The property consists of parts of two buildings which are merged into a large (340sqm, 3,660sqft) structure that has 3 apartments, 2 public meeting spaces and the top floor which has the traditional kitchen space and a north facing covered terrace. Click here for the walk through Video.
At minimum, the structure needs roof repairs, some plumbing repairs, and a lot of redecorating to be operational as an income property.
A great deal of preparatory work has been done physically and legally. These links are to the current Engineering plans and Permitted usage documents and an estimate for the roof repairs.
The current Italian Government’s Environmental Investment Incentive program will pay 66% of all improvement costs if the property achieves a specific Energy efficiency rating upon completion. The down side to this is that all the work must be completed, certified and paid-off before the incentive money is paid. The upside is that there are banks in Italy that will fund the project for 6% of the project cost. To qualify for this incentive program:
- all the windows and doors must be upgraded to double or triple pane insulation
- solar electric and hot water systems must be included
- the entire building must be brought up to current code standards
The upside of this program is that; the roof repairs, all of the interior and exterior redecorating will be done under the same project and receive the same incentive deal. This means that all of the units can begin generating income from the time that the Certifications are completed.