Find low priced homes with the tips given below

One of the tricks of the real estate industry is to buy cheap or low priced apartment or building and get it renovated and then to sell it at higher prices. This is an old trick that many successful investors have always applied and has hence become successful. The question many people ask is how to find properties that are low priced and cheap. That is also difficult according to many. But the expert says with the online option and many new technological advances it has actually become easier. Here are few tips to find low priced properties.

Sort in search engines by price:
This is an easy way of sorting properties from the online options as this is not known by many. While searching from the online portals like magicbricks.com, indiaproperty.com or 99acres.com, the properties that are displayed are often shown from the most expensive to the low priced ones. It should always be one’s habit to check from the cheapest prices. One can choose the option of sort by low to high price and the portal will enlist the low priced properties first and will gradually come to the high priced properties. In addition if one looks for a large geographic area one would be able to see the location where the low priced neighborhood is situated.

Explore many options:
If you look at a lot of options you will be able to sieve the better options from many. The word low priced is relative as the quality you obtain has also to be ascertained. Set up appointments with the agent to look for many prospective houses in your area of choice and take notice of what you like or don’t like. It’s a good habit to spend your weekends driving up and down the streets to look for houses in the area. The more options you look at, the more the chances of getting a better deal.

Make many offers:
Many investors of the real estate sector abide by a thumb rule of 100-10-1 which implies that you should look for 100 houses, offer on 10 out of them and accept one out of these. By submitting on lot of offers the chances of yours getting a great deal on a cheap house increases manifold.

A fixer may be considered.
Many a times houses are priced low as there are many repair work to be done on the house. However just because the house requires lot of repairs it doesn’t mean that it is not worth buying it. It is rather the opposite and in many cases it has been observed that even after repairs the house is much cheaper than the prevailing market rate. But in case you decide to buy a fixer you need to follow these points.

• It is always advisable to get the house inspected by a home inspector so that you know what are the pros and con of where you are getting in.

• Get an estimate of the licensed contractors so that you can properly know the potential repair costs and make sure that you gain even after incurring the repair costs.

• Cosmetic fixers that require simple fixes like paint or carpet can be an easier and cheaper option.

• Consider applying for a loan for renovation as this may reduce the cost of capital.

Look for the outskirts:
If one is desirous of getting homes at low prices it is always a better option to look for homes in the suburbs outside the busy cities. We are surely not telling you to buy properties or homes in a jungle but there are places about an hours’ journey from even cities like Bengaluru which are low priced. In general the further you travel from the metropolitan area the more the possibility of getting more low priced homes.

Setting up automatic alerts:
Another easier way to finalize a great deal for oneself is being the first to get the offer once the property is listed in the portals. This can be intelligently done if one sets an automatic alert in the property search engines and portals. On setting the alert, the mail or the SMS comes to you once the property is posted on the portal. In this, the advantage lies in the fact that you will be the first to contact in case there is a property on sale and is listed on the portals.

Look for the sale by the owners:
Many a times the sellers who are the owners sell properties being unaware about the market value of the property. This is an opportunity which can be encashed. Thus in this regard, old ways of home hunting can be deployed and the local agents and brokers can be intimated for your desire of buying a home. These people may be older generations or people who are unaware about the property prices but they necessarily appoint local agents and may not be so computer savvy.

REOs can be a better option:
Most of the times the Banks hold an auction of the properties whose owners have not been able to pay loan instalments for a longer period of time. Such properties come under the bulk auction organized by the bank or many banks together. The news of such auction comes in the newspaper and often the web news portals announce the news quite early. These opportunities can be availed to buy a home at a lower price.

Strong negotiation can help:
Negotiate with the seller and try to lower the price but the realtor cautions that this strategy works the best when there are lesser competition. Nevertheless in many cases negotiation has been noted to lower the price. If you think that you are a poor negotiator, you can take a friend or a person along who is good in negotiation.

Talk to a wholesaler:
Like every trade there are real estate wholesalers too. This is one of the best ways of getting a cheaper house. A wholesaler of properties are someone who goes to find great deals and delivers the right to sell that deal to other buyers with a slight mark up in price. Wholesalers typically find their deals through their heavy marketing efforts and proper negotiation skills. Wholesalers sell properties in cash and people seeking to buy properties with a loan may not find this option suitable.

We fervently hope that these tips given above will be helpful to you. You may be using some of the tips already and few may be new to you. Anyway we are sure that if you use some or all of these tips you are sure to find a home at a lower price. We wish you all the luck for your home hunting.

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