Cheap Properties In Italy | Cost Of Living & Auction Properties - Ep 5 Ft. Dauvo
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- čas přidán 5. 07. 2024
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#Italy #mussomeli #retireearly
if they don't have kids, don't want to live in a big city (even in suburbs of a big city), and don't have a rent to pay, two people can live in Italy just fine with 1000€ / month, and save (few) money. Also entp life, allow me to correct your list with my costs of living here, those are costs for 2 people living in a 80square meters house:
Rent - 0
Property Tax - Fee
If live in an apartment you have to pay maintenance fees that can vary and could be very high in big cities
Heating Gas : €120 / month
Cell Phone- (unilmited calls 50gb of internet monthly) €10/mo
Internet-€25/mo
Garbage- €7/mo
Water- €25/mo
Car tax + insurance : €50/mo (this is high because car insurance is pricey but it becomes cheaper each year if you don't cause accidents, in some cities car insurance is VERY high, it depends on accidents ratio of that area)
Car Fuel : 20 € per 300km (GPL)
Eating : €240/300 per month
Bank account: 7€ / month - no credit card
Other expenses but this are for citizens and I don't know how it works for foreigners:
Health : basic health checks are free, ER is free in most regions or you can pay up to 50 euros in some other if your's is not a "real" emergency, a specialist medical examination on national health system would cost about 35 euro but again this depends on the region in which are you living (and it may take months before the actual examination happens). A private medical examination costs from 100€ upwards.
School: Public primary and secondary schools are free, university has taxes based on income and benefits for merit and low income families.
Thanks for this candid share and correction. Based on your number its 560 Euros or $620-$650/person if they are living alone in Italy without a rent. If renting as a single person one could push the number up to about $1000 a month in the same area which is still very affordable!
What area are you in?
@@Karl__Pierre @ENTP LIFE Hi, actually i think that for a single person life would cost almost the same / per month, or little less. Most of expenses in that list are the sum of fixed costs and comsumption costs (Heating gas, Light, water, phone...) so it wont change so much if there's one or two people living in the house. The only cost that would change is the food but i think it's a 100 euro / month max, because in proportion is cheaper to buy x2 than single portions. Car insurance and tax is paid for the car regadless of how many drivers use it, heating an house would cost the same, phone is paid per line so same cost, and electricity would be almost the same. Water consumption would be less but it wont change the total costs so much.
I live in northern italy, pedimont region. In the south food costs less but some other costs are higher so i think it would be almost the same per month.
@@Dokrobei great thanks
In order to retire to Italy, a foreign citizen must comply with a few requirements. Among these, the foreign citizen must be retired and have a minimum annual income of EUR 31,000. For married couples seeking to retire in Italy, the minimum amount necessary is EUR 38,000.Sep 16, 2021.
I moved to Portugal from the States in October 2018. The Schengen zone has the same 90 days in, 90 days out on a tourist visit. Lots of different residency visas are available, but right now, with the virus, people are getting frustrated about not being able to finish their visa process. It requires great patience-and I’m so glad I’m already here! And it’s not property taxes that are high, it’s the income taxes! Oh, and hi Dauv0 :)
Yes that's where they get you. Either way taxes suck but it's a problem for those who are earning. So whenever people complain about taxes I always say would you rather earn zero? Lol. I want to visit Portugal badly. So curious about how the culture is there and how much it is like or different than Brazilian culture.
Hi Shanna! Good point about the income taxes. What's your favorite city in Portugal by the way?
Just have to say I am glad to have found your channel and your guest!!! Thank you for being authentic and providing amazing value!!
Welcome aboard! And you're welcome. Are you looking to buy a property in Italy?
Nice to see you both!! Great interview!!
Thanks Federico. We couldn't do it without you! Hehe
Glad you enjoyed it!
Awesome video Karl. Gets me excited about spending more time there.
Thanks make sure you visit.
Thanks for watching Ace!
