7 Best Invest

Introduction

Prestigious 1 and 2 bed luxury apartments from €210,034.
1 bed mini-penthouses - €299,035
& 4 bed penthouses - €740,610.

Phase 1 Complete – Only a few units left. Phase 2 Completion Summer 2008

All our Luxury Apartments are west facing providing stunning un-obstructed views of the “golden Triangle” of Lake Como. Each individually crafted apartment has a garden, private balcony and fully fitted high spec kitchen including white goods, garage and communal swimming pool.

Why should you invest in this development?

The answer to this is simple. 7 Best Invest has fully researched property in and around Lake Como and have performed extensive market comparables and due diligence before adding this project to our portfolio. There are no cheaper property investments on the Lake. We have purchased the whole development off-plan and at a wholesale price, well below market value. This discount is passed onto our clients ensuring instant equity (14%) when purchasing. We have also fixed our retail price in Euros for the project ensuring that as property prices increase in the area during the build stage; our clients are not subjected to this inflation.

Minimum 14% Instant Equity Huge Potential for Capital Growth One to One Personalized Viewing Trip – Accommodation Paid for/ Flights Refunded on Exchange* Re-Sale Option Back to 7 Best Invest 5000 Euro Reservation. (Fully Refundable) Only 30% Deposit Required on Exchange Free Annual Property Valuation Full Membership Benefits

* If the exchange of contracts are completed within 28 days of the offer then the clients flight costs for the viewings will be refunded as per our terms and conditions

All of our developments come with a recommendation for an optimum selling on period, typically, 3, 5, 7 or 11 years. Should you adhere to the recommended time scales, 7 Best Invest will work with you 6 months before the recommended expiry date to sell your property on.

We recommend  this development is a hold for 5 years to optimise your return. During the 4th year of your hold we will happily give you a free valuation of your property and assist you with the sale. All that we would ask is that 7 Best Invest has first refusal on the purchase of your property at this time.

For more information on this development please fill out the enquiry form below. Alternatively call us on Free phone 0800 954 0218. (Outside UK: Tel: 44 151 237 2783).

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Investment

7 Best Invest Says

"In an area where property is in high demand and in low supply due to restricted planning permission, your return on investment is going to be strong. The development is also very close to the centre of Varenna with access to its exclusive restaurants, bars, harbour and regular ferries to Bellagio and Menaggio. This makes it an ideal candidate for capital growth and rental demand. No other development in Lake Como offers such high instant equity."

Return on Investment Table

Rule of 72

• The "Rule of 72" is a rule of thumb that can help investors compute when their money will double at a given compound interest rate.
• It is called the rule of 72 because at 10% compound interest, money will double every 7.2 years, and at 7.2% money will double every 10 years.
• To find the number of years required to double your money at a given compound interest rate, you just divide the interest rate into 72.
• For example, if you want to know how long it will take to double your money at eight percent compound interest, divide 8 into 72 which gives 9 – hence at 8% compound interest money will double in 9 years.
• You can also run it backwards: if you want to double your money in six years, just divide 6 into 72 to find that it will require a compound interest rate of about 12 percent.
• The ready-reckoner below gives the number of years money will double at a given compound interest rate using the rule of 72.

Excellent Rental Potential

'The Golden Triangle' is in an excellent position on Lake Como and a very popular location for tourists. The area receives more requests for accommodation per annum, than the number beds. This is naturally a very healthy situation for an investor, with little scope for further development of property in the area.

For the management and rental of the apartments, we have negotiated with a company to offer their service to buyers. This is around 1500 euros pa. They are currently acting for many of our clients. They have also provided quotes for a total rental package which they can offer to purchasers of the apartments, please see table below:

- Currency Converter Below

Golden Triangle - Lake Como - Italy - Rental Yields

Size	Low Season	Mid Season	High Season	Annual NET rental income
	5 weeks	16 weeks	8 weeks
1 bedroom 2 guests	€300	€500	€550	€13,900
1 bedroom 4 guests	€400	€550	€600	€15,600
2 bedroom 4 guests	€450	€600	€650	€17,050
2 bedroom 6 guests	€500	€650	€800	€19,300

• Low Season Nov to Apr. (26 weeks)
• Mid Season May to June - Sept to Oct. (17 weeks)
• High Season Jul to Aug (9 weeks)

Note: the High season rental rates are very conservative.
Note: Annual income is a full package and NET of all costs (including management).
Note: The large 2 bed 2 bath apartments and 4 bed penthouses will attract a substantially higher income.
The main marketing side of the operation is a UK based company who have an excellent track in rental marketing. Their web site has been mentioned on the BBC's Holiday Programme.

