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A Superb Restored Historic Villa with Contemporary Interior
€1,950,000
$2,125,500
€
$
Fauglia, Tuscany
7
6
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Ref #: V56872-X
Cortona, TuscanyRef #: V56872-X
A restored country property with 7 apartments.
Each apartment has an open plan kitchen – living area plus separate bedroom and bathroom. All apartments have air conditioning and Wi-Fi.
The grounds cover about 1,400 square metres and contain a pool (12m x 6m) and a picnic area with tables and a barbecue with adjacent sink.
The property is situated in a beautiful rural setting, in a village in the valley below the Etruscan town of Cortona. The property is within walking distance of shops and restaurants.
From here you have easy access to historic sights in Tuscany, Umbria, Rome and Lazio. Ten miles in any direction there is a wealth of castles, palaces, churches and vineyards to be explored.
Perugia, Florence and Pisa are the nearest airports but Rome is not too far away.
Camucia-Cortona railway station is only 5 Km and has regular train services to Rome, Florence, Perugia, Arezzo and Pisa.
Four of the apartments each sleep two people, two of the apartments can accommodate two to four guests and the seventh, another apartment sleeps three. There are three apartments situated completely on the ground floor which are suitable for people with restricted mobility.
The apartments each have air conditioning, heating and WI-FI. All kitchens have a fridge, microwave or oven, kettle and toaster. There is a small shopping centre and a bar and family run restaurant within walking distance.
The pool area is equipped with tables, chairs and loungers. From here you can enjoy a spectacular view of the Tuscan hills, and the lights of Cortona at night time.
The hilltop town of Cortona is only a few minutes drive away and offers all of the facilities of a fascinating Etruscan town with winding and enchanting streets and cobbled lanes and the views of Val di Chiana and Lake Trasimeno. Cortona has many excellent restaurants and is one of the locations where scenes for Under the Tuscan Sun were shot.
Apartments:
1 (27 m2)
This apartment sleeps two and is located on the ground floor and comprises a Lounge and kitchen/dining room plus a double bedroom, toilet and shower room.
2. (23 m2)
This apartment sleeps two and is a studio apartment located on the ground floor and comprises a Lounge and kitchen/dining room with a double sofa bed and a toilet and shower room.
3. (35 m2)
This apartment sleeps three and is located on the ground and first floors and comprises a Lounge and kitchen/dining room with a spiral staircase to the first floor with a double bedroom, a separate single bedroom and a toilet and shower room.
4. (28 m2)
This apartment sleeps two and is located on the ground and first floors and comprises a Lounge and kitchen/dining room with a spiral staircase to the first floor with a double bedroom and a toilet and shower room.
5. (37 m2)
This apartment is located on the ground floor and comprises a Lounge and kitchen/dining room plus a double bedroom, toilet and shower room. The lounge has a sofa bed and so the apartment can accommodate up to four visitors.
6. (25 m2 plus 22m2 terrace)
This apartment is located on the first floor and comprises a Lounge and kitchen/dining room, a double bedroom (with a small 3m2 balcony) and a toilet and shower room. There is a large terrace for this apartment and a similar one for Limone, so if both apartments are booked, up to six visitors can be accommodated with exclusive use of the terrace.
7. (30m2 plus 22m2 terrace)
This apartment is located on the first floor and comprises a living room and kitchen/dining room, a double bedroom (with a small 3m2 balcony) and a toilet and shower room. The living room has a sofa bed and so the apartment can accommodate up to four visitors. There is a large terrace for this apartment and a similar one for Apt. 6, so if both apartments are booked, up to six visitors can be accommodated with exclusive use of the terrace.
Reception (12m2)
The reception area is on the ground floor.
Utilities
The property has a fresh water well and is connected to mains electricity. There is a telephone in reception and this is also where the WiFi system is located. LPG gas.
The apartments are about 5km from the Camucia – Cortona railway station from where there are regular train services to Rome (2 hours 10 mins.); Florence (1 hour 15 mins.); Arezzo (20 mins.); Sienna (2 hours); Assisi (1 hour 10 mins.), Perugia (1 hour), Pisa (2 hours 20 mins.).
By car, the motorway A1 / E35: is only 16 Km and distances to the more interesting towns are:
Cortona – 5KM: Arezzo – 26Km: Montepulciano – 30Km: Pienza – 35Km: Montalcino – 56Km: Perugia – 58Km: Siena – 63Km: Gubbio – 80Km: Assisi – 80Km: Spello – 84Km: Florence – 98Km: San Gimignano – 106Km: Norcia – 150Km: Pisa: 210 Km: Bologna – 225Km: Rome 235Km:
The property has been recently converted and meticulously restored and the grounds and pool are regularly maintained.
Address: Cortona, Tuscany
Location type: Rural
Condition: Restored
Bedrooms: 8
Bathrooms: 7
Property size: 217 sqm
Land size: 1,400 sqm
A notary is a qualified lawyer who is employed by the Italian government. When you are buying Italian property, it is a notary who conducts the legal transfer of a property from vendor to buyer, and prepares the deed of sale, checks there are no charges on the property, title issues and with the assistance of a technician such as a geometra or architect, checks the property conforms to all planning issues.
It is always the buyer and not the vendor who pays the purchase taxes due and who pays the notary fees also. This means that it is up to the buyer which notary is used. In practice it is usually one of the local notaries and we can recommend which one to use and which one is cheapest, as notary prices do vary.
We provide a detailed list of all fees and taxes (including the notary’s quote) before you sign any contracts.
