Buying main dwelling at Lago Maggiore: mistakes to avoid

When you are going to purchase your main dwelling, there are a few details to be taken into consideration. Here are the things to know in order not to run into unexpected surprises

Buying main dwelling at Lago Maggiore requires some attention to details that are often little known but very important. Not everyone can benefit from tax relief, and not all the houses are in the tax relief categories. Here are some examples of mistakes to avoid when purchasing a house.

MAIN DWELLING PURCHASE: WHO CAN BENEFIT FROM TAX RELIEF?

Not everyone can enjoy tax relief for the purchase of their main dwelling. The buyer, who wants to take advantage of it, must not exercise property ownership rights, right of use, usufruct, tenancy rights or bare ownership rights, on another property in the same municipality as the home one intends to buy, but also throughout the country.

However, those who already own a property, for which they have benefited from main dwelling tax relief, can apply for the same tax break, if the previous real estate is sold within a year of the new purchase.

MAIN DWELLING PURCHASE: WATCH OUT THE TAXES

Tax relief for main dwelling purchase concern stamp duty, fixed mortgage tax and fixed cadastral tax. The stamp duty is 2% instead of 9% thank to this tax break. The value of the subsidized fixed taxes is 50 euro, both for fixed mortgage tax and fixed cadastral tax.

If the benefit expires, the amount will be 200 euro. Another element to watch out is who you buy the property from. If it is a private citizen, the taxes are those listed above. If, on the other hand, it is a company with VAT number, the parameters change: in case of main dwelling purchase, VAT is paid at 4% of the house value, the fixed registration tax of 200 euros, the fixed mortgage tax of 200 euros and the fixed cadastral tax of 200 euros.

NOT ALL HOUSES ARE SUITABLE FOR TAX RELIEF

If you would like to buy houses for sale Lago Maggiore, especially if we are talking of main dwelling, we must pay attention to a very important detail. Not all cadastral categories are entitled to tax relief. The buildings that fall into this category are:

• A/2 (residential/civil housing type);
• A/3 (low-cost dwellings);
• A/4 (popular dwellings);
• A/5 (Real estate units belonging to buildings with very low-level construction and finishing features);
• A/6 (rural dwellings);
• A/7 (semi-detached properties);
• A/11 (traditional and typical dwellings).

The following categories are not admitted:

• A/1 (stately homes);
• A/8 (luxury villas);
• A/9 (castles and palaces of hight artistic and historical value).

TURN TO TRUSTED PROFESSIONALS

Advice from trustworthy real estate experts from the early stages of research, and then in the negotiation, is essential. It is good to contact a consultant for the sale, and a notary, already in the very early stages of the evaluation. It can be useful to avoid annoying waste of time or, worse, nasty surprises in the document verification phase.

Ready to buy your main dwelling with Lago Maggiore view? Come and visit us in via Labiena, 81. For your real estate choice, choose Engel&Völkers.