Buying a house and not getting played by the housing market is a very tricky thing to do. The housing market is one of the biggest out there, because people are always going to need a place to live! Whether it’s buying or renting it’s always going to be in demand, but we’re going to be talking about buying houses, and how you can get the most out of your money!
Buy Unrenovated Properties
Chances are every single property you’ve looked at on your journey has been one that is in a good condition, or it’s been renovated. This is because people don’t want to waste time on having to paint and do everything else to get their new property where they want it to be, they want to move into a property that already has the look they want. However, you’re going to be paying a lot of money for this privilege; the way that property investors make money is by buying a house that hasn’t been renovated and then renovate it and sell it on. The trick is to find an unrenovated home and renovate it yourself, this will delay the move in process but it can save you a couple of thousand dollars, so it’s worth doing!
Ex Display Properties
This works just like shoes do. When you’re looking to buy some new shoes, you’ll normally have the option to buy a brand new pair from their warehouse, or to buy the display pair, and the display pair are always cheaper because other people have touched and perhaps worn them. Just like shoes, properties too have display houses. These houses have a reduced price because people have been inside them, but it’s worth it because the price is going to be so low! Display homes for sale do not often last on the market very long before they are taken so you’ll need to keep your eyes out for this one.
One of the most overlooked way to get things for cheap in the 21st century is auctions. Auctions work by having a starting bid placed on a property, and then people try to outbid each other and whoever is willing to bid the most wins the right to buy the property for the amount they bid. Going to little known auctions means that there is not going to be much competition to get in the way of a property you want so do your research and see what’s going on near you!
All of these methods are going to get you a property for less than the original asking price. Buy a house that hasn’t been renovated and do it yourself because you’ll save tens of thousands of dollars, or maybe purchase an ex display property that’s already renovated but will be a much cheaper than a brand new one, or even keep your ear to the ground and do some local auction hunting, you never know what gem you might come across. If anything goes wrong with your property legal wise, you’re going to need a property lawyer to defend yourself, but property law is confusing so read this to find out about it.