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Renting Property

Italy - Renting Property

The cost of accommodation can vary greatly, depending on which part of Italy you choose to live in. The northern region is industrial and a lot more expensive, but it also provides most employment opportunities. Rent prices in the southern parts of Italy are generally a lot lower, but the region is mainly rural with a more agrarian economy.

Rental prices in towns and cities in Italy will vary greatly, with an apartment in Naples costing as little as 550 euros a month, while an apartment of the same size would cost you twice as much in Milan or Rome. In southern Italy you can even find spacious apartments in a sea-side city like Pescara for around 600 euros.

In addition to monthly rent anyone who plans to live in Italy should also consider the initial outlay, which can be quite steep. Estate agents will typically charge a fee which works out to around 10% of a year’s rent or a single month’s rent. In addition to an estate agent’s fee you should also consider the deposit that you need to put down which will work out to another three month’s rent. There is also a registration fee that needs to be paid at the local registry office, which works out to another two to three percent of your annual rent.

On a more positive not Italy does have rent controls that regulate and prevent unrestricted increases in rent. A landlord can only increase his rent price by three-quarters of the annual inflation rate.

While there are plenty of short term leases and other types of rentals the typical contracts include free market contracts and convention contracts. The first type lasts for four years and can be renewed for another four years. A convention contract on the other hand is a three year agreement that can be extended for another two years, along with conditions.

Before you decide to sign a lease contract with your landlord, make sure that the landlord has taken an inventory of the property or insist on it. This can help to avoid any unnecessary disputes that could arise later owing to any damage to property. If everything tallies in the inventory the landlord has to return the entire amount that you produced as a deposit at the time of signing the lease. In addition, you are also entitled to any interest that has accrued on the amount.

In most cases, a lease agreement will require that the landlord notifies you at least six months in advance if he wishes to terminate the agreement, whether for repossession or for sale of the property. Make sure of this before you sign the contract as you will need time to find alternate accommodation and make arrangements for the move.

In addition to rent costs also examine and ascertain condominium costs as this can work out to be quite an expense in some neighbourhoods. Apartments with shared corridors, with lobbies attended to by a doorman and swimming pools or gardens can attract high service charges.

Short term rentals in Italy cater primarily to tourists who will visit the country for a month or a year at most. Accordingly, the rent prices will also fluctuate depending on the tourist season. Most expatriates living and working in Italy opt for long term leases that could be for 3 years with the option for extensions or 4 years with the option of another 4.

A deposit is almost always required, but in some cases depending on your skills of negotiation and powers of persuasion, you may in fact be able to strike a bargain with a landlord. In such cases it is likely that a landlord will waive the deposit in lieu of advance rent.

Be cautious when looking for furnished flats as you need to be certain of what exactly is included in the flat. This can vary greatly, as some may include wi-fi connections, air conditioning and the likes while others may simply include furniture like dining table sets, sofas and a bed. Keep in mind that the décor and style of the furnishing may not be to your taste, so it is best to look for partially furnished apartments.

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Bupa Global

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