A Guide to Investing in Real Estate

a model house unit with a hand on top of it

When purchasing a master-planned estate around Burnside, one of the challenges that you will face is finding a great home with a potential return on investment. Finding the best-priced estate can be quite a challenge since most houses are typically overpriced. The biggest mistake that most people make when investing in real estate is to purchase their home at list price.

If a house has been on the market for more than 30 days, it is possible for you to negotiate and get a discount. The longer the unit has been on the market, the more wiggle room you have for price renegotiation. However, to find properties that you can buy at a discount, you need to shop around for good deals.

Local Agents

Talk to your local agents to find out if they have units that have been on the market for more than a month. Be willing to compromise on the location since the farther a home is from the centre, the easier it is to get a discount. Be prepared to check out at least ten units before you narrow it down to your best choice.

Foreclosures

Look for bank-owned properties that are up for sale. Subscribe to foreclosure and auction alerts and talk to your network to find out if they know of properties coming up for sale soon. Be sure to check if the property is a worthy buy before you make a down payment. Ideally, such units are great. Still, it is better to be safe than sorry.

Flip

Consider doing a renovation of a home with good bones. Look for an old house with a solid foundation and renovate it to suit your preferences. Run the numbers first to ensure that it is a good investment. Do a walkthrough and consult a contractor to find out how much it will cost to renovate the home. Never put your money in a house when you aren’t sure of returns.

Finding the best deal in real estate isn’t easy. However, these three tips can make the process simpler. Follow them and see if they will work in your favour.