For more information on this development please fill out the enquiry form below. Alternatively call us on Free phone 0800 954 0218. (Outside UK: Tel: 44 151 237 2783)

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Features

The Lake Como Property Investment Opportunity

7 Best Invest are offering 18 luxury apartments in Block A and 4 key ready apartments in Block D all with spectacular views of Lake Como. The development is situated above the charming village of Varenna, 15 minutes by ferry from the popular town of Bellagio. The apartments are offered as either an investment or as a perfect holiday home, with letting, mortgage providers and management companies in place, (buyers however can choose their own). Apartment sizes range from 60.28 to 182.16 m2 living space.

Specification

Each apartment includes:

• Fully fitted bathroom
• Gas central heating
• Fitted kitchen (brand)
• White goods
• Tiled floors throughout
• Wooden Louvre shutters 
• Large Garage
• Communal pool exclusively for the development

Location

• 5 minutes drive from Varenna town centre
• 5 minutes from Varenna train station
• Milan 1 hour away
• 4 local Skiing pistes 20 minutes away
• 45 Minutes from St Moritz main skiing centre
• 1 hour 15 minutes from Milan Bergamo Airport
• 1 Hour 15 minutes from Linate Airport
• 1 Hour from Lugano airport via Menaggio
  

Helpful Links

• Traveling to Varenna
  
• ItalianVisits.com
• Discover Varenna Website

For more information on this development please fill out the enquiry form below. Alternatively call us on Free phone 0800 954 0218. (Outside UK: Tel: 44 151 237 2783)

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Finance

We acquire property from selected developers on wholesale terms. This means the developer has no marketing and advertising costs and can ensure that the development is completed on time. We pass the wholesale discount on to our clients retail purchase price to ensure that we have the most competitive prices in that area. Our buyers have no fees to pay to us as we have taken our commission from the wholesale discount that we acquired the development on.

Price List and Apartment Types - Phase 1 - Block D (Phase 2 below)

** Please note in Italy 10% VAT is payable on the purchase price
(also allow 2% to 3% for other costs)

Click Here to Download PDF Version -- Currency Converter Below

Varenna Lake Como
Price List and Apartment Types Phase 1 - Block D

Floor	Plot No.	Type	Covered	Balcony	Garden	Garage No.	Garage	Price Euro**	Reservation	30% Deposit
			Area m2	m2	m2		Size m2		Deposit	Euro
Ground Floor
	D1	2 bed	83.19	-	186.40	20	18.56	€346,488	€5,000	€103,946
	D2	2 bed	87.79	-	56.79	21	17.40	€326,247	€5,000	€97,874
	D3	1 bed	63.41	-	50.23	22	17.40	€250,811	€5,000	€75,243
	D4	2 bed	63.72	-	58.87	23	17.40	€267,509	€5,000	€80,253
	D5	2 bed	63.72	-	58.87	24	17.40	€267,509	€5,000	€80,253
	D6	1 bed	66.08	-	135.84	25	17.40	€306,608	€5,000	€91,982
Floor	Plot No.	Type	Covered	Balcony	Garden	Garage No.	Garage	Price Euro**	Reservation	30% Deposit
			Area m2	m2	m2		Size m2		Deposit	Euro
First Floor
	D7	1 bed	55.34	9.00	-	26	17.40	€246,456	€5,000	€73,937
	D8	Studio	50.28	5.64	-	1	17.98	€209,920	€5,000	€62,976
	D9	1 bed	45.81	8.40	-	2	19.68	€200,032	€5,000	€60,010
	D10	1 bed	56.84	4.68	-	3	17.78	€229,376	€5,000	€68,813
	D11	1 bed	59.71	6.48	-	4	17.78	€241,440	€5,000	€72,432
	D12	2 bed	66.93	18.72	-	5	17.78	€291,757	€5,000	€87,527
	D13	1 bed	65.41	5.94	-	6	17.78	€258,816	€5,000	€77,645
Floor	Plot No.	Type	Covered	Balcony	Garden	Garage No.	Garage	Price Euro**	Reservation	30% Deposit
			Area m2	m2	m2		Size m2		Deposit	Euro
Second Floor
	D14	1 bed	55.34	5.64	-	7	17.78	€243,560	€5,000	€73,068
	D15	Studio	50.28	5.64	-	8	17.78	€220,540	€5,000	€66,162
	D16	1 bed	45.81	8.40	-	9	17.78	€210,034	€5,000	€63,010
	D17	1 bed	56.84	2.04	-	10	17.78	€236,724	€5,000	€71,017
	D18	1 bed	59.71	2.52	-	11	19.68	€247,298	€5,000	€74,189
	D19	2 bed	66.93	8.34	-	18	17.78	€288,850	€5,000	€86,655
	D20	1 bed	65.41	5.94	-	19	19.05	€272,614	€5,000	€81,784

