Italy: 2020 will be a good year to buy and refurbish a home in an Italian city

Why 2020 will be a good year to buy and refurbish a home in an Italian cityPhoto: g_u/Flickr

If you’ve been saving up to invest in a dream home in Italy, the country’s 2020 budget law has lots of new tax breaks to help you refurbish an old property in the country’s towns and cities.

Italy’s government wants to encourage people to invest in old homes in the country’s urban areas in 2020, a real estate segment that’s losing value at such a rate that it’s weighing down the property market as a whole.

“In recent years the price of these properties had grown too much. And there’s the fact that Italians do, on average, very little maintenance on their homes,“ Maurizio Sgroi, economic journalist and author of the blog The Walking Debt, told Repubblica.

Even the briefest look at houses for sale in smaller Italian towns and cities reveals that the vast majority of houses available have not been renovated for decades, boasting appliances that belong in a museum, terrible energy efficiency ratings, and often, serious structural issues.

For this very reason, Prime Minister Giuseppe Conte’s government will either maintain or introduce generous tax breaks in 2020 in the hope that home buyers will stop being put off by the price and hassle of a major renovation. 

Here are some of the standout features of Italy’s 2020 budget vis-a-vis home refurbishments in urban areas (zones A and B):

– A 50 to 65 percent “econonus” tax break for energy renovation of old buildings.

– A 50 percent deduction for renovations with a price ceiling of €96,000 for each property.

– A 50 percent tax deduction when buying energy-efficient home appliances, with a price limit of €10,000. ($11,152)

– A 36 percent “garden bonus” or “green bonus” on personal income tax (Irpef) for anyone spending more than €5,000 ($5600) on the construction of green roofs, irrigation systems and other sustainable add-ons.

– A 50 to 90 percent tax deduction on restoring old buildings’ façades including balconies, windows, eaves, gutters and thermal coating insulation.

For these deductions to apply, the renovation work must be invoiced and paid for electronically.

Published by CityFella

Big city fella, Born and Raised in the San Francisco Bay Area. Lived in New York (a part time New Yorker) for three years . I have lived in the Sacramento area since 1993. When I first moved here, I hated it. Initially found the city too conservative for my tastes. A great place to raise children however too few options for adults . The city has grown up, there is much to do here. The city suffers from low self esteem in my opinion, locals have few positive words to say about their hometown. visitors and transplants are amazed at what they find here. From, the grand old homes in Alkali Flats, and the huge trees in midtown, there are many surprises in Sacramento. Theater is alive is this area . And finally ,there is a nightlife... In.downtown midtown, for the young and not so young. My Criticism is with local government. There is a shortage of visionaries in city hall. Sacramento has long relied on the state, feds and real estate for revenue. Like many cities in America,Downtown Sacramento was the hub of activity in the area. as the population moved to the suburbs and retail followed. The city has spent millions to revive downtown. Today less than ten thousand people live downtown. No one at city hall could connect the dots. Population-Retail. Business says Sacramento is challenging and many corporations have chosen to set up operations outside the cities limits. There is vision in the burbs. Sacramento has bones, there are many good pieces here, leaders seem unable or unwilling to put those pieces together into. Rant aside, I love it here. From the trees to the rivers. But its the people here that move me. Sacramento is one of the most integrated cities in America. I find I'm welcome everywhere. The spices work in this city of nearly 500,000 and for the most part these spices blend well together. From Ukrainians to Hispanics and a sizable gay community, all the spices seem to work well here. I frequently travel and occasionally I will venture into a city with huge racial borders, where its unsafe to visit after certain hours. I haven't found it here. I cant imagine living in a community where there is one hue or one spice. I love the big trees, Temple Coffee House, the Alhambra Safeway, Zelda's Pizza, Bicyclist in Midtown, The Mother Lode Saloon, Crest Theater, and the Rivers. I could go on and I might. Sacramento is home.

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