There is no guarantee you will make money from getting a bargain price or what you will consider to be a low-cost investment/price. There is a lot to consider when buying a property.
Do Your Research
You need to know and understand the market you are buying into. Markets differ depending on the area and sometimes even on which street it is situated. You need to do your research and not just rush into something simply because the deal looks good –investigate what is been sold in that area and at what prices and then make your decision. Consult with local estate agents in order to get a clear picture of the local market conditions and only invest once you have all the facts at your disposal.
Keep an Eye Out
New bargains appear daily and are generally snatched up quickly. Go through property websites daily and sign up with property portals to receive instant alerts when something new comes onto the market.
Look out for legal notices and note which homes are being repossessed. View the home before the sale, but keep in mind – people who buy repossessed homes have to settle all outstanding debt before the sale can be concluded.
Most ‘bargain’ properties are said to need a little TLC. So, do the maths before you buy.
Once you are certain of a good deal when presented, act on it as soon as possible. Remember, there are others looking out for the bargain deals.
Knowledge is power, asking your estate agent the right questions could save you a lot or money and heartache in the long run.