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The pros and cons of listing a building

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.