Guest Post by: Liran Koren of Luxury Property Care
Property is one of the most sought-after investments worldwide. It is also one of the costliest. Everyone is looking for the best deal where they get the best property at the lowest price. This convergence is always complicated, but it is not impossible. You need to be vigilant about it and follow some guidelines that we have put down below for your reference. So, let’s begin now.
What Constitutes A Property?
A property is an umbrella term, and it can mean a house, apartment, commercial building, hotel, shopping center, or even a piece of land. The guidelines we are giving below are generic, and with minor adjustments, you can apply them to every kind of property.
Smart Tips on How to Find a Cheap Property
Find The Cheapest Properties Through Search Engine:
When you want to buy cheap property, you should look for one that is cheap. This one was a no-brainer. But how do you do that? It’s not difficult in the age of the internet. You can specifically type on the search engine’s bar for “cheap property near you,” or if you are on a property listing site, you can confine your search to the cheapest properties they have. You need to apply certain filters, and they will start showing the most affordable they have on offer.
Sift Through The Oldest Listings:
The older a posting is, the better your chances of striking a good bargain. It is because the property owner may be feeling tired and stressed by now. He might want to get rid of it immediately at any price. So, your offer may be what he wanted to hear for so long. Avail of such opportunities.
Inherited Properties:
Inherited properties may also be available at a low price. The heirs, in most cases, have their homes and lives set for them. They do not want an additional property to take care of. So, they may be willing to sell it at cheaper than market rates. Look for the obituaries section in your local newspapers and contact the heirs if they offer any such property.
Scout The Neighborhood:
Another way of finding a cheap property is by exploring your favorite neighborhood. You can ask the person mowing the lawn or washing his car about any cheap houses on sale here. You never know; they may lead you to your dream property.
Hunt For Special Offers:
Sometimes, the property owner is in a hurry to dispose of it for whatever reason. He could be hard-pressed for cash or leaving the city, etc. Such offers occasionally happen, but when they do, seize them. It is a golden opportunity for you to strike an incredible bargain, so keep looking out for them.
Foreclosure Properties:
Every bank and financial institution has got several properties under foreclosure. They would love to get rid of them and often offer them at lower prices. Contact a bank, and it will guide you in this regard. They also auction such properties, and you can be part of the auction process and get a prime property at a low price.
Look For Rundown Properties Around Your Area:
A property in dire need of repairs and maintenance may be up for grabs. Their condition is a telltale sign that the owner does not have enough cash to repair them and might sell them at a discounted price. There is no harm in trying your luck, and who knows, you just might become lucky.
The Worst In The Best Location:
Such properties may require some renovation or heavy repair, or they might have other defects or shortcomings. After spending some money on its face-lifting, you will get a property that could be your pride, and you can sell them at a high premium because of its location.
Look In The Outskirts Of The City:
The city’s surroundings are much cheaper than the city’s center or more developed areas. There you can find an affordable property with comparative ease. Just make sure that the site you are checking has proper road infrastructure so that you can easily commute to and from the city.
Ask In Your Circle Of Friends And Family Members:
Sometimes, word of mouth can travel faster than you think. Please spread the word about what you want among your friends and family and ask them to talk with others. With such networking, someone might refer a cheap property to you.
Short Sales:
Short sales are referred to as those properties that will end up in foreclosure very soon. The owners of such properties are likely to lose their possession and pay off their obligations; they are looking for a quick sale. You can consult your bank, and it might be able to give you a list of such properties. There are ads about them in the newspapers and listings sites. You can find a good deal on them.
Consider Hiring a Real Estate Agent:
A property agent might be the resource person you want to get a cheap property. He is a professional who is adept at talking to buyers and sellers. He knows how to negotiate and close a deal. He will charge you for his services, but you get what you want in return, so we believe it is a fair deal. Also, he has listings of every kind of property with him, and it will be easier for you to get what you want.
Look At a Lot Of Properties And Make Lots Of Offers:
Lastly, in order to find a cheap property, you must intensify your search. Look around a lot of properties and also make a lot of offers. The more properties you see, the better your chances of finding the right one for you. If nothing else, it will give you the experience of dealing with the seller, how to make a reasonable offer, and negotiating. They will ultimately help you in your search.
Conclusion:
These are some ways to help you find a cheap property. We hope these will help you in getting the best deal. For a full-service property management you can hire the services of a real estate agent who will get the job done against a commission/fee.
Author Bio:
Author Name: Liran Koren
I’m Liran Koren. I’m a real estate pro and co-founder of Luxury Property Care. I believe that through common work we can create a healthy ecosystem, that serves investors, landlords and even tenants altogether.
