The property itself is a beautiful stone building with two floors and delightful wooden features; the property is nestled among other similarly charming stone houses in a relaxing and secluded part of the village.
The village of Vetto is served by the high-speed fiber optic internet connection. You can stay well connected to the rest of the world, making this town a prime destination for digital nomads and remote workers.
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 will become a cute home of around 100m2 in total with a courtyard in front of the main door that can be used for outdoor meals during sunny days.
The 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 € 110.000 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 – € 1500); 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 good news is that the municipality of Vetto grants the new house owner a one time bonus of € 1500 at house purchase!
Emilia is an interesting region to live in Italy, although many of its small towns and hamlets are full of delightful rustic charm, this is also one of the highest developed areas in Europe, scoring the third highest GDP per capita in Italy. The famed city of Bologna is home to the oldest university in the world, and the region itself boasts eleven UNESCO heritage sights.
The local culinary specialities of this region are renowned across the world, with dishes such as spaghetti Bolognese, Lasagne, Parma ham and Parmesan cheese gaining in popularity with every generation.
If you love the idea of living here register now and bid to win this home!