HOW MUCH DID IT ALL COST? | BUYING AN APARTMENT IN MILAN ITALY

[@misstiataylor_]

I think that's the million-dollar (or euro?) question! How much did everything cost? The notaio, the agencies, the taxes... how much money do you really need to buy a property? I'll tell you that the down payment is only the beginning. Here's a rundown of all of our costs and the grand total of how much we'll end up paying just to get into this apartment.

[@700Bonnie]

Question: did you save money on the actual purchase compared to if you would have bought this same house on the "free market"? Were there any "hidden costs" as it almost always happens with auctioned houses? And if it's not a secret how many sqm does your appartment have? I'm thinking of buying an appartment somewhere on the outskirts of Milan, but still within the metropolitan area. I already know I'm not going to get approved for a mortgage, but I would be able to pay it in full if the cost was relatively contained. Unfortunately, on the free market even letteral matchboxes of no more than 25 sqm go for almost 100k, not to mention the sheer amount of taxes. Thank you for your insight. It's intersting to learn from the experience of a regular buyer as opposed to investors or agents who know every trick in the book.

[@kikiharrison11]

Thank you so much for this video! Non so perché ma in Italia parlare di soldi è abbastanza un taboo e certe informazioni, così chiare e dettagliate, sono difficili da reperire da persone vicine a te. Quindi veramente grazie per questo video perché è super utile e grazie per la tua sincerità e schiettezza! :) e complimenti per la tua nuova casa!

[@misstiataylor_]

grazie a te!

[@johnoliver2022]

Tia, do not forget you can deduct from your annual income taxes the 19% of the total annual bank interests paid if the apartment is legally qualified as your first home !

[@MsStefania95]

Grazie Tia per questo video informativo! I am 25 yrs old from Milan and I've been saving up to buy a house here. I know it's crazy expensive the real estate here and that's why I'm thinking to go the auction route too. It was very helpful to know in details the extra costs when buying a house, I learned something new today! Not a lot of youtubers do this kind of videos about housing in Milan, clear and short! Looking forward to more content about housing in Milan :)

[@misstiataylor_]

Thank you Stefania! I’m glad I could be helpful and wishing you the best of luck!

[@harraswasim6832]

Thank You soooo much. i think i have gone back to your videos again and again for guidance over the years since moving to Italy.

[@beatrice8910]

I don't think I'll ever buy a house or come back to live in Italy, but it's so interesting listening to you Tia!

[@beatrice8910]

@SatinDoll because it's hard to live in Italy and do the work you love as a young person, in my opinion! Tia manages to do it as many other extraordinary people, but it's quite hard! Unemployment is spread, taxes are super high if you want to have your own business and Italy is quite narrow-minded compared to the rest of Europe!

[@valeedits7024]

Will the season finale be an apartment tour once everything is done? 🙏🙏🙏

[@misstiataylor_]

oh yes, and don't forget we still have the adventure of renovations to get through lmao💀

[@maryjordan6]

@@misstiataylor_ If you want some tips,... I ust went through that XD

[@ValerioMango]

You honestly rock 🙌🏼 congrats for your apartment

[@misstiataylor_]

thank you loris!

[@susanmagiri2282]

Most comprehensive video. Looking to buy something out in Ancona and I can't tell you how much this break down has helped. Thank you.

[@pile333]

Yeah, in Italy it's easier to manage many houses than managing a couple. Your first step into italian real estate. Not that bad in the end.

[@userl697]

Omg I’m so surprised about the price. I live in The Netherlands and the prices here are craazzyy. We bought a home in a random small town for 330.000. Apartments in cities like Amsterdam are crazy expensive.

[@mimmiblu6138]

Yes, but we earn Italian wages!

[@userl697]

@@mimmiblu6138 ofcourse.. but believe me the homes here are also nog compatibile to dutch wages.. all cities are being bought out by foreign investors.. the country is on sale for rich investors and normal 2 income households have to move outside of the city and still pay to much

[@mimmiblu6138]

@@userl697 but if you want to buy a decent home for a family (around 100 sqm) in a half decent suburb like mine (not in the city!) It will cost you around 300.000 - 400.000 Euros. I'm a teacher, I earn 1700 Euro per month. It's a rip-off here too.

