One of the most important rules to follow when buying property is to make your profit when you buy.
It’s a good idea to establish some criteria to follow so you know exactly what to look for.
Following are a few tips from Jamie McIntyre’s homestudy course that will get you headed in the right direction.
1. Get to know your local real estate agents
Getting to know the agents in the area you want to buy, if you can, will give you an idea about how they operate. Different agents use different strategies so find one that understands what you are doing and what your criteria is. If you want them to take you seriously don’t waste their time, let them know what you want and only make serious offers. If they understand you mean business, and they know what you are looking for the right agent will work with you to achieve what you want.
2. After an auction
One of the best times to buy property is after it has been passed in at auction.
If a property is passed in at auction buyers will realise they must, unfortunately, lower their expectations. It is often the right time to get a property at the price you want to pay.
3. Timing
There are seasonal times in the year when the property market is more active. Buying in the off season is when you are more likely to get a bargain. The off seasons tend to typically be around:
- November, December, January
- July
- Holidays – Easter and Christmas
4. Work in progress
Roadworks or other major constructions can often put a lot of buyers off buying in that area. If you can see past the noise and dust to what the finished work will be you may see it adding value to the property down the track.
5. Before listing
If you can find a property owner ready to sell, but before they list with an agent, you will have cut out the agents commission and possibly lowered the price considerably. You have to be proactive to find this type of opportunity but if you keep your eyes and ears open the opportunities are out there.
6. Special Levies
This applies to units where the body corporate is raising levies. Some owners may not be able to afford the increase and may be keen to sell. Keep your eye open for units that are having work done on them the work will often create a need for this increase and you may be able to negotiate a good deal for yourself and an owner.
These six tips from Jamie will give you an idea of a few ways to think about and approach buying property. Of course they are not exhaustive and we encourage you to continue to increase your knowledge base in this area if you want to succeed, beyond your wildest dreams, and create wealth through property.
Power Thought
I am destined for success
Repeat this to yourself several times today
Cheers
Teresa and the Team at
Photo
Tom Curtis: http://www.freedigitalphotos.net/images/Yorkshire_g136-Conisbrough_p5299.html
Tags: Buying Property, create wealth, Jamie McIntyre, property market
