Whether you’re looking to invest in real estate or you’re looking to buy a property for your own use, it pays to get the best price possible. By doing so you can either maximize your profits or lower your home loan costs, and that’s good financial sense!
Okay, but what exactly can you do to buy real estate for less? Here are a few ideas:
Got to auction
Property auctions are more popular than ever before and they are the perfect place to look if you want to snap up a new home for a bargain price. Often, homes at auction are foreclosures, which means you can typically get them for a better price than would otherwise be the case. Many auction homes are also in need of a bit of TLC, which again means if you’re up for the challenge of renovating it, you could pick up a property for a steal.
Buy during the holidays
If you want to buy a piece of real estate for less than market value, one strategy that can really work is buying during one of the two peak holiday seasons in the US, these being the period between Memorial Day and 4th of July Weekend (probably the best time to buy during Spring/Summer if you want a bargain) and the Christmas and New Year’s period. During these times, the market is pretty slow due to more people vacationing and taking time out with family, which means if you can slip in with a decent offer, you could end up paying a fair amount less.
Buy a home that needs some TLC
Buying a piece of real estate that is not in the best condition can be a good way to secure a property for less than average market value, but it is only something you should do if you have the time and money to invest in to renovating the place and obviously, you will need to take into account the probable cost of getting the work done before you determine whether it really represents a good deal or not.
The best way to buy real estate in this way is to look for properties that are structurally sound but need a lot of cosmetic work to get them looking good again, These properties are generally cheaper to renovate, so you have more chance of getting a really good deal.
Get really good at negotiating
A final strategy that can work well is honing your natural negotiating skills. If you have the gift of the gab, as the Irish say, and you can talk anyone into anything, you may well be able to talk a property owner into dropping the price a little, This is a risky strategy but if you and your choice of realtor are smooth talkers and you target homes that have been on the market for a little longer, it could really pay off.
Buying real estate for less really is possible, but you should take your time, weigh up your options and ensure you really are getting a good deal before you go ahead and sign a contract.