[@userl697]

@@mimmiblu6138 crazy. When has housing become a luxury in europev

[@misstiataylor_]

I think the prices in Milan are pretty crazy as well... I bought the house at auction and I still think it's expensive lol, normally a house like the one i got goes from 150k-250k depending on where in the city it is... I'm talking about a 1-bedroom at 50 sqm. My childhood home was 250k in Connecticut and we had so much space, good schools, and lots of amenities. I'm just looking forward to this because you know what's worse than home prices in Milan? Rent💀.

[@joev450]

Hey Tia, great video. What is the situation with owner investors in Italy? Here in Oz the issue with apartments is oversupply driven by people wishing to buy properties to then rent out and for which they receive a number of significant tax incentives. As a result, apartments are small, cheaply made, and still excessively priced (anything inner city will cost you at least 500k - roughly ~320k euros). Very few of them are occupied by owners and fewer still families with kids.

[@antoniosini8192]

You are smart, you have a Bocconi degree, you are an influencer. My worry is, if housing is a human right, how is the average Joe gonna get a house?

[@misstiataylor_]

sounds like an ideological question for the government...

[@maryjordan6]

Very painfully

[@misstiataylor_]

@@maryjordan6 I'm sure average joe won't have people refusing him finance because he's foreign and trying to buy as a single woman and since men also are statistically hired and paid more in Italy, I’m the wrong tree to bark up for sympathy. I'd tell average joe exactly what society has told me from birth: work hard and make good decisions.

[@maryjordan6]

@@misstiataylor_ ciao! I wrote that because I just experienced what happened when my boyfriend asked for a mortage to buy an apartment last year. He was by himself, having all the requirements and then the bank refused anyway. (There was no point in refusing it I can assure you, in fact changing bank it all worked out, but in the process he lost the priority and others made another offer and he lost the house). My point is: it's not easy, you need to study a lot if you want the apartament you really like and to make a good deal.

[@LaburnumAnagyroides]

The average Giovanni in Italy can't afford a house in Milan so he would choose to stay in some little town just outside the big city where he probably works

[@britjj5126]

Tia! I haven’t watched a video from you in a hot minute and I come to your channel and see a whole other hair do 😍 So amazing to see your growth and how far you’ve come. I remember your early days in Italy. ✨

[@jessicas3070]

Truly congratulations as its extremely mentally exhausting dealing with a property purchase in the past year however, 1 month to arrange a mortgage even during covid is slow, but it's understandably faster than who you had first. Girl, you'd probably be on your way to your first 1 million if you had spent the past several years working and investing in the UK with your attitude. Maybe hold off on the renovating for now, in case builders/companies mess you around. From what I've seen in Milan it's quite an inconvenience getting windows fitted, materials delivered in time etc during the past few months! Take it easy :)

[@stefyc-p3k]

I think the life insurance is almost mandatory, not only in Italy but also in other countries like Spain.

[@tashposh8712]

I’ve already gone through the first time home purchase is USA and I’m definitely not looking to purchase a home in Italy lol but I’m very appreciative of you for making this video! The home buying process in America for our first home was such a confusing and esoteric experience. It seemed like asking friends and colleagues “how much did you spend”? Was so taboo and literally no one would provide real facts and figures, not even generally speaking. After having gone through the process myself I’m more than happy to share with others the real cost of buying a home. It shouldn’t be such a secret. How else will you know if you can really afford to take the leap if you don’t know want your in for financially?? Thanks again!

[@misstiataylor_]

You're so right and I wish this information was out there for me as well, I don't think it would have changed that much but it's always 'good to know'

[@AnnaDR91]

I have a question on how to set a budget for the house. I mean, if you have a sure good monthly salary, which percentage of your saving should you use for getting a house, in your opinion? 💛

[@misstiataylor_]

Good question! I wasn't actually saving for a house, I was saving in general and i think it depends from person to person. some people say 20% is a good monthly savings rate... personally i was saving a lot more

[@liviaclaire]

Hi Anna. I recently got pre-approved for a mortgage from Intesa san Paolo and I got the same response from other banks. Your monthly mortgage payment should be less than 35% of your net monthly income. I think that would be a good rate also to set aside each month in order to save up for the downpayment and the various fees.

