Buying A Property on Lake Como

Lake Como holiday property purchase on or around the Lake Como is many people’s dream. Other people just want a more relaxed lifestyle and want to work from a property purchased in the Lake Como region. Property on Lake Como need not be expensive but is certainly becoming more popular. There are lots of opportunities to buy on Lake Como and Discovery Travel network is now providing links to companies who will represent potential clients professionally. No. 1 - Find the right properties The first port of call is to find a property on Lake Como. We have close links with many local agents and property owners/developers currently selling and will be able to help you with your search for that dream. The process of purchasing may be daunting to some and advice and assistance will be necessary and a multi-lingual agent is often needed. Our staff speak Italian, English, German, Dutch, French and Spanish. No.2 - Sort the finance You may be fortunate enough not to need finance for this purchase but most people require assistance and often they will seek to let the property to cover costs. There are many overseas mortgage brokers who specialise in properties and mortgages are available through Italian banks. Local arrangements are in place which you may be able to take advantage of and we are happy to send links through to interested parties. Remember, as a rule of thumb, in Italy, the banks will offer a much lower equity percentage. No. 3 - Does the property need work? This may well prove the most difficult issue if you have little knowledge of the Italian language and little experience in renovations or property management. It is critical that you identify a good reliable building company or management company to take care of this. Again we can help in this area with extensive experience of renovations locally. Remember Lake Como is also subject to the vagaries of builders and there working hours are not always the same as those elsewhere in the world! Management of this process locally is a bonus! No. 4 -Letting your apartment or Villa. Many people buy a second property as an investment for their retirement. Throughout much of the early years it may be necessary or desirable to let your property. A good holiday management and marketing company is invaluable. We would recommend Lake Como Homes and of course our partner company Happy Holiday Homes! The information and quotations you receive as estimates will be necessary to work out the returns on your investment. We have a lot of data on rentals, web site traffic, expected income and much more. No. 5 - The Location This may well be your first choice for selecting a property. But if you have a list and an idea of the income and renovation costs (if any) then you can make a judgement on the investment in comparison to your needs. As a rule of thumb, the most popular crossroads on the Lake is at the Golden Triangle (Varenna, Menaggio and Bellagio), but there are many other lovely locations, all becoming more popular and therefore valuable. There is only limited space however and building is limited. There are lots of arguments for each place, but these are dependent on your needs. Realistically a visit is needed to decide these things. Consider however the following: •Rent ability •Resale value •Renovation costs •Proximity to the Lake •Proximity to the key towns •Proximity to Buses, Trains and Planes No. 6 - The Visit We can organise and advise on elements of a site visit, including flights, local accommodation, hire cars and more... No. 7 - The Purchase. Work out carefully the costs including taxes, any VAT (new builds), notary costs, agents costs and the management and booking fee costs (rental properties). There are many very good books on this, but we can assist through this often confusing process. Remember, with a helping hand this can be a simple and rewarding episode of your life! If you would like recommendations from happy customers please call us.