By: Paul Simpson
17 May, 2018
If you are really determined in buying a property soon, now is the right time to be on guard for properties advertised for sale, particularly in areas where you wish to invest and relocate. Do your research on real estate websites. You can also visit your local real estate agencies for fresh updates of properties for sale and check current selling prices in the market. Sometimes, you might encounter a property that has been on the market for months and its asking price hasn’t changed. What does this imply? In most cases, the Vendors expectations are not in line with what Buyers are willing to pay. On the other hand, be wary of properties for sale that have the cheapest prices. Don’t be blinded by this cheap offer and think twice before accepting it. Evaluate the reasons as to why the property is low priced.
There are other venues where we can get a good list of prospects like a deceased estate. For some, they don’t like the idea because more often, the property concerned that is advertised for sale isn’t at its best condition, such as broken fixtures, overgrown garden or falling window frames. Ask yourself, “Do you have enough money to fund all these repairs or maintenance issues if you decided to purchase this house?” On the other hand, if you see a property that is a mortgagee sale, the lending institution involved like the bank will be the one to determine the asking price, so they have bigger chances of getting all remaining unpaid amortizations of the original owner after the home sale. Although, these venues may pose cheaper price offers, take note that not all bargain properties will provide good investment, especially if there are many repairs or maintenance issues needed in order to restore the good living condition of the property. Think of the expenses you will need to shoulder along the way. If you feel it is too much or will result to huge indebtedness, find another property that is within your financial capability.
Some buyers are put off from buying a property due to the visible flaws present like faded wall paint, cracked floor tiles or broken door knobs that can’t be closed properly. Try to see beyond these minor issues and look beyond. Of course, these repairs and any renovation project would mean additional expenses, but imagine the benefits afterwards in the event you will resell the property, you can put a higher price and get higher investment in return if you managed to transform it into a more appealing place to live in.
If you have real intentions of buying this particular property you have been eyeing in the market for a long time, don’t hesitate to ask the right questions like “Why are they selling it at a lower asking price?” Ask residents in that area about the history of the property. If you have time list all the possible questions that will help you make a wise decision afterwards.