The sale on our mill fell through so we have decided to keep it and rent it out on Homeaway for short stays to 15 days max. We rented a few years ago but wanted to check if the rules have changed, particularly tax collection.
Does anybody know if Brexit is affecting the sale of houses in Italy? As Brits seem to be the main house purchasers abroad has this affected the market?
see other thread -https://www.italymagazine.com/post/sale-our-mill-fell-through-so-we We rented our mill out a few years ago. It's marginal the money you may make, but we were happy to have the place occupied when we were not there. You pay for - (if lettings are less than 30 consecutive days periods)- approx costs 2017online agency registration (Homeaway.co.uk or AirBNB etc )Cleaner, gardener, handiman (when necessary) meet and greeter. - €40 pwAnnual decoration costs ( we did it each spring)House insurance - for letting - get quoteTax - 23% approx on earnings received. Patronata €120 (to calculate tax due - cheaper than commercialista) also calculates IMU tax due.Gas, Elec and water services + phone/internet access + logs for evenings sometimes. - €35 pw approxreplacements and breakages. House maintenance costs eg roof repairs, elec cut outs etc.register and keep records etc.hope that helps a little. Marginal profit made which goes towards the upkeep.Good luck!
Patronata - Forgot to say, a useful assistance on all things tax etc is the local Patronata. We were advised by a local ex pat about this service. It is like a citizens advice bureau but with in house accountants and specialists who can work out your taxes and IMU charges. Check your nearest office in pagine gialli or ask locals. They charge around €60-100 for working out youir tax etc.
We rented our mill out a few years ago. It's marginal the money you may make, but we were happy to have the place occupied when we were not there. You pay for - (if lettings are less than 30 consecutive days periods)- approx costs 2017online agency registration (Homeaway.co.uk or AirBNB etc )Cleaner, gardener, handiman (when necessary) meet and greeter. - €40 pwAnnual decoration costs ( we did it each spring)House insurance - for letting - get quoteTax - 23% approx on earnings received. Patronata €120 (to calculate tax due - cheaper than commercialista) also calculates IMU tax due.Gas, Elec and water services + phone/internet access + logs for evenings sometimes. - €35 pw approxreplacements and breakages. House maintenance costs eg roof repairs, elec cut outs etc.register and keep records etc.hope that helps a little. Marginal profit made which goes towards the upkeep.Good luck!
Thanks for your comments which I appreciate. I do not need to sell urgently but I'm at an age when other issues become relevant. When I bought the mill in 2004 it was derelict and had been vacant since 1935. The chestnut mill was a vital, intrinsic element of village life in earlier years and its ultimate restoration has been widely received in the village since. I spent some challenging years restoring the mill to its present glory, and we've since enjoyed many happy years making visits there. I now find that I either sell it or leave it vacant for long periods as I am unable to visit as much as I would wish. I now feel it is time for others to have the opportunity of enjoying the mill. This building will still be here long after I've gone so deserves to be fully utilised.
Hi Meakin, it sounds like you have found a financial money pit there. Be prepared for some expensive extras as you go through the process as there are many trapdoors you can fall down on the way. I'm an architect and speak Italian but I had lots of surprises when I bought and converted a chestnut mill near Pescaglia in 2004. I did not receive accurate and full information at the time, from the agent and their architect, and had some nasty surprises- eg new laws for earthquake provisions and minimum heights of rooms required. Unless you have no budget restrictions I suggest you look at other properties which already have all approvals and require less work to do. I also suggest learning to speak the language which you will find a great help as you pick your way through the bureaucracy. You could also seek advice from a local Geometra which I found very useful. I can give you his name if required. In our case the cost of carrying out the works was many times the cost of the property we bought, though we have really enjoyed being there since completion in 2007.
We use Unicredit current account which is not free (dont think there is such a thing in Italy!) but we pay €6 pm.this gives us a cash card and online banking accessible in UK. We can also send cash transfers in € - we use a currency converter in UK for cheaper charges. They also do standing orders for water and elec bills.
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see other thread -https://www.italymagazine.com/post/sale-our-mill-fell-through-so-we We rented our mill out a few years ago. It's marginal the money you may make, but we were happy to have the place occupied when we were not there. You pay for - (if lettings are less than 30 consecutive days periods)- approx costs 2017online agency registration (Homeaway.co.uk or AirBNB etc )Cleaner, gardener, handiman (when necessary) meet and greeter. - €40 pwAnnual decoration costs ( we did it each spring)House insurance - for letting - get quoteTax - 23% approx on earnings received. Patronata €120 (to calculate tax due - cheaper than commercialista) also calculates IMU tax due.Gas, Elec and water services + phone/internet access + logs for evenings sometimes. - €35 pw approxreplacements and breakages. House maintenance costs eg roof repairs, elec cut outs etc.register and keep records etc.hope that helps a little. Marginal profit made which goes towards the upkeep.Good luck!
intasure.com
Patronata - Forgot to say, a useful assistance on all things tax etc is the local Patronata. We were advised by a local ex pat about this service. It is like a citizens advice bureau but with in house accountants and specialists who can work out your taxes and IMU charges. Check your nearest office in pagine gialli or ask locals. They charge around €60-100 for working out youir tax etc.
We rented our mill out a few years ago. It's marginal the money you may make, but we were happy to have the place occupied when we were not there. You pay for - (if lettings are less than 30 consecutive days periods)- approx costs 2017online agency registration (Homeaway.co.uk or AirBNB etc )Cleaner, gardener, handiman (when necessary) meet and greeter. - €40 pwAnnual decoration costs ( we did it each spring)House insurance - for letting - get quoteTax - 23% approx on earnings received. Patronata €120 (to calculate tax due - cheaper than commercialista) also calculates IMU tax due.Gas, Elec and water services + phone/internet access + logs for evenings sometimes. - €35 pw approxreplacements and breakages. House maintenance costs eg roof repairs, elec cut outs etc.register and keep records etc.hope that helps a little. Marginal profit made which goes towards the upkeep.Good luck!
Thanks for your comments which I appreciate. I do not need to sell urgently but I'm at an age when other issues become relevant. When I bought the mill in 2004 it was derelict and had been vacant since 1935. The chestnut mill was a vital, intrinsic element of village life in earlier years and its ultimate restoration has been widely received in the village since. I spent some challenging years restoring the mill to its present glory, and we've since enjoyed many happy years making visits there. I now find that I either sell it or leave it vacant for long periods as I am unable to visit as much as I would wish. I now feel it is time for others to have the opportunity of enjoying the mill. This building will still be here long after I've gone so deserves to be fully utilised.
Hi Meakin, it sounds like you have found a financial money pit there. Be prepared for some expensive extras as you go through the process as there are many trapdoors you can fall down on the way. I'm an architect and speak Italian but I had lots of surprises when I bought and converted a chestnut mill near Pescaglia in 2004. I did not receive accurate and full information at the time, from the agent and their architect, and had some nasty surprises- eg new laws for earthquake provisions and minimum heights of rooms required. Unless you have no budget restrictions I suggest you look at other properties which already have all approvals and require less work to do. I also suggest learning to speak the language which you will find a great help as you pick your way through the bureaucracy. You could also seek advice from a local Geometra which I found very useful. I can give you his name if required. In our case the cost of carrying out the works was many times the cost of the property we bought, though we have really enjoyed being there since completion in 2007.
We use Unicredit current account which is not free (dont think there is such a thing in Italy!) but we pay €6 pm.this gives us a cash card and online banking accessible in UK. We can also send cash transfers in € - we use a currency converter in UK for cheaper charges. They also do standing orders for water and elec bills.