From idea to purchase
I am not a Facebook user and therefore built this site to be able to share my project progress. Goal is to keep up with the information and adapt it to new developments.
End of 2020
My home bank informed me, under the guise of consultation, that my interest-only mortgage is an outdated product and insisted on an adjustment containing a repayment of the mortgage. Due to problems with my health, I worked on average about 3 days a week. With that I earned just enough to live on. With this income situation, refinancing and repayment was not possible.
This conversation was the impetus for rethinking.
Spring 2021
Acquired information on the exact monthly payment that I can get from the pension raised for early retirement. Result: from the calendar year in which I turn 62, the pension is about the same as what I earned in recent years. I’m 56 now and have to bridge another 6 years
The only option to get money is to sell my house. But then I do need another shelter. A rental property weighs too heavily on the budget. The average Dutchman turns 80 and 25 years renting is more expensive than buying a home
From the proceeds of my home, the residual mortgage and the reservation for living costs go down to the pension. The rest can be invested in a new home
After some puzzling and self-reflection came to the conclusion that leaving for Italy is an attractive option, better weather and cheaper owner-occupied homes
Searched the internet for owner-occupied homes in Italy. Made a pre-selection and made of these calculations for purchase and restoration
Information collected about house purchases and living in Italy
Real estate agent invited to a valuation of my home in Apeldoorn. Uncertain factor is the poor condition of the facade. Value estimation approx. 350k
Summer 2021
Dusseljee.it domain name bought and started with this site
Trip to Italy and 5 properties viewed in the provinces of Tuscany and Le Marche. The 2 that appealed to me the most were already in negotiations and have been sold
Contacted a Dutch broker, who is doing business in Italy, she pointed me to a few options in Abruzzo
The calculation of a number of other options/homes worked out
Fall 2021
Exterior facade plastered with a layer of insulation of EPS
Exterior facade further finished with painting
Winter 2021
Other real estate agent asked for a valuation, the same one I bought the property from in 1995. Sales price estimate 400-450k
Adjusted the budget with the new valuation
2nd Trip to Italy and properties viewed in Le Marche and Abruzzo. Spoken with Italian real estate agents for the Abruzzo region and their ingegnere
An engineer is a self-employed person (this role is a mix of architect and contractor) who represents the construction interests and applies for a permit from the municipality
In Italy, 1 broker works and he works for the buyer and seller. The Dutch system of a purchase and a sales broker is not applied. Praising and bidding is therefore limited
Information gained about the Italian broker such as the registration with the Italian Chamber of Commerce. There, annual accounts of several years were available for inspection
Concluded that it is a legal and reliable company
Applied for a codice fiscale (Italian tax number) at the Italian embassy in the Netherlands and obtained after the Dutch broker intervened. The codice fiscale is required for the purchase contract and other legal transactions in Italy
Consideration made pros and cons of the various properties offered. All homes visited have earthquake damage to a greater or lesser extent. Except for the construction of the Villa near Corvara which was built in 2007 in accordance with the latest regulations on earthquake resistance. No damage was found at the viewing and the house was dry inside
During the trip the weather was bad with a view of 20 meters max. Have seen little of the yard and the surrounding area. Later at home checked out te satellite and Google streetview footage, looked good
More information collected from the intended purchase such as a building permit and building drawings. The villa is under construction and does not yet have an address, the purchase contract therefore contains the lot numbers
Bid issued on 100k on the casco villa in Abruzzo
Bid has been accepted, Proposta d’acquisto (best translated as a letter of intent to buy) signed and paid 10%. This contract is binding and is notarized by a notary. Paid the bill of the Italian real estate agent. Scheduled transfer in contract is March 2022
The Italian notary checks a number of cases for the proposal and at the final transfer:
The property- situation, if there is joint ownership then all owners must sign.
The status of a possible mortgage. In Italy, a mortgage remains with the house and the buyer automatically takes it over
Is the description of the moving good by the seller correct with the data in the land registry and/or with the tax authorities
Is the deposit carried out correctly, the notary has a third-party money account
Garden cleaned up and garbage taken to the landfill
Property made saleable and then put by the real estate agent on Funda for 429k
Within 2 days 10 viewings scheduled the following week
2 Weeks later sold for the asking price and the transfer on 17-5-2022
Spring 2022
Postponement arranged for transfer in Italy and a guaranteed agreement signed with the seller for this
At the beginning of May notice from the buyer that the financing is arranged, asked the Italian broker to schedule the transfer there
Bought a trailer and mounted a towbar under the car
Temporary residential address in the Netherlands arranged and the first load of things moved
Bought aggregate that runs on LPG. LPG (GLP Italian) is available at the pump but you are not allowed to refuel GPL yourself in Italy, so look for a manned pump and a course for the Italian connection. Filling at the pump. was not possible at but at a filling point for butane tanks it was
Action plan prepared for 1st trip, list of supplies and a questionnaire for broker/ingegnere
1st version prepared for the finishing schedule
Looking for bargains for building materials
Internet searched for suppliers in the area for building materials. The smaller, local suppliers cannot be found on the web. Inquire with the broker and the engineer. The calculation was based on the prices on the websites of the major Italian construction shops. Hope it can be cheaper locally
May 2022
Property in the Netherlands has been transferred
Purchase agreement Italian Villa has been completed, am now official owner