Who is considering the hypothesis of buy a house must evaluate various aspects, not least the economic one. Normally the price is established by the seller according to principles that are not always unquestionable. However, there is a way to get a third-party opinion that helps determine if it is worthwhile to close the deal or if other offers should be examined.
The work done byReal estate market observatory of the Revenue Agency is a tool that takes into account various parameters to estimate the value of a home, and is a point of reference that should be consulted before making the decision to finalize a purchase.
What is the Real Estate Market Observatory
The Real Estate Market Observatory (OMI) is an emanation of the Revenue Agency and, in fact, is a database updated every six months on the basis of parameters useful for establishing a minimum and maximum estimate of a property. It is an average value, therefore, subject to some logical exceptions: it goes without saying, for example, that if the property is of a high level, the data released by the OMI, even if indicative, must be contextualized.
Credit must also be given to OMI for carrying out in-depth work and therefore – subject to the exceptions that must be considered as such – the results it provides are reliable, because they are based on parameters that take into account the square footage of the property, its position and its state of maintenance.
How the value of a home is calculated
The indices used are mainly five, starting with the area on which the building is located. The detail is municipal, therefore it takes into account in a capillary way territorial areas dividing them into central, peripheral or suburban. In addition, an assessment takes place that takes into account the presence of adequate structures in the vicinity of the property, including:
- The proximity to public and private services
- The density of road and rail links
- The proximity of schools, health and commercial facilities, etc.
These two indices are then joined by the destination of the property which, for example, can be residential, commercial, productive or agricultural, as described in the Presidential Decree 380/2001. Therefore, organizational and functional characteristics of the properties themselves that contribute to the valuation take over.
Going into even more detail, the OMI concretizes the fifth parameter based on the condition where the property is located, evaluating indicators such as the general level of interior finishes and energy efficiency, classifying them as excellent, normal or poor.
On the basis of these indices, a minimum and a maximum value is established, indicative data which however constitute a fork within which the price of the property should position itself.
How to consult the Omi database
The data is updated every year, in March and October and can be consulted on the Geopoi platform of the Revenue Agency. Simply enter the street and house number of the property in the “Search by toponym” field and click on View Omi bands. It is then necessary to click on the returned area and select the destination of the property from the menu that appears on the screen. The result will look like this.
There is also Omi mobile, an app for Android and iOS devices. All database consultations allow you to evaluate price fluctuations depending on the state of conservation of the property and its destination. As mentioned, it is a purely informative tool that does not return binding values but is a good one basis to evaluate the cost of a building.