Description

THE PROPERTY

This independent house is located in the city center of Campofelice di Fitalia, a tiny little village in the metropolitan city of Palermo in Sicily which is very close to the town of Corleone, famous for Martin Scorsese’s Godfather movie. It’s made of 2 floors and the interior parts are in need of major renovations, however the roof is solid and it has been done recently. The new owner will benefit of around 110 sqm of living space divided into two large bedrooms, one bathroom, a living room and a stunning kitchen with an ancient wood oven to make homemade Pizzas to impress your guests.

THE RESTORATION PROCESS

The house needs a full restoration inside as it has been inhabited for many years, however the roof is already in good shape and needs just little improvements, once finished it can become a nice modern house with classic elements.

A common question we receive is: “How much do renovations cost?”

Renovations strictly depend and vary on the works performed, however, it is safe to estimate around € 60.000 € in renovations to have a modern and fully restored home.

Italy introduced a new Tax bonus allowing you to potentially renovate the property for free. It is called superbonus and here we explain you how it works. Any individual owning property, regardless of his/her residency and citizenship, can access the superbonus as long as qualifying renovation works are carried out. Such works are:

• Energy efficiency improvements;
• Heating and cooling system improvements;
• Double (or triple) glazed windows installation;
• Solar panels installation;
• Seismic improvements

The allowance per house unit can go up to € 250.000; the house owner is then awarded a 110% tax credit based on the renovation works performed within the allowance. Once you are granted the tax credit you have three options:

• Offset it against your Italian tax bill;
• Trade the credit in to your contractors (resulting in a lower or nil invoice payable to your builders);
• Trade the credit to a financial institution.

Retire2Italy will help the winner in benefitting the tax credit, as well as trading it to a contractor or a financial institution in order to get back as much as possible in taxes reducing the costs of renovations potentially to 0!

In our estimate the superbonus covers in full the renovations required for this home.

THE PURCHASE PROCESS

In order to buy the property you must witness the notary deed (estimated in the range of € 1200 – € 2000); if you can’t witness in person one of our staff members can represent you to in front of the notary at no additional charge.

THE REGION

Sicily is the largest island of the Mediterranean sea, it’s an agricultural region full of history, art, architecture and culinary traditions. Due to its strategical position in the middle of the Mediterranean, Sicily throughout the history was inhabited by almost every civilization of the Med basin and Europe: Greeks, Romans, Arabs, Normans, Spaniards, Byzantines, Phoenicians and many others. Each of them left the island richer and today you can see that by how local people are friendly and the food is genuine and fresh. Another plus of Sicily is the great weather throughout the whole year, but especially during summertime when Sicily and its amazing beaches become a major holiday destinations for Italians and foreign tourists!