 

Price List and Apartment Types - Phase 2 - Block A
** Please note in Italy 10% VAT is payable on the purchase price
(also allow 2% to 3% for other costs)

Click Here to Download PDF Version

Varenna Lake Como
Price List and Apartment Types Phase 2 - Block A

Floor	Plot No.	Type	Covered Area m2	Garden m2	Garage no.	Garage m2	Price Euros €**	Reservation Deposit	30% Deposit Euro €
Ground Floor
Ground Floor	A1	2 Bed + Garden	61.6	142.2	b- A 20	26.7	€309,885	€5,000	€92,966
Ground Floor	A2	2 Bed + Garden	60.28	49.28	b- A 14	26.7	€285,672	€5,000	€85,702
Ground Floor	A3	2 Bed + Garden	60.28	48.56	b- A 24	26.7	€285,420	€5,000	€85,626
Ground Floor	A4	1 Bed + Garden	60.28	50.43	b- A 25	38.5	€259,820	€5,000	€77,946
Ground Floor	A5	1 Bed + Garden	60.28	49.95	b-A 11	26.7	€285,907	€5,000	€85,772
Ground Floor	A6	2 Bed + Garden	60.28	47.78	b- A 19	26.7	€285,147	€5,000	€85,544
Ground Floor	A7	2 Bed + Garden	60.28	48.29	b- A 22	26.7	€284,083	€5,000	€85,225
Ground Floor	A8	2 Bed + Garden	61.6	107.32	b- A 15	31.7	€297,325	€5,000	€89,198
First Floor - All with Balcony
First Floor	A9	2 Bed	61.6	-	b- A16	31.4	€273,939	€5,000	€82,182
First Floor	A10	2 Bed Large	120.56	-	b- A 9	30.45	€487,670	€5,000	€146,301
First Floor	A12	1 Bed	60.28	-	b- A 13	26.7	€281,509	€5,000	€84,453
First Floor	A13	1 Bed	60.28	-	b- A 23	26.7	€281,509	€5,000	€84,453
First Floor	A14	2 Bed Large	120.56	-	b- A21	26.7	€501,044	€5,000	€150,313
First Floor	A16	2 Bed	61.6	-	b- A17	31.4	€280,626	€5,000	€84,188
Second Floor - All with Balcony
Second Floor	A17	4 Bed Penthouse	182.16	-	b- A 8	39.5	€740,610	€5,000	€222,183
Second Floor	A20	1 Bed mini Penthouse	60.28	-	b- A 12	26.7	€299,055	€5,000	€89,717
Second Floor	A21	1 Bed mini Penthouse	60.28	-	b- A 18	31.4	€299,055	€5,000	€89,717
Second Floor	A22	4 Bed Penthouse	182.16	-	b- A 10	35.37	€740,610	€5,000	€222,183

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Italian Mortgages

Finance is available, subject to status, through Italian banks secured on your property. Below is a table with examples of terms offered recently to clients after carrying out an official bank valuation, please see table below:

Repayment term	Interest rate	Monthly cost per 1000 euros
Variable Rate
10	Euribor 3 months 3.864 + 0.80	10.44
15	Euribor 3 months 3.864 + 1.00	7.84
20	Euribor 3 months 3.864 + 1.00	6.52
25	Euribor 3 months 3.864 + 1.10	5.82
Fixed
10	5.45%	10.83
15	5.55%	8.20
20	5.65%	6.96
25	5.75%	6.29

Banks have provided us with a valuation of over 3000 m2 as an average price across all floors. We recommend you use Banca San Paolo or BNL, a local bank who have supplied mortgages for our current clients. Alternatively UK based Conti Financial Services can provide and advise you of mortgage products in Italy. Available Loan to Value: Normally 70% subject to status.Note this is typically the purchase price, not the actual market value.

Note that there are no Buy to Let or self-certifying mortgages in Italy. It is similar to France, in that no rental income is assessed in the application. The bank looks at only net monthly income, to see if it is three times the mortgage payment. You will typically need 3 months bank statements, 3 months' pay slips or other proof is self-employed and the latest annual tax documents, such as a P60 for UK tax payers.

For more information on this development please fill out the enquiry form below. Alternatively call us on Free phone 0800 954 0218. (Outside UK: Tel: 44 151 237 2783)

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How Do I Buy ?

