Great opportunities in a buyers market
As Italy is struggling to get the economy going and hopes are not at a high the real estate market is fighting its own battle. Last year there were more requests and sales in the range up to € 500.000. But the expectation that this year the category up to €800.00 might pick up has not come true. Potential buyers have given us come clues as to why not, as well as international property portals. Stunning modern houses for very attractive prices litter the Mediterranean but not central Italy. Is Umbria holding itself back we wonder?
There still is and will be only one Italy and there is no comparison. But, buying in Italy doesn’t necessarily come cheap and the characteristics of the local real estate are often not compatible with what buyers dream off. So let’s see what happens and why sales linger and more important how to make use of that as a buyer!
As local regulations protect a large part of the Umbrian territory there are very specific requirements for the outside appearance of houses. Put this together with the existing farm houses and many local architects and builders that have not yet arrived in the era of modern and stylish living and it is clear that we often do not have the match we are looking for. This has lead to many properties being on the market for as long as 5 years or even longer, from the day the crisis hit in 2010. We now see that many owners are getting passed being impatient and are completely fed up with the situation. And so, often without another strategy, they finally lower their prices, sometimes even with impressive amounts. From 2.4 million to 1.8, from 1.7 million to 950.000 and on it goes.
This however causes a situation in which the prices may seem way more attractive but the at first enthusiastic buyer then finds a house that has been last renovated about 30 years ago. It will need a full make-over and as the properties are on average quite large that costs a lot of money. So then what is the trick? What should you buy? As we see it every now and then there are a few specific houses on the market that have a huge potential to undergo that make-over and are worth the investment. If the price is right, the structural part is good and the floor plan can be changed into a much desired open space we are already way ahead. And here your realtor comes in! We are here to point you straight towards houses that belong to this category! And help you out with suggestions on how to change and modernise the house as well as to give all possible assistance until the job is done. For a good example of a very nice property that is worth investing in check this link!
Another possibility is of course to renovate or build real estate from scratch. Trying to adhere to the regulations for the outside while working on a more modern shape of the building and at the same time designing the inside according to modern taste and desires. As the market is still at a low also where ruin are concerned there certainly are some nice objects to snatch off the market. For this way of realising your dream do contact Renovating in Umbria as they are true hero’s where handling the work is concerned!