If you are thinking of buying a property in the Lake Como area in view of maximising property rentals potential then you should consider the following factors before you proceed:
- Don’t make any rash decisions, go home and sleep on it. Many people buy when on holiday and live to regret it. The system in Italy is such that if you commit to buy, then that is exactly what you have done. Committed. The financial implications of pulling out can be disasterous. That said, on the other hand there is no gazumping or other UK style practices.
- Once you have made the decision to buy work out what you can afford. A reputable agent will go through the taxes and costs giving you approximate figures as a guide. Usually the cost of buying will add about 20% to the purchase price. Do not take advice from anyone who stands to gain from the purchase. The advice is not going to be impartial.
- Are you planning to rent out the property? If so for how long and how much do you need. Its simple but often overlooked.
- Think about what you intend to buy – the more you need to rent out the property the more commercially appealing it needs to be. Just because you love the thought of buying an isolated house/villa with a great view is no guarantee that potential renters will be as enthusiastic as you about the location. The same rules apply to décor, contents and facilities.
- If renting out your property you need to consider the guests enjoyment of the property and always respect them. They are your customers after all. If you don’t respect the guests they wont respect your property.
- For the most successful renting look for lake views, pools, character, close proximity to larger villages and amenities and generally properties that will appeal to a lot of people.