A property is one of the biggest purchases you will ever make. However, there is no reason why you can’t use the knowledge you have learned from savvy bargain hunting to get the best property deal possible. Whether you are purchasing a home for yourself or an investment property to rent out, you can use your bargain hunting expertise to get the perfect bargain property.
Find a Great Company
If you can find an excellent property firm and build a relationship with them, you will find yourself having early access to new and below market value properties. Property investment firms like RW Invest work from the very earliest stages of a development with clients to find them the best property investment opportunities. Often, they can offer deals and incentives such as 8% rental income assured for two years or furniture packs at discounted rates, so it is worth getting to know them.
Look for Hidden Gems
Finding a property which has loads of potential is another great way to find a bargain. If a property is on a great street, but needs lots of work doing, there is a possibility you can make a serious profit. If you are aware of new regeneration and construction projects that are transforming a region, buying a property in that location before it increases in value is another smart move. Try and see past the wear and tear of a property and what the potential resale value could be. Choose an area where house prices are on the rise like Liverpool or Manchester and look at a wide range of properties with an open mind.
Buying off-plan property can allow you to get a significantly reduced price that is spread out over multiple payments. Off-plan property is property that hasn’t been built yet, but you can put down a deposit and pay in full on completion. allow you to have first pick of the units and you can also often get the property at below market value. Developers are keen to get cash into the project early, so below market value prices are more acceptable for them. Obviously, there is an element of risk to buying off-plan property as developments can be delayed and unforeseen circumstances can affect progress. However, the benefits outweigh the negatives and CGIs, detailed plans and show apartments can allow you to get a clear picture of the completed project.
To get the very best deal, it is important that you understand the process of negotiation. When it comes to property it is essential that you get the best price possible to make sure your money goes furthest. Being able to negotiate and enjoying the process is a skill that successful investors cultivate. Though the idea of haggling and bartering might seem challenging and uncomfortable, you will find the more you do it, the easier it becomes. Whether you are asking for extras, like a furniture pack or discounted parking space or getting money knocked off the asking price, negotiation is a great way to get a bargain property.
Look for a Property Which has been Available for a While
If a property has been on the market for a while, there may be more scope for negotiation and sellers may be willing to accept lower offers. However, it is not a given, it may be that the property is still on the market because the vendor won’t budge or accept anything less than their ideal price. Talk to your agent and see what room for negotiation there is.