The business year is winding down for the holidays, but the property market is still at the centre of the attention, thanks, in part, to another round of performance reports and the feedback from my colleagues of estate agents at
www.Remax.it up and down the country. Buyers with available funds can pick up some really good buys at the moment, as vendors have become more realistic about asking prices. But how can purchasers make sure their Italian home retains its value in these troubled times? I have asked experienced estate agents in our company to share their top tips on how to choose an investment-proof property and pay the right price for it. "Now is a good time to buy if you buy at the right price, in the right location and the right type of property," says Frank (Franco) Tarsitano a Canadian/Italian who has been building and selling homes in Calabria, Italy. The number one key to making well on your property investment lies in paying a bargain price for it in the first place. It sounds banal or trite but location is even more important in a declining market than in a bullish one.
First a warning to foreign buyers in today’s market “be careful not to pay too much” and now is not the time to be looking for Italian property at Lake Maggiore, Lake Como, Tuscany”
“You should be looking in areas such as Western Liguria, Basilicata and Calabria to ensure that your investment is safe. “These are not established areas as such but they definitely have bargains and is great if you don’t have a large budget, here is my Italian Property of the Week. Price 200,000 Euros Location Belvedere/Diamante Calabria.
Property tips:
Purchasing a second homes in Italy draw both Italian and foreign buyers, but the two often have very different concepts of what makes a good location. The Italians, for example, are unlikely to buy anywhere too rural, preferring instead to be within easy reach of the sea, in a good village or by the ski slopes. The British, Americans and other foriengers, by contrast, are more prepared to accept a remote location so long as it is not to far from an urban area. A house that appeals to both types of purchasers, or to be in great demand with at least one of the two, is most likely to hold its value over time.
“My advice is not to buy anything to rural “ less than an hour from a major city. Buy not too far from an airport, unless the property is really special such as an apartment in an old castle or monastery.”
Views are important, so “whether it is a sea view, a lake view or a valley view with mountains, it will all help.”
Views are part of a property’s micro-location, which is paramount to a time-proof investment; particularly for the top end of the second home market it will have great resale appeal.
“Buyers are looking for unspoiled views – so no high or and certainly no agro-industrial buildings in sight,” “They want easy vehicle access, so as little unpaved road as possible, but at the same time no busy roads in earshot. They want total privacy, so no neighboring houses overlooking the site, but at the same time they would love to be able to walk into the village for a coffee or an aperitivo …. This is of course a description of perfection and in reality few properties can tick every imaginable box! However the more of these positive elements which are present, the greater the guarantee of the property maintaining its value over time.”
For village and town houses the priorities are different, according to reports. “Ideally the house will be in a quiet street on the edge of the village, so that country views can be enjoyed from the back window. From the front door, though, the piazza and the shops and bars should be only a few minutes walk away.”
The panorama only matters less if you are buying city centre apartments, they can also be good investments but not at this time as there are many homes selling at the same price as an apartment. Be a ware of apartments for sale in the major cities of Italy as they are now overpriced.
Today you must buy in the countryside or village, remember that “the sectors in biggest demand are still new builds, unrestored / restored houses and farmhouses,” “Buy in this sector to maximize your investment for the next five years time and to potentially enjoy some rental income in the meantime.”
Just be sure, that your property ticks some essential ‘investment-proof’ boxes: these would be a great location, easy access road, maximum 30 minutes from the coast, village amenities within no more than 5 minutes drive, excellent views, a manageable size (no larger than 350 sq meter) olive trees or vines on the land and an obvious flat area for a pool.
Wherever you buy, “it is sensible to get a property with outside space, whether it is a garden, balcony or portico.
Frank Tarsitano
Broker&Land Developer
www.italysouth.org 
Real Estate : Italian Property of the Week 
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