When buying a property for a discounted price you should first think is it a good deal or just a bad investment.
If you want to know the difference between the two then read on.
Although something may be cheap, perhaps there is a reason for this. Maybe the current owners know it is difficult to sell and has reduced the price to make it attractive for someone to snap up. However, if this person is you, will you be able to sell it later on for a profit or will you have to sell it reduced as well? Look at the area, are you hoping to rent out your property? If it is a run down area you will not be making much money as you will have to rent it cheap. Also if it is not a great area perhaps you will have to rent to people who you wouldn´t really like living in your home, maybe they will return you a lot of damage at the end. How do you access the place? Easy to get to by road or bus or do you have to drive down a dirt track to get to it? These are all things to consider when buying at a lower price, perhaps it is not a good reason it is so cheap.
However, sometimes you may find yourself getting hold of a great deal. What should you look out for? Perhaps there is not much in the area now but you see things being built meaning it is up and coming and in the future when it is finished you could make a big profit on your home. It is from a builder who only has a few units left and is wanting to get out and move onto something else so they are happy to give you a discount. It could be in a lovely area but the inside is in a real state, some TLC to get it up to date and it will be worth as much as the others in the area. Maybe the owner has some personal problems and really needs to sell fast and is happy to give discount. Or it could be as simple as your Estate Agent is a good negotiator!!
So be sure you work with a professional Realtor and that you are getting a good deal and are not making a bad investment. Take a look at some of our own client testimonials - we will not steer you wrong!
I hope you liked this post and be sure to keep up to date with our blog for all the latest news. To book an appointment or for more information on our properties contact us now.