I'm glad that you tackled the misinformation. I am from Canada and Uganda and I have dealt with the real estate process in both countries. So when I moved to Italy on a student visa, I intended to use the 2-3 year visa period to research and then purchase a property. I am yet to meet anyone (Italian mostly) who supports purchasing property here. They talk about the high taxes and the appeal of North America, etc. I had clearly been asking the wrong people for advise since they don't get to compare to costs of living in major Canadian cities like Toronto, Vancouver, and now Calgary. Even with the exchange rate, Italy still beats Canada in terms of affordability and quality of life (aside from Milan, Rome, Florence, Bologna since they are international cities). I'm subscribing to your channel NOW because your content is exactly what I've been looking for.
Thanks for the feedback and yes Italians will tell you their country is awful and has high taxes....they don't know high property taxes. $600 euros a year is cheap. I think the biggest issue in Italy for the Italians is not too many jobs. No minimum wages and way too much government handouts. They've been rocked to sleep in a way and they have the potential to turn things around.
Really great and useful information! Thank you!
Thank you!
This is a great colab! I subscribe to both your channels already.
Thank you Mike
Awesome Mike! I hope to continue our collaboration.
Super! Getting another real life perspective
Yup. His story is cool.
I feel you
Great point made by Dauvo regarding modest middle income lifestyle as opposed to luxury. People visit Italy on vacation see the hot spots and luxury places and expect that lifestyle cost to be that of a modest middle income. As they say Champagne breakfast on a beer budget. It's all perspective and reality. Thank you great vid.
Thanks for saying so. Good metaphor!
Well said!
great info, my favorite sub!!!!
Awesome, thank you!
Great series! Thanks for sharing! Jumping on the train a little late but it’s been my goal to stay in Europe since I was 12. I’m very curious to see how things go for you as well as Dauvo and his auction properties but I couldn’t find a link for him. Just watched the first 5 videos and subscribed. I’ll be sure to watch more later. Thanks again!
Awesome thanks, I hope to have updates soon.
This was very informative! Thank you! I'm ready considering purchasing in Sicily now 😊
Visit this summer and see if it's a good fit
@@Karl__Pierre I just may do that!!! My plan is to retire by 50. I'll be 48 (even though I don't look like it lol) this year so time to fine tune the plan 🤜🤛
Thanks for having my in your channel! The video came out really well! Hope all is well in Florida!
Thank you! You too! You're welcomed anytime.
Love this video !!! I would like some information abaut some houses located around the beach or a Lake that will be awesome!!! Guys you too rock!!!Thank you
Will do!! Next time I go I am going to look into properties near the coast.
Hi! I found this today, your content is clear and provides amazing value. I'm excited about the possibilities and I appreciate your transparency and encouragement. I use to live in Italy and would love to purchase an investment and vacation property.
Welcome aboard!
Very informative....thank you
You're welcome are you planning on buying? I just saw a property yesterday
Great video!!! I have a duplex in the US. I am now thinking of visiting Italy.
Definitely worth a visit
Love you guys!
Thanks Chris! Feels like family here haha
yup
Likewise Chris. Same journey.
@@Karl__Pierre Exactly!
Thank you. This is crucial information.
Thanks for watching. Are you looking to buy in Italy?
@@Karl__Pierre In theory. I'm just a looky-loo right now.
Learned alot! Thank you for this video (:
Thank you for watching and commenting. Are there any questions you have
No problem Farrah! Glad we could help!
DauvO Hi there! Is the buying process easy in Italy? How long does it usually take if everything looks ok? I plan on getting properties that I can cash and renovate. I have been looking for a place that I can make a second home for my family either in Umbria or Sicily region. I keep in touch with realtors in gate-away and I have seen some online that has potential but I really have to see the location in person before I decide to invest (maybe after covid!) Do I need to have an Italian Social Security number similar to the states so I can pay my taxes? (Is that an easy and fast process?) and do I hire a lawyer too in order to make sure that there are no hidden problems in owning a prospective property? Thank you both for your time! Love the collaboration. Stay safe and God bless!
