How to acquire a property in Italy at a lower price? Below is a compilation of several basic tips (or secrets) that you can apply to get a bargain if possible when buying a home in Italy:
1. Actual property value
There was a considerable drop in property prices after the beginning of the economic crisis in 2007. It is important to be aware of this before buying property because current prices should be a negative deviation from previous ones but most sellers have not implemented this change. Hence buyers should check the actual property value in a specific area to be sure the asking price matches the news situation because it may happen that many sellers still tend to apply the rates as 8 years ago.
2. Location of property
Similar to most other countries, the value of property in Italy is greatly influenced by its location. Houses found in posh neighbourhoods, town centres and near certain sought-after natural features such as beaches tend to sell at higher prices than the rest.
But this is not always the case: Some houses are located in these strategic locations but still sell for much less than the ones that are not. This can be caused by busy traffic, high noise levels, poor security and a bad neighbourhood reputation.
At your own discretion you can opt for such a home and thereafter make necessary modifications to its structure to shut out the noise.
3. Property’s features
Some homes are more difficult to sell than others. A house on a top floor without lift access will be less desirable to buyers. So if you do not require a lift, you can take advantage of this to buy it at a discounted price. Additionally, an apartment on the ground floor is less luminous, more affected by surrounding noises and also considered to be less secure than the ones on the top floor. Thus its value will be less than the rest.
4. Condition of property
It is only logical that older buildings, especially those in need of extensive renovations and upgrades, retail for lower prices. Before buying a run down property, it is very important to employ the service of a professional to estimate the total costs that you may have to incur when renovating the property and then consider that amount when making your offer.
Nevertheless, it will be easier to obtain a major discount on these properties.
5. Be informed
Make an effort to acquire information about the property, its seller and his/her reasons for selling. A property owner in need to sell quickly is more susceptible hence easier to negotiate with. The same goes for a seller whose property has overstayed on the market.
6. Pay in cash
Since most sellers are usually in urgent need of the full amount, they prefer to deal with buyers that are willing and able to purchase their property in cash over those seeking a payment plan. They often may offer discounts for cash arrangements and thus it will be more economical for you.
With the above listed tips, you can save a substantial amount of money that you can channel towards upgrading and furnishing your home.
We wish you a smart and happy buying!