While lower property prices present an opportunity for serious homebuyers to secure a home at a fraction of its old price, some cheap properties actually come with a catch. Expert advice? Be on the lookout for property red flags before you give in to the lure of lower prices. In the real estate sector, when an offer is too good to be true, it may not be as it seems. To ensure a seamless, authentic and transparent property purchasing process, homebuyers may want to take these tips into consideration:
The question here is: who are you buying from? This tip is particularly useful for buyers opting for the off-market route. Off-market properties are often sold in a rush and some sellers tend to do away with the details just so they can close a sale and get rid of their property pronto. Buying off the market is less formal, so doing a little background check on the seller and the property for sale may not sit well with the other party. However, as long as you have a Canberra buyer's advocate guiding you, they will act as an intermediary and obtain accurate information on your behalf.
The golden rule is to never buy a property unless you have seen it in person and verified its quality. You have reason to suspect a seller who refuses to give a site tour. The property could have serious defects and you will be completely in the dark until after you made the down payment and moved in. By then, it would be too late to rescind the purchase. During your scheduled house tour, inspect every nook and cranny. Never mind the dust and a bit of mess, but carefully weigh the pros and cons and decide how much repair or remodelling you want to undertake.
Two homes could belong to a similar price bracket but have different things to offer. One may have a garden, while the other a pool. If the price difference is only between a few thousands, choose the property that brings more to the table, especially in terms of space, location, accessibility, design, functionality, maintenance and neighbourhood safety. Also, check which qualities of a good home align with your priorities. This will help you be more discerning in your real estate choices.
A sudden drop in property prices need not be met with suspicion all the time. In a volatile property market, it is common for home prices to fluctuate. On occasion, they remain low for a time only to start rising again. Serial property investors actually look forward to price drops as it gives them the opportunity to buy cheap, make renovations and later on sell at a higher price.
It is also important to note that lower property prices could also be the result of more supply. Surplus units are sold at cheaper prices to attract an influx of buyers. If you are hoping to purchase quality property at reasonable rates, keep track of your local real estate's supply and demand curve. Or you could hire an experienced independent buyers agent in ACT who can guide you in your home buying journey and explain the market status quo in detail.
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