@@farrahyu6318 the social security is called a codice fiscali. It's a 15 minute process and incredibly easy. The notary agent who files your paperwork does the research on the property and all legal homework. Similar to a title agent in the USA. I think from beginning to end expect 3-6 months to close. I started my process in February and getting set to close this month. Delay due to one seller dying and COVID. I think you absolutely should go and investigate areas and be prepared to act. What you see online today may not be there when you go but can give you an idea of pricing.
ENTP LIFE Nice to know that it is an easy process! Thanks again for sharing your knowledge. Take care (:
Fascinating story Karl., Finally getting the time to watch all your Sicily videos that I started to watch over a year ago. Now that Travel is back on the cards and I will be going to Sicily next month for a couple of months. I want to check out some homes if the schemes are still up. I went pre-covide times but I could not get my head around these shell shocked homes in Mussomeli - I went back to the UK disallusined with the scheme. I want to look at it again - particularly now I am retired. I love Sicily and I want to have a retirement home there. I will finish of watching out your story (just on Ep 5) but need to nip out so will catch up later. I hope we can have a chat about it and you can advise me more.
Cool keep me posted.
Hey Karl, Firstly, thank you soo much! I've watched your entire "Cheap properties in Italy" series and it is by far the most helpful video series I've watched on the matter. I did have a question though, does buying those properties give you a visa so that you can stay and renovate your house? Or buying those houses doesn't give you that privilege?
Unfortunately you do not get residency because you own. You will have to apply for residency.
Great info especially regarding how many days one can spend out of the year! Is an AirBnB considered “working” in Italy. I’m possibly wanting to buy two properties given the reduced price especially in the South.
Glad you liked it
Not sure but I'm doing that and will advise accordingly
Owning an AirBnB is not considered a "work" in Italy if you rent a room randomly.
In Italy you pay taxes if you earn any kind of money incomes over 8145,32€ per year. 🤔
Karl and DauVo !!! You Guys are Awesome . I Can’t believe All the Information you Are Providing Us. All this Information is Priceless. I Hope You will both be Blessed and Life Will Return and Multiply your a Kindness and Generosity. I became a Big Fan of both of You. Keep up the Great Videos and Chats .
Can’t Wait to Travel back to Italy 🇮🇹 hoping to purchase my Dream Home too. Warms Regards to you Both and Best if Luck and Big Thanks for the Updates.
Noriko From Miami Florida
Wow, thank you!
Good channel.
Thanks for the kind words.
Do you recommend using a agency to go through the process of buying an auction property?
If so is there one that you would recommend?
What is a good price to pay an agency?
Thanks for any help with those questions ; )
I don't go for the auction properties but help people via my site www.cheaphousesinitaly.com
I'm curious about setting one up as an Airbnb if I'm here in the States. Do you have a company that goes and cleans and checks on the place after each guest? I have no idea how that would work.
Hi Will. I have a few videos here on airbnb I recommend you check them out. When it comes to property management it is very simple. On airbnb you charge a cleaning fee, that is customary. Your cleaning fee should cover the cost to pay a service or someone to clean the space, replenish toiletries and necessary goods. That cleaning person should then restock and report to you how the place was left. Cool thing about airbnb is that the host can review the guest and it stays on their profile. Bad guest get reported to me, I review them accordingly. Its virtually hands off, I may provide this service if I see a market for it.
I was wondering the same! My property would be an Airbnb 9 months out of the year. Having someone there to use as a point of contact is a small but good example of investing in the local community as well. In an effort to maintain your reputation within that Italian community, being able to rate the people who stay there is 👍🏻👍🏻
I'm so impressed by your positivity and verve for life. I am no where near your success in life carrying debt so much so that I can't even get a divorce yet haha. My ex is black and my daughter, obviously, is mixed. I would never have considered traveling to Sicily and honestly, likely not Italy. Have you experience any crazy racism in your time there and/or just abroad in general? Thanks so much and best of luck in your future endeavors.
