How to Know if You’re Getting a Good Deal On Your Property
No matter who you are or what property you are buying, there’s one thing for sure – you want to get the best deal possible.
House prices are variable. The price you’d pay for a property one year could be thousands of dollars less than the price you’d pay a few years later. But even if the housing market is at an all-time high for buyers, it doesn’t mean you should be paying more than you need to, even for your dream home.
Knowing exactly what to look out for when you’re choosing a home and putting in an offer is vital to ensuring you don’t get ripped off. But what are the key things you should do to make sure you seal a great deal?
Take a Look at Recently Sold Property Prices
Websites like TRREB enable you to search for recently sold properties in a specified area to check how much they were purchased.
Looking at how much the properties have recently been sold for in your desired area gives you a good idea of how much you should be offering based on the current housing market. Most real estate agents and sellers will price their properties similar to those in the area.
Of course, it’s also important to consider what each property has to offer. For example, if most of the properties that have recently been sold in your target area are small houses with no garden or garage, but the property you’re interested in is larger and has a garden or garage, you should expect to pay a higher price. This sounds obvious, but it’s something that many people forget to consider!
Look at the Unsold Properties
It’s also a good idea to look at the properties that haven’t been successfully sold. Sellers will often take their property off the market if it hasn’t sold within an acceptable period, and often, this is because they’ve priced it a little too high.
If the place you’re interested in is priced in a similar range to those that have not managed to sell, it is probably overpriced. In this situation, it’s worth reaching out to the seller and seeing if they are willing to drop their asking price. If not, you’re best trying to find a different place to buy.
Consider Future Plans for the Area
Known as the expected appreciation, the value of each property increases over time.
The amount to which this value increases largely depends on the plans or prospects for your chosen area, which can affect property prices. If there are plans to expand the amenities in the area or build a range of new houses or schools, the expected appreciation is good. However, if shops are closing down in the area or the local schools have poor ratings, the expected appreciation is low. In this case, you should expect lower housing prices, and it might be worth finding somewhere to buy in a different location.
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