Bargains in clothing, food and other items seem to come to us naturally and they are advertised and we can see their value. Real estate and property bargains don’t seem to come so easy. In fact, it looks like some people just have a knack for it and the rest of us are at the mercy of whoever makes decisions in that world. Can you learn how to spot a real estate deal from a mile away? This article teaches you how you look at a property and know that it will be a good investment for you.
Look out for properties for sale
Whether it’s online or in the papers, there are always properties for sale that are listed every day. Make it your mission to look through them. You’re looking for a property that has been in the paper or online for a long time and where the price is slowly dropping. The seller by this time is getting frustrated and if you jump in with a reasonable offer, something less than he is asking, it is almost certain that you will be able to strike a good deal. Remember, a property that has been on sale for a long time with a drop in price also means that the owner is flexible enough to realize that people will not pay what he asked for initially.
Look for those who have been forced to sell
It sounds a little mean, but looking for people who have been forced to get rid of a property is a great way of finding bargains. They are usually houses of deceased homeowners, houses of people who are selling off their mortgage and people who are going through a divorce or any other circumstances that have forced them to sell. Houses whose owners are deceased may not sound very attractive but they can come really cheap if you are willing to do renovations and give them a new look. People who are selling off a mortgage want what they can get for it so that they can try to work on their financial situation.
Look for houses that need renovation
Look for properties that are on sale and need renovations. During bargaining, all you need to do is bring up the fact that it needs this and that kind of repair and you have cut a huge chunk off the asking price. Get a professional to tell you the amount of repair needed and how much it will cost. After you have renovated the house, there is no reason why you cannot sell it at higher value and have a big profit for yourself. Many people who deal in real estate in Australia started off this way.
Look for development potential
This means buying a property simply so that you can tear it down and put something much more valuable on the land. Most people find it almost too much to think of tearing down the house and replacing it with something else. Don’t worry, you don’t have to be an expert, all you need to do is consult the experts and they will guide you on what to do.
Know what to ask after
The cleverest thing you can do when you are looking for real estate bargains is to ask the right questions. The first one is “why is he/she selling?” It requires an answer that has an explanation, not just a yes or a no. If you have a little money put away, ask them if they will take it if you write a check right there and then you can work out a payment plan. You would be surprised at the kind of real estate deals that are available today in the Australian real estate market and all you need to do is know how and where to look.
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