[@mdjones1585]

Great video. Super clear and a very helpful level of detail. You should consider being a consultant to people who want to navigate the process.

[@johnoliver2022]

Sei grandissima Tia ! Complimenti ... I think the notary was for mortgage legal act and for setting up a guarantee at cadastral offices in favour of the bank ... The life insurance normally is not compulsory if you do not have children or 100% mortgage but it is better to do it. Comunque sei stata bravissima !

[@suzannederringer1607]

Very interesting. Very detailed. Daunting! Thanks and Congrats!

[@misstiataylor_]

Thank you and I'm glad it was helpful!

[@Lil-lt8np]

Ciao Tia! Congratulazioni per la casa, sono molto felice per te. È stato interessante guardare questo video! Posso chiederti dove hai comprato quegli orecchini? Sono molto belli! Grazie ❤️

[@linguno]

The most important wasn't mentioned... the auction started at 60k but how much did you end up paying for the apartment without all the additional costs? Auction apartments are in need of complete renovation, that's why they're cheaper.

[@misstiataylor_]

@@linguno 121k euros

[@linguno]

@@misstiataylor_ Thank you!

[@nanay3000]

Woo-hoo, congratulations, Tia!!

[@misstiataylor_]

Well, it’s still early to celebrate 💀

[@Zaju]

I assure you we Italians are quite perplexed why we need "notai" too 😅

[@elendilnix]

The notary serves one thing in particular to make you oblige to pay taxes. In fact, the cost of the notary is largely due to taxes.

[@Zaju]

@@elendilnix We pay taxes for a lot of things, but we don't need "notai" for every one of them.

[@mbuck5044]

Wow and I thought buying in the 🇺🇸 was difficult. At my closing for my condo in New York I had to present certified funds for $35000 which included closing cost and down payment. You're right: the next is the litany of $$$ for renovation and moving. It was a massive headache but worth it to own your 🏡 How many rooms does your new flat have? What plans for renovation if any? Great vlog!

[@misstiataylor_]

oh no, italy makes everything soooo painful :') They keep telling me it will all be worth it and I really hope they're right! It's a 'bilocale' so 1 bedroom + living area and yes we are trying to renovate the whole thing so this is just the beginning!

[@AllYouCanItaly]

Milano è una città magica, frenetica e ricca di possibilità. Ma anche estremamente costosa!

[@misstiataylor_]

è sta solo peggiorando da quel punto di vista😬

[@uniparsity]

@@misstiataylor_ Nel Sud Italia le case costano moooolto meno....

[@strikedn]

@@uniparsity Dipende dove nel Sud. La casa vecchia dei nonni di una mia amica a Santa Maria di Leuca è stata valutata 250.000 euro ed è mezza da rifare. Ci sono posti cari anche al Sud e posti economici anche al Nord.

[@carolen7484]

Hi Tia, thanks s much for the info. What was amount your apartment? 60k or 120k? How do you start looking for the best place to stay.? Very useful… thank you.

[@bebop54]

this was so interestin' Tia .......thank you.... been comparing the process to Greece as an american buyer ....geeezuz...

[@misstiataylor_]

let's just say that I don't think i'll be repeating lol

[@apm9323]

Such great insights , thanks for laying it all out!

[@misstiataylor_]

you're welcome!

[@JamConcerned]

Like you said you went through hell, but I am so glad you realized now was the time to get a house. That was such a wise move. Would you ever get property in your hometown and rent it out or do Air BnB?

[@emanuelebabici]

Hi Tia and thank you so much for this video! ❤️ I wanted to ask you, if I can, how much are you going to pay monthly to the bank, to give back the 121.000€ they gave you?

[@misstiataylor_]

In the end, the bank is only giving us 86.000, not 100% and not even the 80% that we wanted but our monthly mortgage will be like 100 euros a month... so that's good.