You totally got pulled into the American trap. I'm sorry to hear that but if you put your mind and effort towards changing that you can in less that 5 years. Racism is most alive right here in the USA than in Italy. I was treated well. People were more curious to see a black American than they were resentful. I hung out with locals who were practicing English and welcoming. Racism is a tool improverished, under educated people use to make themselves feel better. There's nothing a racist can say to me to make me feel uncomfortable, and if they bring physical violence they better be ready to die because I am. I would encourage you visit and decide for yourself. As for other parts of the world I always feel good. As I said before the racism here is more pronounced than anywhere I've ever been...even in Thailand where I was commonly referred to as chocolate man or Obama... There, it's just color and a description vs here where color is socially loaded and terms like that meant to put a black down...
@@Karl__Pierre Thank you for your speedy response and insight. I will feel more comfortable exploring the world around me and taking my daughter on adventures. Being in debt and hating where America is currently I have been consider moving out of NYC (either nearish 2 hours to be near my ex) or insanely far like Italy. Anyways, I'm glad I found your channel.
@@featheredsociety4025 haha no life no choice but be speedy lol. Just kidding .
Great video! I would love to retire in Italy, but I have to work a few more years!
I've got a video coming soon showing how to retire early.
@@Karl__Pierre that would be great!!!!! Thank you!
@@Karl__Pierre can you find out/share about the tax incentives for retirees who buy property in the South of Italy?
Hi Katherine! You're well on your way with how often you watch informative videos on CZcams!
Can you declare a property as your primary residence if you live in it 4-6 months out of the year and AirBnB it for the other 6 months? I’m thinking of the tax aspect if you’re only going to purchase a home and not live in it Year-round.
Taxes inexpensive. If this were a primary residence it would be waived but then you'd need to secure residency in Italy which isn't achieved through owning a home. I feel the taxes are negligible
WHAT IS THE TIME LIMIT ...FOR THE REFURBISHING/RESTORAL?
Depends on the project and if it's a city owned 1 euro home. That's usually 3 years
I might have missed it, but what are the monthly utilities and other expenses (like internet) associated with a modest property (2 bedroom, 2 bath around 100 m2)?
Taxes about 700 a year. Internet 30 for 100mbps/month. Electricity water combined $100-150/month with reasonable use. So I would say monthly housing costs will be $200 or less
@@Karl__Pierre THANKS!! Your information and feedback are so practical and relavent. I really appreciate your content.
@@marioguerrier5351 you're welcome
I’m look to purchase and retire there (or France...more expensive because I know someone who lives there) if I can purchase an expensive property. I’m not handy so I probably wouldn’t choose a 1 euro property.
Go for it
Not sure if someone has posed the question yet....if you can live there for three months at a time, what are the rules for bringing along your dogs during that time? Wondering if there are specific rules for Sicily or the town.
No idea.
My instinct is to simply google can I travel to Italy with my dog
@@Karl__Pierre Thanks! Yep found out they can with some requirements
Hey Karl..i am making plans to take trip to italy to buy a 5000 pound property..hopefully i can meet up with you for advise
Hello, I'm currently stateside. Where are you Buying and what do you need assistance with. You can book a call with me at entplife.com ...enjoy the process!
The context of this conversation is about a middle class lifestyle in Italy.
The answers invariably revolve around living like a pauper in an apartment so small you have to step outside to change your mind.
So small when you put the key in the front door, you break the glass in the backdoor.
Yo mama house so small that when she orders a large pizza she had to go outside to eat it.
As well as eating Discount German supermarket food from Lidl or Aldi.
In short, double every number the interviewee mentioned.
