Tuscany – Italian mortgage
Tuscany is one of the 20 regions of Italy, located in the centre of the country covering an area that is about 23,000 square km. It’s famous for its ‘Chianti’ wine, Chianina cattle and the production of olive oil as well as having six localities that are named as UNESCO protected sites. As an area of investment for an Italian property mortgage, the Tuscany region has a great deal to offer.
The regional capital of Tuscany is Florence; a place famous for its UNESCO protected historical centre and the Santa Maria del Fiore cathedral. The city also holds an impressive art collection by the likes of Leonardo da Vinci, Titian and Raphael. Property prices in the centre of Florence are understandably high; however those Britons that have invested in Tuscany tend to look outside of the cities towards the more rural areas, looking for run-down buildings which they can then renovate.
Tuscany has for many years been an extremely popular place to invest in for an Italian mortgage as it combines natural beauty, historical settings, famous art as well as renowned wine and food. For this reason, although bargain properties can still be found, the fact that there are so many people with the same idea has made this tough.
On top of this, caution should be exercised by those looking to invest in a renovation project because planning laws in the region make it very hard to modernise homes or build extensions – a ‘ravina’ (run-down rural property) must be restored to the state that it was in before it fell into disrepair, according to planning laws. Despite this, if you are wishing to renovate such properties, you will find the cost of renovation work is much cheaper in Tuscany than other parts of Europe.
Whether for a second home or as an investment in a rental property, it is strongly advisable that you seek professional advice when acquiring your Italian mortgage. As the UK’s leading overseas mortgage specialists, Conti can help you find the finance for your Italian property, and make the process as safe and hassle-free as possible
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