[@alexandraelenadicu9427]

@@misstiataylor_ Tia ma come fa la rata ad essere 100€ per 86.000€ di mutuo (più interessi immagino) ? Avete fatto un mutuo di 70 anni? 😂 posso capire 300€ se avete fatto un 30 anni ma 100 non è possibile

[@misstiataylor_]

@@alexandraelenadicu9427 era circa 300 euro quando abbiamo chiesto 80%, quindi immagino che adesso che stiamo chiedendo 70% sarà di meno. Comunque dato che ho in mente di pagare questo mutuo in molto meno tempo di 30 anni, non è che sono qua a stressare una differenza di 150 euro nella rata.

[@alexandraelenadicu9427]

@@misstiataylor_ si beh molti non lo portano a termine chiaro ma una rata di 100€ di mutuo comunque è impossibile per qualunque tipo di mutuo. All’inizio ho pensato che probabilmente ti riferissi alla metà della rata che divideresti con Enrico ma comunque sarebbe incredibilmente bassa.

[@emanuelebabici]

@@misstiataylor_ thank God I always come back to my old comments to see if there are replies! Thank you so much for your answer and your time, and shout-out to you for the great content you're bringing here on KZbin! ❤️ I'm sorry that unluckily you didn't get the full amount, but yeah it's still good what actually got at the end...

[@narminnahidi9418]

Thanks for the video. Can you introduce this agency of yours? Do they only work in Milano area?

[@isabel441]

This is very useful! Thank you

[@matthewsargent8087]

Your general fees are so much higher than the UK but we pay a hell of a lot more in stamp duty tax.

[@misstiataylor_]

Your stamp duty tax seems to be somewhere inside our 1.500 notaio cost --and our notaio cost is veeery low for various reasons

[@bdinvestments7682]

What's the credit like in Italy vs. the USA

[@Dudevegaslv]

What’s your agency??

[@MsBaby1959]

Congrats Tia 😘 welcome to the wonderful world of owning your very own home and all the fun fees that go with it...I can assure you my dear that it never gets boring €€€ 💸💸💸😂😘😘😘

[@misstiataylor_]

Omggg 🥲🥲😂

[@MsBaby1959]

@@misstiataylor_ 😅😘😘😘😚🥂

[@barbaralove0991]

Hi Tia are they using your credit from the US for the mortgage or your income and assets while living here?

[@MissLauraBi]

I didn't understand if the total amount includes the expenses or not. You add the 40k to the value of the house? Anyway that's a good price for an apartment in Milan, how many rooms it is?

[@valeedits7024]

40k should be the sum of the down payment + everything else she listed

[@misstiataylor_]

yes what vale said. The value of the house is decided by the market...

[@CreativepreneurJourney]

I understand it is a lot to invest on a house.

[@misstiataylor_]

a LOT!

[@undomiel466]

Honestly I tought it would be worse. I'm really scared by the idea of buying a house

[@misstiataylor_]

well damn... i thought this was pretty bad lol. just wait till you have the money, then everything will work out i guess

[@culturalgarden]

Ciao Tia....secondo me sarebbe meglio comprare casa a Saronno o Varese o un altro paesino dell'hinterland milanese. Costa molto meno, e in 20/30 minuti di macchina sei a Milano.

[@misstiataylor_]

Con tutto il rispetto nel mondo non vivrei mai in un paesino, sopratutto in un paesino dell’hinterland milanese 😐 sono cresciuta in una città piccola e non tornerei a viverci mai. Forse dimenticate che sono una persona nera e non voglio essere circondata da leghisti.

[@nonudroid]

Can you recommend a good real estate agent in Milano who speaks English.

[@cristianacaprioli3993]

Real estate auctions are a very fishy business in Italy

[@gracevittoria9467]

What are the mortgage rates like in Italy Tia? Are they comparative to those in North America?

[@misstiataylor_]

They’re actually lower because interest rates are lower and they expect you to pay more upfront 💀

[@tsakurshovi6676]

what was the interest rate on the mortgage?

[@misstiataylor_]

don't remember, somewhere between 1% and 2%

[@tsakurshovi6676]

@@misstiataylor_ Grazie mille!

