Buying and renting a property is an exciting time in a person’s life but can be financially stressful, especially if not done carefully. We have provided you with 7 great ideas that will help you secure a property for a great price.
1. Find the urgent vendor
One way to get a good deal when looking for a property, whether renting or buying, is to find a property where the vendor is looking to secure a buyer quickly.
They may be open to lower offers. Why? Many people look to sell or rent their property quickly because of things like financial issues, divorce settlements or could even be looking to secure an onward purchase of their own. These reasons often mean you can secure a property for a good deal.
2. Look for a project
Properties that need work doing to them are a fantastic opportunity for getting a good deal. Not only this, but any work you do to improve the property may increase the value when you come to sell it.
You may find a bargain by looking for a project, but you will most likely need to put some money into fixing it up to restore it to its former glory.
3. Be in a good position
When looking to purchase a house, being in a position where you are ready to go and well prepared with solicitors and financial commitments in place can really help you get a good deal on a property. For many people selling their house, having a buyer who is well prepared and able to move quickly to process the deal is a sought after thing.
Not only this, but if you come up against another buyer who offers the same amount of money as you but are not ready to go, you will likely have the upper hand in having your offer accepted over theirs.
4. Research local house prices
Property prices will vary significantly in different areas through the country. Even similar properties in neighbouring towns can have a significant difference in price. To ensure you know a deal when you come across one, you should do plenty of research on how much certain properties have sold for over the last 5 years. You can then gauge how the prices in that area have changed and may also help for predicting how much it may be worth when it comes to resale.
5. Buy property at auction
Auction is a fantastic way to get a good deal on a property. There are hundreds of property auctions around the country that enable you to view properties and bid on them via auction. Auction is known for providing some fantastic deals from properties that need work to brand new apartments.
You’ll also be able to see exactly how many other interested parties you are competing with to ensure that you don’t get into a bidding war, which will likely lead you into spending more than you wanted to.
6. Haggle with patience
When it comes to putting offers on a property, it is part of the parcel that you can haggle the marketed asking price. It is always worth testing the water with your opening offer, to see what kind of reaction you get from the vendor. If they don’t like it, the agent will likely convey this message back to you.
If you’re lucky, you may receive a counter offer from the seller. From this point on, you can try and work out a price that works for you both.
However, the agent’s job is to get the best price for the seller so you will need to be patient and assertive when it comes to haggling for a good deal.
7. Have realistic expectations
You are not the only person looking for a good deal. Almost everyone looking for a property wants to get the best price for it. When it comes down to it, properties that have a lot of interest generally will sell for a price that will favour the seller. Be realistic when it comes to getting a good deal. If you know that a property is already priced well and has a lot of other interested buyers, the chances are you aren’t going to get that property for a bargain price.
With these points in mind, we are sure that you can go out and find yourself a property and secure it for a great price to help you get a good deal.
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