For many people, Italy is a dream vacation destination. Some people dream of moving there.
Lola Minton made her dream of emigration a reality.
Minton in March I bought a house in Mussomeli, Italy., a town near Sicily, for 57,000 euros, or about $62,000. She owns three of her properties in Sicily, with the fourth scheduled to close this month. She is currently helping others plan their migration to Italy.
The exterior of Minton’s house in Italy.
Courtesy of Lola Minton.
Minton and her sister Lisa describe their journey not only to travel but also to purchasing and renovating real estate. Like a trip to Wales — on their blog overseas amateur.
Moving abroad is a popular topic, and Minton told Business Insider she started doing migration consulting because she received so many requests for help. Additionally, while buying a home is complicated, buying a home abroad can be even more difficult. That’s where Minton comes in. She answers questions over the phone, helps with home searches, sends video tours, and takes tours with prospective buyers.
We will also advise you on which visa is best for you and share local knowledge with potential migrants.
“We were really upset that people who didn’t want to wait until retirement were starting to think about their bucket lists and what they wanted to do with their retirement,” Minton told BI.
Here are four tips from Minton and how to make your move to Italy go smoothly.
There are different ways to secure a visa in Italy
Although Minton is selling her Northern California home and is not yet an Italian resident, she suggests considering other paths to obtaining a visa in Italy. As a U.S. citizen, Minton is allowed to stay in Italy for up to 90 days within a 180-day period. She plans to travel throughout Europe before returning to Italy. Once her California home sells, she is considering buying more property in Italy. “We don’t know yet about the residency part. We’re looking into the residency part, but there are several visas that can be obtained,” she said.
One way to secure a visa is to invest in local companies. By earning 250,000 euros, or $276,000, Investing in local startups Alternatively, you can receive a visa by investing €500,000 in a more established company, such as Ferrari. According to London-based consulting firm Henley & Partners,.
“Their startups are different than ours. They’re more like garage startups,” Minton said. “It’s like an established company. It’s a new company, but it’s established.”
Another way to obtain a visa is an Elective Residency Visa (ERV), commonly known as a Retirement Visa. According to VisaGuide.World. Mr Minton said one would need €31,000 of passive income, health insurance and a lease agreement, which could be one of the more difficult steps.
“It’s hard to get a lease there,” she says. “Leases are traditionally four years, renewed every four years. You can break the contract with six months’ notice, but foreigners who are on a lease can have one I just want to get something for a year,” find a home and do all the other things. ”
Anyone interested in permanently residing in Italy should research visa options and possibly consult an immigration lawyer who specializes in international migration.
Italy is huge so please research carefully.
The regions of Italy have very different characteristics.
“You need to decide which area you want to go to, and you can do some research to get a feel for it,” Minton says. “Northern Italy is usually more expensive than southern Italy, has longer cold weather, and has bigger cities. Do you want a big city? Do you want a small city? That’s something you’ll have to research.”
Of course, you can find your taste by visiting different areas. But if you can’t travel, Minton suggests checking out Facebook groups to find real estate agents.
Minton added that she advised narrowing down your search in advance and providing enough information to your real estate agent so they understand you’re serious about your move, not just a showboat.
If you are buying a vacant home, make sure everything is up to date
In an effort to revitalize specific areas, a small Italian city offers homes in need of renovation. for 1 euro. Starting over with a clean slate in Italy is tempting, but getting your home into livable condition can take time.
Abandoned properties may not have electricity or utilities installed. Minton said it could take him a week to restore electricity and up to a month to restore water.
Minton said you can hire an architect or contractor to do a walk-through to check for problems, but you may not know for sure what’s not working until utilities resume. He said he could not.
Minton also suggested paying attention to what was previously done to the property and making sure everything in the home matches the records.
“You make plans and all of a sudden they add a wall or put in a window. Just like in the United States, those things should be allowed,” Minton said. “So if they had unauthorized work done on something at that point, during the escrow period where they’re waiting for closure, they’re going to discover, ‘Hey, this wall wasn’t there.’ So , the plan needs to be brought up to date or reverted to its original state, which means it can also introduce a twist in the plan.”
What’s also unique about the home buying process in Italy is that you might not get everything you saw on your first tour. It is common for sellers to bring in electronics and furniture.
A newly renovated kitchen in one of Minton’s properties.
Courtesy of Lola Minton.
“More than half the time, the kitchen will be gone or some shabby kitchen will be left behind,” Minton says. “So you’re saying that a $50,000 home costs another $3,000 in upkeep for the kitchen, lights, chandeliers, overhead lighting, etc. All of that costs. So when you get a home, you’re saying that it costs another $3,000 to maintain the kitchen, lights, chandeliers, overhead lighting, etc. It makes you feel like you got a car.”
Pay attention to exchange rates
Minton said kitchen renovations in Italy are relatively inexpensive compared to the United States. She renovated two kitchens for €5,500, but says it’s important to know for sure when the most money will be spent.
“The most important thing before buying a house is to pay attention to the exchange rate, because you want to transfer your money at a favorable time,” Minton said.
used by minton Multi-currency account Wise This is because you can quickly exchange money while in Italy to take advantage of constantly changing rates. Staying vigilant can save you thousands of dollars when making a big purchase like a home.
A for sale sign outside a real estate property in Italy.
Courtesy of Lola Minton.
“When I sent money to buy a house, the exchange rate was 99 cents to the euro, which was a crazy bargain,” Minton said. “If we had waited until six months later to close and closed at that time, we would have lost over $6,000 just in exchange rates. That’s a lot of furniture and decorations.”