[@lorenzosammarco1056]

Depend on the neighbourhood....if u go in an all italian area is a bit more expensive, if u wana buy in the areas full of immigrants it gets alot cheaper

[@misstiataylor_]

well I bought in an immigrant area to be with the other immigrants such as myself and it's still expensive so there you go.

[@lorenzosammarco1056]

@@misstiataylor_ to be right i didnt say that in a racist way. I'm from Torino, if u go in a "multietnic paradise" neighborhood u get a 60m² apartment with 40-50.000 euro. In other areas mostly inhabitated by italians is most expensive. I guess its a safety thing

[@misstiataylor_]

​@@lorenzosammarco1056 .....lol did I mention the word racist? Anyways this video is speaking about Milan as I said multiple times and in my experience, it literally makes no difference. The most multiethnic part of the city (nolo) is also the most gentrified right now actually the city has big plans to develop it. There are immigrants everywhere in Milan, outside of the center, so literally the logic doesn't follow here. Thank god.

[@strikedn]

@@misstiataylor_ 100% right. I live in NOLO and the prices are skyrocketting. And yes, there are people from anywhere in the world, that's why I love it.

[@frach6550]

Scusami Tia, ma la casa non era solo tua? Mi sembra che all'inizio del video mensionassi che il mutuo è sia tuo che di Enrico. Non vorrei sembrare invadente, solo curiosità. Scusa se ti sembra inappropriato! Comunque Congratulazioni!

[@misstiataylor_]

Già spiegato in video precedenti 😀 mi sa che devi recuperare

[@frach6550]

Haha grazie, allora farò!

[@Cherish_folktale1]

That's huge

[@misstiataylor_]

a huge dent in my bank account :') yes

[@Cherish_folktale1]

@@misstiataylor_ mama Mia thanks for sharing

[@toyinjibowu6066]

A house for 100,000 is cheap in comparison to housing in l.a. Or nyc.

[@ib4038]

A flat.

[@domenicomalara3118]

Congratulations

[@circadianarchist]

Dal fatto che sei ancora nella stessa stanza faccio bene a intuire che la casa non è attualmente abitabile? In sostanza che per un po' dovrete pagare sia mutuo che affitto... e in più tirare fuori i soldi per fare i lavori? Scusa se sono domande un po' invadenti XD

[@misstiataylor_]

Stiamo cercando di fare il rogito quindiii. Meno male la rata è tipo 100-200 euro al mese quindi possiamo permetterci altri ritardi che sembrano imminenti qua

[@Morrigan206]

...How did it much cost?

[@misstiataylor_]

If you want to read it like that, go for it

[@fpostell5859]

Hey Tia. Would love to meet for coffee here in Milan. We’re looking to buy as well. Seen over 40 apts. whew. Live near v. moscova. Pls PM when you have time.

[@wazzupmrprince]

F*ck, I’m gonna crawl in a corner and start crying hard 🥲

[@bazodee2]

After this experience, are you now mad at yourself for not investing in a RV or a boat house?

[@misstiataylor_]

Boat house👀👀👀 no Im very much into physical, brick and mortar property. the only comparable investment would have been an apartment in a big American city and I think that would only complicate my life, plus I don’t even think I’d have the budget. This way in theory should make my life a lot easier once the bullshit is over. That said, I don’t think I’d do this again. I wouldn’t buy a house just to buy one and I’d definitely diversify my portfolio outside of Milan and Italy.

[@Francesco12345671]

No one: My brain: How did it much cost

[@federicogentalia6643]

Ciao Tia , volevo chiederti se guarderai e farai una video-recensione su "Zero" , la nuova serie TV italiana Netflix composta quasi esclusivamente da afroitaliani di seconda generazione ( ambientata a Milano ). Credo si tratti a mio parere di una svolta storica , è la prima serie prodotta in Europa che ha fatto questo ; aspettiamo la tua opinione in merito.

[@CheSanassa]

Do you have monthly HOA fees?

[@misstiataylor_]

I'm not sure if the same but we do have monthly condo fees yes. they're like 170 euros

[@2243cbl2]

Ahhhhh so many fees.

[@misstiataylor_]

so many...😪

[@Nocloudedminds]

1st

[@ital2525]

I liked your hair long like u had it before. Italian guys like long hair on a woman.