Risks and advantages of real estate purchasing at auction in Italy
22 April 2015
It is really profitable to buy real estate in Italy at auction. However, with this purchase you should bear in mind not only benefits, but also the potential risks. Only having minimized these risks the deal will be successful and profitable.
The advantages of buying Italian property at auction:
1. Wide variety
A large number of residential and commercial properties at different prices at auction in Italy allows to choose the most suitable object.
2. Prices are lower.
The initial and the final price of real estate sold through auctions, as a rule, much lower than their real market value.
3. Ideal place for living
Italy is a stable, well-developed and rich country with GDP EUR25.000 per capita, superb climate, a vast historical and cultural potential.
4. Integration into the EU
Ownership of real estate in Italy allows foreigners to integrate into European society, up to obtaining citizenship.
5. Business preferences
Once you bought a real estate in Italy the process of business registration and leading becomes easier for you in this country.
6. Profitable investment
In Italy financial and economic indicators are growing constantly that is why prices and demand for property increase as well, which allows to sell it profitably in the future.
How to avoid risks of auction deals
1. Difficulties of Translation
Buying a property at auction in Italy involves the collection of specific information and documents in Italian, which requires interpreter service.
2. Object location
Engineering service, property conditions, location, safety issues and the availability of additional services stated in the object description at the auction should be checked for compliance in person or by a proxy.
3. Peculiarities of Italian paperwork
The procedure of real estate sale in Italy is carried out in accordance with local laws and participation of notaries, tax authorities and other state institutions, so for sure you will need a support of specialized agency.
4. Security and warranty
Special attention should be paid on deal security, which includes legal and consulting support, accuracy in documents, such as contracts and powers of attorney, deadlines, money transfer procedure and so on.
As experience shows only a licensed agency, which professionally works at real estate auctions in Italy, is able to represent the interests of the buyer competently. We always deal transparently and ensure the safety of all transaction stages until the customer receives the certificate of proprietorship for the object.