If you are looking to create an income to offset mortgage payments, or to make a substantial income through buy to let, Italy should also be considered.
Italy has been known for its popular holiday destinations over the years with the added advantage of low cost airlines. Many have been moving away from the usual seaside holidays, and new regions increasingly opening up are allowing many holidaymakers to approach a tailored route for their vacation. People want something different, and with an estimated 50% of holidaymakers choosing an alternative – another niche appears to be rearing its head.
The property rental market is basking in the warmth of these changes. More investors with no connections to Italy are considering buy to let in Italy. If you are considering this very same option or would like to, below is a basic guide of what you should look for.
• Buying any property is important. Considering in investing in a property for selling on, or to rent, then it is even more vital
• To buy to let in Italy you need to research and possibly consider looking at properties for sale in major tourist areas: Florence, Rome, Venice
• Additionally, bear in mind there are seasons in Italy and in some parts the seasons are longer than others. This could mean extra weeks of a rental income for you. For instance, the South of Italy have longer seasons: Amalfi, Sicily. This could mean 20 weeks of rent
Choosing The Property
• When you are looking for a property keep in mind the rental market as you may be able to ascertain those you are trying to attract; establish if it is the young professionals, or families or the mature client and so forth
• Advantages of knowing the type of clientele you want to attract would purport the type of property that would be best suited and it could well influence the location of finding such a property. For example a young family would be more inclined to rent an apartment in Rimini, comparatively, a property near the lakeside could attract the more mature clientele
• Researching further types of properties available would lean in your favour. The properties are varied with a fabulous combination of typical farmhouses, city apartments, hill, town or village homes, ski chalets, villas and even seaside retreats
• Style and layout are two factors which are vital, however, the key for an investoror otherwise to buy to let in Italy is simply ‘location’
Preparing To Rent
• Be realistic with the terms of rental income offer to your clientele. Possibly the best option is to research and find rental agents to either guide you or act on your behalf
• Gross rental yields are from 5-10% of the property value per year and can be as high as 15% in many cases. It will not be likely that the property is rented all year round, therefore it would work to your advantage not to overestimate the income or rely on it totally
• This kind of venture can be classified as a medium to long-term venture