Translator – if you do not speak fluent, enough to understand detailed legal contracts, you will need to have a translator at the notary deed. Your agent or the notary will usually arrange this so you don’t need to worry about it. The cost varies but is often 200-300 euros. This can sometimes be shared with the vendor if they are also non fluent in Italian.
This depends firstly on two things.
A. Are you buying as a resident or a non resident?
B. Are you buying from private individuals or from a company?
If you are buying from private individuals, then the taxes you pay are based on the cadastral value – a nominal value which each property has and which depends on its size, location, standard etc – nothing to do with the market value.
Example 1:
House price agreed €100,000.
Property belongs to private sellers.
Cadastral value of the property €32,000.
Let’s say you intend buying the house as a non resident (.ie. you do not intend moving to Italy permanently and applying for residency).
Taxes payable are 9% on cadastral value €32,000 so €2,880 plus a few smaller fixed taxes.
Or, if you intend moving to live in the house permanently, applying for Italian residency, then as long as you don’t already own another property in Italy;
Taxes payable are 2% on cadastral value €32,000 so €640 plus a few smaller fixed taxes. A minimum figure may be payable.
Please note, you could buy the house as a resident and pay the lower rate of tax if you intend moving there and obtaining residency within the next 18 months. Don’t be tempted to do this unless you are definitely sure you will become a resident. If you then do not, you need to pay the difference in taxes plus a penalty of around 30%.
If there is substantial land (not just a garden) with the property, then 15% is payable on the value attributed to the land, which can be quite low, eg a value of €15,000 could be attributed to the land so 15% of 15,000 = €2,250 would be the tax on the land.
Example 2:
House price €100,000
Property is being sold by a company
Cadastral value of the property is €32,000
Let’s say you intend buying the house as a non resident (i.e. you do not intend moving to Italy permanently and applying for residency).
Taxes payable are 10% VAT on full market price €100,000 so €10,000 plus a few smaller fixed taxes.
Or, if you intend moving to live in the house permanently, applying for Italian residency, then as long as you don’t already own another property in Italy,
Taxes payable are 4% VAT on €100,000 so €4,000 plus a few smaller fixed taxes.
Once we know
– which house you want to buy, its cadastral value and who owns it (company/individual)
– whether you intend to buy as a resident/non resident and if it’s your first property in Italy
only then can we ask the notary to provide a quote for the precise taxes payable.
Other circumstances
Then of course there are other scenarios.
If the value of the property you want to buy is very low (eg €50,000) then purchase costs are likely to be a higher percentage as there are set minimums to pay for all fees and taxes. So on a €50,000 house, you are likely to pay 12-15% instead of 10% (non resident).
You might want to buy a property (being sold by private individuals) with your company. Taxes are considerably higher in this case, as they would be 9% on the sale price (not on the cadastral value). So it’s cheaper to buy a privately owned property as a private individual, not as a company.
But, in the case of a country property which is a farm/winery/agriturismo, these are often owned by a farming company (azienda agricola) , which has considerable tax advantages as you can buy the farm and pay just 0-1% (depending on the circumstances) on the purchase price in tax.
Taxes would be different for a commercial purchase, eg if your company is buying an Italian company (ie a farm or other company). Buying the shares of a company usually meets zero taxes, just a few fixed fees, and notary and accountancy fees.
The above is a guide, and once you have found a property you are interested in buying, we can obtain a notary quote for you, with a full breakdown of the taxes and fees due.
Notary fees – approx 1-2%, more for a lower priced property due to some fixed taxes.
Agency fees – in Italy both buyer and seller pay the agent. These are payable to the Italian agent (one of our partners) you view the house with at compromesso (preliminary contract) stage and for each party are usually 3% plus VAT. VAT is 22% in Italy. Minimums apply. Nothing is payable to Casa Tuscany so you will not pay double the fees, you will just have double the assistance!
Compromesso registration fees – approx €380 plus a part payment of taxes which is deducted from the total taxes due at completion.
Translator for the deed signing at the notary’s office. Required if you do not speak Italian well enough to understand legal deeds. Approx cost €250 – €350 depending on the notary.
Technical report for the notary. Checks all the planning issues of the property, making sure it matches the official plans, no works have been carried out without permission, gathers all previous permits, checks the house is sellable and not illegal in any way. Carried out by a geometra, architect or engineer and costs vary considerably, a minimum of €761 including VAT/ Please note this report is NOT a structural survey, that is an optional additional report you may wish to instruct.
Local council tax – IMU (formerly ICI) – payable only by non residents. This needs to be paid twice a year at the post office – no bill is sent. Most people use a local accountant or property manager to calculate it.
Refuse tax (TARI)
In some areas, mountain community tax.
If you buy a property which is part of a condominium, e.g. with shared pool and grounds, lighting etc, then there will be annual condominium fees to pay which usually range from about €200 to €1000/year unless it is a particularly luxurious property with many amenities in which case costs could be higher.
Utilities
You don’t really need an Italian bank account for buying a property in Italy any more as money is usually sent by bank transfer, although some notaries insist the funds are sent from an Italian account set up by you.
You could of course open an account to handle bills but bear in mind that some utilities companies refuse to arrange direct debits for non resident accounts, and some bills cannot be paid by direct debit.
You could always pay your bills online or if you have a property manager then send them the funds for settling all the bills.
If you do intend opening an Italian bank account, bear in mind that Italian bank charges are high . Usually there is a monthly fee to pay, plus charges for receiving money, paying bills, sending statements, etc etc.
