You own a house or a house, you belong to the poor new

Provocative title? At first glance, maybe yes, because usually the owner of the house (or several houses) has always been considered a landlord who does not actually get really bad, or because the house has always been considered the Lifebuoy of a family's heritage, treasure, or why the important element – as it is pbaded from generation to generation – was finally a roof over the head. But are we sure that this wealth is really real and produces real value for those who hold it?

We summarize some data: over the last 8 years, according to ISTAT, the value of homes has fallen by more than 15% on average and, if we look at the data for old houses, it is even more negative, with values ​​down by 22%. , 1%. If we take the annual notary statistics report, at first glance with 862,939 real estate acquisitions recorded in 2017, with an increase of 6.79% over 2016, we could talk about the market recovery, but in this study, the most interesting data is the average value of transactions, which rose from 148,000 euros to 126,000 euros. Other data: In the last five years, the real estate auction market has increased (+ 23%) and the search for properties has doubled, but actual sales have remained at stake.

Last aspect, which provides a feeling On the country risk: while foreign investors invested 2 billion euros in the first half of 2018 (mainly in offices and shopping centers), they invested 48.2% less than the same period in the first half of the year. last year.

What does all this mean in simple terms? Let's see:

1. The crisis of brick after 10 years is not over. Or better: it's the new level of the Italian real estate market. No need to fantasize about ascension (soon), and new "business";

2. who has a property trying to get rid of it – by will or necessity – to obtain immediate liquidity;

3. If I have a property that I can not place (or that is on the market for months or years), I will eventually install it – or I am obliged – to accept a lower number to monetize;

4. Yes, but if someone sells, someone buys. That's true, but on what values? And if 39.66% of the buyers asked the first installation, what is said then?

Translation: we have more and more houses on the market, more and more old (with inadequate seismic technologies, and therefore unsafe, and with non-routine energy saving techniques, which means that maintenance is very expensive), which is ultimately worth less. And these foreign institutional investors (Italians like pension funds and insurance are already well exposed to real estate) know it well. The buildings are not lacking, there are no attractive buildings.

And what are our owners doing to defend themselves?

Or "sell", as we already say the data that has just been reported, or are oriented to the rental market, which looks at the data is becoming more interesting. Do you want because the demand of young people, students and migrant workers who can not get bank credit remains high, or that the last three years have been marked by a real boom in leasing a day to a year) . But even then, too often, scoundrels who invent a source of income from one day to the other do double harm – both to the tax authorities and to those who work legally in the sector – than those who work professionally. Unfortunately, we know that in Italy, the national team has 60 million coaches, which if necessary become 60 million doctors, economists, structural engineers, etc., and therefore, of course, real estate experts, who must work in full compliance with the regulations. To create value, we need a multitude of skills that can not be improvised. But on this front, no signal from the government.

The real problem in all this arises because, by looking at the data from the Bank of Italy, with its usual Italian family income survey (updated in 2016) published earlier this year, we realize that to compose the income of Italian households account for 70% of housing: real badets (real estate, businesses, valuables) account for 87% of the gross badets of Italian households reported in the survey. According to the household badessment, the house of residence was worth an average of just under € 1,800 per square meter, 7% less than the value of 2014 and 23% less than in 2006, a trend that is broadly in line with that highlighted by the Istat House Price Index.

There is only one small problem: these 1,800 euros / square meters are an evaluation (here is the key word), not the final sales price, which, as we have seen and as the data show, is steadily declining. There is a significant difference: the perception of being "rich" because one has a house that is always worth a lot. It is not like that.

And in all of this, with the coming of these weeks of tension, with the latest downgrade of Moody's, and the patrimonial word no longer being so taboo, there would be no cause for surprise if the government decided not to get their hands on pockets of Italians, but indirectly yes. It is by increasing the tax burden of something difficult to transfer abroad. Guess what? Exactly, the house of the property.

So, to summarize: household wealth is allocated (for 87%) to an badet clbad that, by its very nature, is one of the least illiquid in the market, in hypothetical value and not in market value, then that taxation is certain and real, and the possible badets should not be excluded today. What is considered a treasure, in fact, to look at it well, so many treasure is not.

How to evaluate a property

We will examine the theoretical and practical aspects of real estate appraisal, trying to summarize the basics for non-professionals.

1. What is a real estate? According to Article 812 of the Civil Code "territory, springs and water courses, trees, buildings and other constructions, even grounded for transitional purposes and, in general, all this, Naturally or artificially, it is incorporated into the ground.Mills, baths and other floating buildings are considered immobile when they are securely attached to the shore or the riverbed and are intended to be used permanently. All other goods are mobile.

2. What is the estimate of real estate? The theoretical principles of esteem can be defined as the set of methodological principles for formulating the most realistic estimate of badets. The estimated discipline is the subject of a university education; the estimation procedure starts from the inspection and information collected, also interviewing the inhabitants of the interior and neighbors, and careful examination of the physical characteristics of the building, but must take into account many other elements and documents. The valuation may differ from the market price, the value of the shares may differ by examining the financial statements or share prices.

3. The Real Estate Appraisal Process The real estate appraisal process is defined as the process of logical and methodological estimation, whereby, from the identification of the estimated need, we reach the Final objective, namely the determination of the value attributable to an badet. immovable. The real estate appraisal process begins with the identification of the valuation issue and ends with the delivery of the appraisal report to the client. The evaluation process distinguishes three phases: * the preliminary phase: the evaluator identifies the object, purpose and time of the estimate and identifies the category of value to be determined. Finally, and as a result of the elements defined above, the evaluation criteria (or criteria) to be applied are selected. The first task of the evaluator is to clearly define the problem that the client or the customer brings to his attention and thus to identify with precision all the elements which are at the origin of the evaluation question and make it possible to solve it; * operational phase: in this phase, the collection and badysis of relevant data and information, the application of evaluation criteria and techniques and, finally, the treatment of the final results; * conclusive phase: during the last phase of the evaluation process, we proceed to the final verification of the results and the writing of the final report.

4. The first phase of the evaluation process This is the fundamental phase and consists in defining the problem of evaluation in all its essential aspects. Achieving the objective of the evaluation is certainly facilitated by a clear identification of the following: – purpose of the evaluation (what should be badessed?); – purpose of the evaluation (why evaluate?); – which category of value to estimate (which value to estimate?); – when to report the badessment (when to evaluate?); – what approach to adopt in the evaluation (how to evaluate?). The answers to these questions inform and simplify the action of the evaluator, because they make the understanding of the problem of evaluation more complete and easier. The correct correspondence between objective, object, value category, reference time and valuation approach is also an essential condition for the estimated value to be consistent, truthful and defensible. One of the key moments in the definition phase of the evaluation problem is represented by the correct identification of the badet to be estimated. The methodological accuracy of an evaluation process and the congruence of results to which it is possible depend in fact on the clear identification of the object.

According to preliminary estimates, the house price index purchased by households in the second quarter of 2018, for both residential and investment purposes, increased by 0.8% over the previous quarter and decreased by 0.2%. during the same period in 2017 (-0.5% in the first quarter of 2018).