Introduction

We are aware that purchasing property can often be a daunting and painstaking experience. At 7 Best invest we operate a client relations team that can give you one-to-one personalised service that ensures that your purchasing experience is an enjoyable one. We can give you as much or as little assistance as you require. We operate a hassle free policy which allows you to feel at ease and take your time and digest all the information in your own time before making any decisions.

We know our products are some of the best investments in the world. We are simply here to advise you which one is best suited to your needs.

Stage 1: Inquire for more information on our products

Our client relations team will respond to your enquiry by sending you all the relevant documentation you have requested, including brochures, price listings and development information.

Step 2: Request Viewing

Our Client relation team will take care of all of your travel and accommodation needs for you. We can arrange your flights for you and 7 best Invest will pay for your accommodation for up to 3 days in the 4 star hotel in Varenna.

Our operations director Sally-Anne will personally meet you from the airport and take you to your hotel. Once you have settled Sally-Anne will then take you to the development site for your one to one viewing where you will be given as much time as you need to look over our properties and the local areas.

We can at this time arrange for meetings with our lettings agent and any of the local banks or solicitors that you may help you with your purchase.

NB: We require a 5000 Euro deposit to arrange your viewing trip, which is fully refundable.

Step 3: Agree to Purchase

At this point our client relations team will send you the relevant forms for your signature and a 30% deposit will be put down to ensure the sale. Once the contracts have exchanged within 28 days we can then refund any viewing trip cost that you have incurred, for example flight and excursion costs.

Step 4: Completion

Our operations director will meet you in person on location for the completion. At this stage you will meet with the notary and the local bank to have sign off for the mortgage. All of the final payments will be made, for example notary fees, IVA costs and the balance for the property. Once all the commercials have been agreed, the sale will be completed. Once again Sally-Anne will be with you personally to ensure that everything goes as smooth as possible.

For more information on this development please fill out the enquiry form below. Alternatively call us on Free phone 0800 954 0218. (Outside UK: Tel: 44 151 237 2783)

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About The Area

Varenna is a comune (municipality) on Lake Como in the Province of Lecco in the Italian region Lombardy, located about 60 km north of Milan and about 20 km northwest of Lecco. As of 31 December 2004, it had a population of 882 and an area of 11.2 km².

Lake Como is situated in Lombardy, Northern Italy. It is part of the Italian Lake District. Popular with visitors for well over 100 years for it's combination of fresh air, water, mountains and good weather.

Located on the best part of Lake Como. On a hillside in the village of Varenna, overlooking the town of Bellagio across the lake from Menaggio – this is the ‘Golden Triangle’of Lake Como. Varenna is known as the ‘mini Portofino’ after one of the most expensive towns in Italy!

The apartments sit proudly above Varenna on a hillside with unobstructed views of the Lake, no more than 5 minutes drive by car from the church square. Varenna train station can also be reached from the site in a few minutes.

Varenna is an intriguing village to explore. Some of its 800 wealthy inhabitants actually work in Milan and the surrounding area, but choose the peace, style and charm of Varenna as their home. There is also a breathtaking golf course up on the hills overlooking Menaggio (accessed by the regular ferries from Varenna harbour).

Climb to the top of a trail above Varenna to see the crumbling Castle of Vezio. Here Theodolinda, Queen of the Lombards, is said to have died in the 7th century. Below, the small town square is dominated by a 10th century Romanesque church, and a few street cafes that dot the tree-lined streets. Before descending, savour the panoramic view of the Alps, and Menaggio and Bellagio, two neighbouring towns on the lake. Nearby, lies the Villa Cipressi. With it's inviting lush gardens. Explore the spectacular perfumed pathways, rich with foliage, that cascade to the shore.

Milan is an hour's drive or train journey away with all its worldly pleasures and amazing shopping. Theatre and cinema flourish in this fashionable city, it's lifestyle that counts. The Varenna black stone ‘Nero Varenna’ which is used in the famous Duomo in Milan is actually from the quarry (Cava) where this development is being constructed.

Skiing is only 20 minutes away, where four pistes can be found, for the real enthusiast St. Moritz is only 45 minutes away by train.

Varenna is 2 hours from Milan's Malpensa airport, 1 hour 15 minutes from Milan’s Bergamo airport, 1 hour 14 mins from Linate and 1 hour from the smaller Lugano airport via Menaggio.

Google Map of the area - Lake Como - Varenna Italy :

(Further maps of area below.)
Use the +/- symbols on map to zoom in/out - Select 'satellite' to view real images - Select 'hybrid' to see satellite view overlaid with map view. Hold left mouse button down on map and drag map in any direction.

