Posted on June 25th, 2008 in Restoring a house by david | 3 Comments »
Advantages of listing a building
- For each restoration undertaken it is possible to apply for a government grant of between 30-50% of the cost including professional fees- usually 30% in actually given.
- 19% of the cost can be written off against tax.
- The State pays up to 6% of the interest of the mortgage related to the cost of buying a restoring listed building.
- Inheritance and purchase tax are lesser than normally the case.
- Rental income is hardly taxed at all.
- Property tax is around ¼ the normal level.
Disadvantages of listing a building
- Permission for restoration has to be received from the “Sovraintendenza delle belle arti” as well as the local Municipality.
- The listed building has to be open to the public once or twice a month (in effect more visit).
- The property is subject to a preemptive buy on the part of the state should you decide to sell. This rights has a time limit of 60 days forming the signing of deed with the private buyer.
- There are some limitations on the way in which restoration is carried out. This varies from building to building.
- The listed building must be well maintained.
- Extra volume cannot be created.