Knowing how to spot a bargain for your first home are valuable tools if you want to buy your first property for either under market value or the lowest price possible.
In this short video we did for Real Estate Insider, we’ll take you through a few of the easy ways you can go about doing this if you’re just new to searching for property.
But don’t worry!! If you’ve just recently registered for a ticket for one of our First Home Buyer Masterclasses you’re going to learn many more hints, tips and tricks to help you purchase your first home for the lowest price possible.
In the meantime, here’s how to spot a bargain for your first home in 3 easy steps…
- Old Listings –
These are properties that have been on the market for around 6-8 weeks. But how do you find these properties? It’s actually pretty easy. Just head to realestate.com.au and go to the search area. Once there, type in the suburb or suburbs you’re interested in and the property type and price range you’re looking at. Once you’ve done that is all you need to do is change the search criteria from the default ‘Most relevant’ to ‘Oldest to newest’. This will then display all of the properties that have been on the market the longest, first.
The owners and the agents selling these properties are likely starting to become a little desperate and feeling the pressure to get these sold. They may be more eager to negotiate than they were a few weeks ago which means you may have the opportunity to bag yourself a bargain.
- Does it have potential to renovate or need superficial changes?
If you’re open to doing a little bit of work and getting creative, then you can often find a property that is in the ‘too hard’ basket for other buyers and that can be a real ‘winner’ for you. This provides you with a great opportunity to get your hands a little dirty and also learn a few new skills renovating, whilst rapidly improving the value of the property you just purchased.
- Does it have future property development potential?
These are properties that are worth more than ‘just’ the land and house value they currently have. Should they represent the opportunity for a future development of units, townhouses or a subdivision, they’ll likely deliver a very good return on investment in the not too distant future
So what does all this mean for you?
It just means that if you’re a first home buyer looking to purchase their first property, you now have a few ‘Real estate Insider’ strategies from the team at the ‘First Home Buyer Buddy‘. You can now use these techniques when it comes time to search for your first home. These tips will save you time and money and give you new insights into how to make smart and better-informed property decisions.
If you’re coming to the Masterclass, I look forward to catching up and meeting you!