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The Medieval Hamlet of Calitri Project, Campania, Italy

Frequently Asked Questions

(Please note that this information is subject to revisions are the project unfolds.)

Can you give us your lawyer's details?
	Our (bilingual) lawyer is Avvocato Massimo Dotto, Via Lazio n.20/C 00187 ROMA Tel. +39-06-48880834 Fax +39-06-48880821 massimo. dotto@studiocoggiatti.it www.studiocoggiatti.it
Who will the notary be?
	The notary that will be following the sales is the only Calitri-based notary. We can provide you with his contact details upon request, but please bear in mind he doesn't speak English.
Could you tell me what the maintenance charges will be?
	The maintenance charges for the apartments are what you would expect back home (plumber, electrician costs etc, like elsewhere in the world.) Alternatively, you can have the Porta D'Oriente Services Agency follow your maintenance work for you, in which case please refer to the agency price list provided.
Are the apartments freehold or leasehold?
	Freehold.
As the property has to be paid for before completion is there any insurance in place in case the builder goes bust etc?
	No. Once the house is completed and handed over, we recommend buyers take out home insurance, even though this isn't very common in Italy. We are preparing some competitively priced group packages with local insurers for buyers, but they are free to shop around. With regard 'to going bust': to be honest we are not too concerned -- we are a very small, lean team and our rule is not to take on debt, or more than we can handle in terms of restoration work. Also, on an individual sale basis, we are very conscious of the fact that one bad sale experience could ruin the whole project so we are dedicating all of our efforts to ensure this never happens.
Do you know how many properties there will be in total?
	Around 200, maybe more, maybe a bit less. It all depends on demand.
Apart from the cost of purchasing the flat, are there any other costs you are aware of? What are the closing costs?
	Buyers need to be aware that they have to pay the notary fees (which are roughly €1,000.00 - €1,500.00 for the smaller properties). There are also the taxes on the purchase of the property (roughly about 10% of the value). Buyers need to factor in between €40.00 and €120.00 of administrative and research charges (smaller properties prices). Also, one-off connection costs for utilities (phone, electricity, water etc) like elsewhere in Europe.
What are the annual costs buyers should be aware of?
	Buyers need to factor in annual property taxes and rubbish collection taxes, generally about €350.00 - €500.00 for the smaller properties. Buyers also have to factor in their utilities bills.
What is real estate capital gains taxed at in Italy, and what about rentals?
	Real estate capital gains in Italy is taxed as income tax, so your tax percentage will depend on the income you have earned in Italy that given year. The percentagles range from 23% to 40%. The same applies to rental income.
Are there any sort of ongoing service charges for the building?
	No.
What bills will I incur as owner of a flat?
	Gas, electricity, water and telephone/Internet access if you want it.
Is there parking with the buildings?
	No. There is a car park at the entrance of the medieval borgo (hamlet).
Is there an outside area in the houses - roof or garden?
	Some of the houses have balconies. There are no gardens but Calitri is surrounded by countryside which is easily accessible.
Will prices in Phase Two be much higher than in Phase One?
	We hope not -- we are trying to avoid speculation and large price increases as this will in the long run deter investment and damage the fledgling services industry. Unfortunately there are some aspects that are out of our direct control, such as how much the private property owners want for their pre-renovated properties. We will, however, try our very best to keep a cap on prices to make the price-quality formula carry on through time.
Will the entire village be sold, and does mean that there will be no native Italians living there?
	A large portion of the medieval part of the village will be involved in the project. There will however be native Italians living in the medieval part of the village.
Are there local businesses, bakers, food shops, etc and are these run by local Italians?
	What you need to bear in mind is that the medieval part of Calitri (the Antico Borgo Calitri) is embraced by the newer, more modern part of the town, which is a bustling village of between 5,000 and 6,000 local inhabitants. There are bars, restaurants, food shops, a school, clothes and other shops, restaurants, bakeries, a pharmacy, a hotel, a post office, etc that are run by the locals, and the new part of town is about 5 minutes' walk from the exit of the medieval borgo.
What happens if a client pulls out after paying the deposit?
	If a client pulls out of the purchase after having signed the preliminary contract, they lose their deposit (55% of the purchase price).
When we discussed the restoration I understood it would be to "rustico" but reading the material it sounds like the apartments will be finished and habitable (even if just basic). Please advise on what level of completion you will be offering.
	The completed house will include basic renovation works, so a kitchen with a small fridge and cooker, a shower room/w.c., retiled floors where necessary, repainted/restructured walls where necessary (in some cases the antique stone walls beneath the surface will be drawn out for decorative purposes), electrical wiring, plumbing, etc. It will be furnished to permit immediate use -- so a bed (sofabed in the studio apartments), a table, chairs, a sofa and a coffee table. Heating and air conditioning is not included in the price and is an optional.
What happens if clients are not satisfied with a completed property (I assume that one of the properties will be set aside as a "show-house" so they can see first hand what the end result is like)?
	If clients are not satisfied with the level of renovation and furnishing provided by the "basic" renovation contract, and wish to have other optionals such as heating, air conditioning, sattelitet TV, broadband etc installed they will be provided with a price list shortly after the signature of the preliminary contract so they can commission these optionals to be carried out as part of the restoration works. The prices they will be charged will be market prices (the prices of the basic renovation and furnishing are below market prices thanks to the economies of scale that are being achieved in the project.) There is a prototype show house that's available for viewing but you need to bear in mind it's been restructured to "luxury" standards (includes artwork, heating, antique ceramics in the kitchen.)
I know we had spoken of houses at some point. Are there any?
	Yes, there are some larger properties in the Borgo available upon request, as well as ones in the countryside outside of Calitri.
Is there a way of combining a few flats?
	Yes this is something that can be done. You can buy two smaller apartments and make a larger one.
Do any of them have a view?
	Yes, some of them do.
	Do any of the apartments have good light or are they pretty dark because of the narrow streets?
	No, most of them are very light.
Do any of the apartments have nice views (countryside, town square, etc.)?
	A lot of them have views of the countryside, not of the town square though. Lots of them have views of the little streets etc. Bear in mind that although the streets are narrow, they are very sunny because most of the houses are one, two or three storey houses at the very most.
How far is the "new" Calitri from the old town of Calitri and is it an industrial and unattractive town?
	They are adjacent. Old Calitri, medieval Calitri is in the heart of new Calitri. "New" Calitri is a normal Italian country town, not particularly stunning (don't expect Sienna), but definitely not unattractive. It has some nice churches, café's, shops, streets and squares, and cars can drive in it. Cars are allowed only in some sections of the medieval borgo. There is no real industry in Calitri. The town thrives on agriculture and ceramics (there is an argilla-producing plant that is in a valley near the town) and also there is a jeans factory nearby Calitri.
Is it possible to arrange financing for buyers in Italy?
	We don't suggest it. Dealing with Italian banks is extremely complicated and expensive, because of bureaucracy and exorbitant costs. A recent research report by consulting company Cap Gemini has calculated that Italian banks charge some of the highest commissions world-wide.
What are expected rental returns?
	We suggest initially renting the smaller studio/one-bedroom apartments at 200.00 GBP a week, and then seeing how the market develops.