopled with some of the most passionate and beautiful people on earth, but it’s also a bureaucratic nightmare at times and it pays to be in love with the country ahead of your move!

10. Finally, learn at least some basic Italian – whilst a project manager like Alison Harris will assist you with everything from your relocation to your property purchase, your builders, lawyers, contracts and bureaucracy, if you have a smattering of the local language you will find you get far more out of your new life in Italy.

Alison Harris is a Bilingual Project Manager & Consultant specialising in the Italian real estate market. Her full contact details are: -

UK Direct line: +44 (0) 1306 711 409


UK Mobile: +44 (0) 7515 735 656


Italian Mobile: +39 331 241 0110


Skype ID: alison.harris75


Email: info@alisonharrisconsulting.com

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