If you’re planning to buy or sell a property in Italy, an accurate and up-to-date appraisal of the property’s true value is essential. However, obtaining an accurate appraisal of the value of a property in Italy is not as easy as it is in the United States and other parts of Western Europe. Even so, with the correct knowledge and a reasonable understanding of how the market in Italy operates, you will be able to obtain a reliable appraisal of a property’s real price.
What Is The Appraisal Value Of A Property?
The appraisal value of a property is a determination that is made by a real estate industry professional. Ideally, the appraisal value should reflect the accurate, up-to-date price of a property. However, in Italy, the appraisal process is primarily based on the subjective assessments of an industry professional.
This can often mean that the process is not as transparent as it is in other parts of the world because you’ll need to rely on someone’s opinion as opposed to an objective, market-based analysis of the property’s current worth. As a result, the appraisal of a property’s price may vary from one assessor to another.
Who Should Appraise The Property’s Value?
In the United States, there are certified & licensed property appraisers who will independently appraise the property. In many other parts of the world, your estate agent will be able to provide you with an accurate appraisal of a property’s true value. However, in Italy, it’s generally a much better idea to employ the services of a local Geometra to evaluate the value of a property.
A Geometra is similar to a property surveyor but they also have architectural training as well. This means that they are perfectly positioned to assess the current value of a property, taking factors such as the structural integrity of the building, cadastral tax rates and other regional considerations into account, something that your estate agent may not be qualified to properly assess.
A Geometra is also far more likely to be able to give you an unbiased assessment of a property’s price than a real estate agent. This is because some estate agents, particularly in Italy, may inflate the property’s real value in order to benefit from higher fees that result from the sale of the property.
Factors That Influence The Value Of Properties In Italy.
The following are some of the major factors that influence the value of properties in Italy:
Cadastral Taxes And Regional Tax Statistics.
Geometra and other real estate professionals often use local cadastral tax statistics and official property classifications to assess a property’s value. The cadastral tax framework and local tax statistics are used by Geometra because they take into account a wide range of social and economic regional factors.
This process can quickly become quite complicated and so unless you have experience in the Italian real estate industry you should certainly employ the services of a local expert to assist you in assessing a property’s value in this way.
Similar Properties On The Market.
One of the most accurate ways to broadly determine the value of a property is to compare it with similar properties on the market. When you are comparing a property you should make sure to take into account factors such as the number of bedrooms, bathrooms and other amenities rather than assuming a nearby property would be valued at the same price.
The Size Of The Property.
The size of a property and the amount of available usable space, including gardens and outdoor areas, is one of the principal factors that determine the basic value of a property. This assessment can be used as an approximate baseline value after which other factors can be assessed.
The Location Of The Property.
The location of a property is another one of the most important things to take into account when assessing its value. Is the property conveniently located to access nearby amenities? Does the property have scenic views or is it situated on a busy main road? Is the property near the city center? These and other similar questions should always play a part in the process of appraising a property’s real value.
Some of the important local factors that should be used in your assessment include, but are not limited to:
Accessibility to public transport links. Green spaces, parks, lakes and other areas of natural beauty. Schools, colleges and institutions of higher learning. Shops, restaurants, cafes and entertainment venues. Leisure facilities and recreational opportunities. The state of the local job market. Local crime rates and other socio-economic factors that influence the neighborhood’s quality of life.
The Condition The Property.
The current condition of the property is vital to take into account when assessing a property’s real value. If the property has old, poorly maintained plumbing, faulty electrics, signs of dampness in the walls or other damage, then future maintenance and improvements could end up costing a lot of money. Therefore, if the property is in poor condition the price should reflect that.
Equally, if the property has recently been updated or renovated then its value should also reflect that. For instance, recent upgrades to the kitchen or bathrooms can massively improve the quality of life for the residents and should be considered in the property’s current value.
The Potential For Future Renovations.
Many Expats buy property in Italy to renovate and even though you can get some incredible bargains, if the property has impressive potential you will have to pay extra for that. When assessing the potential for future renovations the local regulations, which can be very onerous in some parts of Italy, must always be taken into account.
The Neighborhood.
The neighborhood, community atmosphere and condition of nearby properties should always be assessed when appraising the value of a property. For instance, if neighboring houses have been neglected or fallen into decay this will significantly reduce the value of a property. Similarly, if the neighborhood is friendly and thriving this will add to the value of a property.
Street Name, Property Name And Number.
It may sound surprising, but if the street or property name has negative connotations this can reduce the value of a property! In other cases, street numbers such as 13 are seen by many people as unlucky. In situations like this, the name of the street or the number of the house should be briefly considered in the valuation process.
Economic Factors.
It’s crucial to take local economic factors into account when you are assessing the value of a property. For example, the regional supply and demand of houses on the local property market, the cadastral tax system and regulations as well as the job market should all be included in your calculations.
Energy Efficiency.
For anyone buying a house, the energy efficiency of the property will have a long-term impact on the cost of utilities. Therefore, when valuing a property the energy efficiency and cost-effectiveness of heating systems and utilities should be taken into account in your calculations.
Is The Region Prone To Natural Disasters?
Some parts of Italy suffer from earthquakes while other places are located in known flood plains. If this is the case, the insurance costs for the property may be higher than in other locations and additional structural protection may be required to ensure that the property is safe to live in. This should be reflected in the property’s valuation.
How Do You Find A Geometra In Italy?
When appraising the value of property you’ll be best served by working with a local Geometra. However, it’s not always easy to find a reliable local Geometra that you can trust to accurately assess the value of a property.
Search For A Geometra Online.
One of the easiest ways to find a local Geometra is to do a quick online search. You can simply search ‘Geometra’ and then include your local area in the search bar. This should retrieve numerous results. Alternatively, you can search on local forums or check website directories of licensed Geometra in the area.
Ask Friends, Family And Local Expat Groups For Referrals.
If you know somebody who has recently used a Geometra then you can ask them to refer you to them. Another way to find a reputable Geometra is to ask members of Expat social media groups if they’ve worked with a trusted local Geometra recently.
Contact Local Industry Associations.
To quickly obtain lists of Geometra in Italy you can contact industry associations. For example, you could contact the Consiglio Nazionale Geometri e Geometri Laureati to ask for a list of local Geometra professionals. Industry associations should be able to provide you with a list of local Geometra who are fully qualified and reliable. You can also visit your local Chambers of Commerce to ask for recommendations about the best local Geometra.
Get Professional Help.
Whether you’re planning to buy or sell a property in Italy, it’s absolutely essential to obtain an accurate valuation before you move forward with the sale or purchase. Of course, it’s possible for you to make a rough valuation of a property’s true worth but it’s always safer to consult an industry expert, such as a Geometra, to get an accurate, up-to-date valuation of the property.