Maps of Varenna - Menaggio and Pianello - Lake Como

For more information on this development please fill out the enquiry form below. Alternatively call us on Free phone 0800 954 0218. (Outside UK: Tel: 44 151 237 2783).

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Frequently Asked Questions

Q; Freehold - how does this work in Italy?

A; All apartments are freehold. This means the buyer owns their physical apartment and share of land the building is built upon. Buyers will be granted full title.

Q; What Security is planned for the project?

A; There will be an access road, no gate, or on-site security staff. This is not required.

Q; Are there any advantages to being an EU citizen when considering this purchase versus a US resident?

A; There are a number of angles to this question; as far as the purchase is concerned the answer is "no". However, the client may wish to consider two points 1. Their personal tax position 2. Becoming an "Italian" resident which will make a difference to the overall cost of purchase, which means they pay 4% tax instead of 10% IVA. However, it may take 18 months to become a full citizen.

Q; Also what are the likely property /local /council taxes the owner would incur?

A; compared to the UK, annual property taxes are low; like the UK the figure is geared to the size of the property. In the case of the apartments, budget a gross amount of approx. €600 to €800 per annum should be comfortable. As soon as the property is finished and an ICI tax assessment completed we will be able to confirm actual costs.

Q; What are the proposed service charges?

A; These will be set after completion but will be between €50 to €300 per month.

Q; On the final act, can owners occupy the apartment, or will the ensuing work on the new blocks prevent this?

A; Yes, they can occupy and use the apartment. Safety paperwork will be granted by final act.

Q; What is the target completion date of the whole project?

A; Phase 2 (Block A) May 2008 and early 2009 for Phase 3 (Block B), communal pool and landscaping.

Q; What swimming Pools are there?

A; There are two swimming pools and sun deck (with stunning views) exclusively for owners and tenants of the development.

Q; Can I purchase the property with a mortgage?

A; Yes our Client Support Unit and Operations Director in Lake Como can assist with this. Typical loan to value is 70%.

Q; Can you recommend a lawyer to assist with the buying process and what do they charge?

A; Yes again our Client Support Unit and Operations Director in Lake Como can assist with this. We recommend two Italian Avvocato’s who practice in the UK and are regulated by the English Law Society. They have acted for many of our client’s on Lake over the last two years. You should budget for £500 to £750 depending on how involved you want them to be.

7 Best Invest recommend the most cost effective approach is to request they give you peace of mind that the Preliminary Sales Contract is suitable for the purchase and that they verify our due diligence documents such as proof of title and correct planning permission.

The completion of the purchase is undertaken by a state appointed notary and you should budget 2.5% to 3.5% of the purchase price for notary fees and other completion costs. 10% tax or IVA (property tax) is also payable on the net purchase price. Our Operations Director and our Client Support Unit are on hand to guide through this process.

Q; What about Income Tax and Capital Gains Tax

A; Income from property forms part of an individual’s income in Italy and is based on cadastral income. The maintenance expenses of a rented property are permitted as a deduction at a flat rate of 15% of gross rental income for tax purposes. The basic income tax as at March 2008 is 23% for up to €15,000 taxable income.

Gains from the sale of property held for more than five years are not taxable. Gains from the sale of property held for less than five years are taxed as income. Capital gains are computed as selling price less acquisition costs and related expenses.

Q; How do I purchase?

A; A reservation deposit of €5000 is required to secure the apartments of your choice. It is refundable for 14 days. As you will then be a 7 Best Invest member we will pay for one night’s accommodation for you and our Operations Director on Lake Como, will arrange transfers and show you around the property. You have 5 days after the viewing trip to let us know if you wish to proceed. If not no problem your deposit is refunded, (we will make small deduction for costs incurred).

If you wish to proceed our Client Support Unit will ensure you have all the documents and information to exchange contracts within 28 days whereupon the balance of the 30% deposit is due, we do insist that before you reserve you ensure that you are able to meet this 28 days deadline for paying the 30% deposit. The final balance is due within 28 days normally for Phase 1 as they are complete and June 2008 for phase 2. You may choose to finance this with a mortgage.

Our Client Support Unit and Operations Director will assist with this. If you view the property within 28 days of your initial enquiry, we will refund the full cost of your flights when you have exchanged contracts and paid the 30% deposit.

For more information on this development please fill out the enquiry form below. Alternatively call us on Free phone 0800 954 0218. (Outside UK: Tel: 44 151 237 2783)

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Varenna Brochure

Document is in Adobe Reader - PDF format. If you don't have this on your computer you can download it here.

1. Varenna - Lake Como brochure (3.1 meg)

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