The myth of the second home: how much does it really cost to own one?

Obviously, we are not talking about the cost of the house itself, but about taxes and, above all, utilities.

This is a question we are often asked by our clients.

And the answer is yes: owning a second home—or one or more properties in addition to your primary residence—does involve higher costs, especially because the State favors those purchasing their first home.

First of all, you will have to pay IMU (the municipal property tax) every year, which is waived for primary residences.

Then, at the time of purchase, you will not be entitled to “first home benefits.” This means that registration tax at the notary’s office rises from 2% to 9%, while VAT increases from 4% to 10%.

As for utilities, the costs are higher for non-residents, but the increase is actually quite limited.

So, is it worth it? Well, certainly yes, if your financial situation is solid. But overall, considering today’s mortgage rates and the real estate market, it can also be worthwhile as an investment, for example by renting it out. With the right advice and careful analysis of your circumstances, availability, and goals, you can not only cover the expenses but also make a profit.

Here at Gallery, we are proud to offer this kind of service: our consultants have been working in the market for many years, giving them the experience to provide highly personalized advice and identify the most profitable investment solutions, not only for the present but also for the future.