Superbonus 110%

 

Superbonus 110% - discussions on the beach    There is a lot of discussion going around at the moment about the Superbonus 110% that the Italian government is offering to bring your property into the eco-friendly age. I won't go into details because it's so complex that I am totally lost with the whole affair. However, I did happen to have some discussions on the beach this summer with an Italian gentleman of 73 years of age. He is a practising architect in Milan and has built buildings all over Italy. I struck up a conversation on the subject of the 110% Superbonus and how his company was coping with the bureaucracy. I was a bit taken aback by his answer that they had made a decision not get involved, at all. His view was that the process of attaining permissions and subsequent documenting of the process is so incredibly complex and time consuming that the professionals involved in the process are forced to increase their fees substantially just to cover the cost of work and /or monitoring and reporting. He also explained that because ultimate responsibility for the Superbonus 110% will fall on the shoulders of the professional following the process, that their insurance risk against the Agenzia delle Entrate poking around in the future, and finding faults in the documentation is so high that they would have to increase their fees substantially to compensate for that risk.   This architect said that he had been talking to other firms in Milan who were charging significant fees, and that in total, between architects, geometre, and builders, costs could spiral to 40% of the amount claimed for the work.   Now, I am no expert on this particular area and I am sure that there are some of you reading this who will be able to pull this logic apart, but my point is that if you are looking at significant renovation work through the use of the Superbonus 110%, then make sure you check the small print and the costs. Remember that in addition to the costs of following the work, building material prices have sky rocketed due to Covid and continue to rise. What is claimed from the Agenzia delle Entrate may be less than the cost of work if these costs continue to rise. Ultimately, it is the client who pays the fees and so my advice is just check that the NET amounts claimed from the Agenzia delle Entrate will cover the cost of your work and you are not going to be left with half finished properties.  And on that happy note, I will leave it for this blog. Life is slowly returning to normal after the long hot summer and it will shortly be time to be putting on those thick woolly socks again and wrapping up tight for the winter. In the meantime, if anything in this blog has piqued your interest, or you would just like to review your financial plans for life in Italy then please do get in touch on gareth.horsfall@spectrum-ifa.com or send me a message/call on +39 333 649 2356

 

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