So you woke up feeling the need to be negative today. Please show us how you would do it so that people who feel and think like you have a satisfactory option to pursue.
@@Karl__Pierre Tabular data, covering cheap cheap living, middle class living and another for higher end.
With concrete examples using a standard basket of goods.
Broken down into monthly and annual costs, with emphasis on recurring costs, e.g. annual property tax; I believe you call them "carry costs".
@@Karl__Pierre Could you provide a link to a Google Sheet that does this?
@@daithi007 you can do that and I'll invite you to talk about how you would budget your lifestyle if living in Italy to provide an alternative perspective. Here is a tool that does comparisons of costs of living in different cities. I referenced Palermo since that is Sicily's big city. Comparing it to a large city in the USA. The cost is 50% less for equivalent lifestyle. Another thing when talking to locals about cost of living I was told that for 1200+1500 Euros you can live ok. This is pay for your expenses, clothes, and occasionally travel. www.numbeo.com/cost-of-living/compare_cities.jsp?country1=United+States&country2=Italy&city1=Fort+Lauderdale%2C+FL&city2=Palermo
I want to invest to Italy how can i do?
First I would say define your investment criteria and expected return on investment. You can also email at info@entplife.com
You got the Facebook link?
For me or Dauvo?
@@Karl__Pierre Bought if you can , thanks
whats the taxes at death ? I would want to pass my house down to my kids and grandkids.
No idea, maybe 2-3k
Yes but all this hinges...on the concept of this AirBnb...should it go belly up what will you do with all these properties?? sell them??
your counting on income based on one entity...AirBnb..recent laws...might change all this...
No necessarily. There are other services that are used, airbnb is just the leader in the space. Additionally I am not banking on airbnb as this is a small purchase for me, its my little vacation spot that I can simply have for random trips, to host friends etc
Remember that in Italy you pay no taxes on your first house, that is usually the house where you the landlord are resident into, but you pay lots of taxes if you own more than a house... And this depends highly on the position (i.e. houses in Touristic places pay more taxes, like for example in Taormina or Portofino), the kind of refining of the second house (an apartment obviously pays less taxes than a luxury villa), and its surface calculated in square meters.
There are tables of reference in any Town or City Municipality Land Registry Office (Ufficio del Catasto)
So then owning two houses in Sicily in Mussomeli as second and third house, since you live abroad, it must be not exaggerated amount of money in taxes but sure an important sum of money.
@@raffaeleirlanda6966 estimate is 600/year
@@Karl__Pierre State tax, right? Then you have to add Service Taxes TASI. Then you will reach and surpass 1000€/year per house, or am I wrong? 🤔
(That could be a few money for someone, and lots of money for someone else)
Can’t renovate, can’t manage it. Need a lifestyle with concertise, ect
?
My family and I will buy a house there once the banned is lifted. I'm an early military retiree
Nice! Sicily?
WOW! $19, 000.00 FOR A VILLA...IN OR NEAR MILAN!
Outside of Milan like 45 minutes to an hour but yes.
Any other euro countries as good as Italy?
I really don't know if I come across that information I most certainly will share it here on the channel. What country would you wish had euro deals?
@@Karl__Pierre On the video ur guest mentioned Portugal. Countries in southern europe with a temperate climate low cost of living.
Portugal for sure... 😁
That means if my US Pension is $1,000 a month as a Single Person I can retired in Italy.
You can use but... you need about 2500 to qualify for the retirement visa. The 1000 covers you in Colombia
Didn’t really speak about utilities in detail , just said he pays 500 on food and extra 300 on bills , but no council tax. So is he saying electric and water are 150 each aprox ,? Sounds expensive being honest .
Look at the pinned comment
ENTP LIFE can you point me in the direction of your email please .
@@jasonmck7323 karl@solislapierre.com
You miss a very salient point of all your sales pitch explanation of your experience of acceptance .. it has nothing to do with race . Italian are welcoming of all guests . It is cultural.
Thanks