As a property buyer, how do you know whether you being overcharged for that property? Every property buyer thought they getting the fair price on every property that they have bought, but in fact, totally not.
However, knowing the approximate and acceptable range of property price is very important. In order to protect yourself from being charged an unfair price for a property, you can take these following easy steps for your next property purchase or if you first-time home buyer, this is the article that you must continue to read on;
➊ Ask questions to the estate agent
Don’t be shy, you can actually throw some questions to your estate agent to get to know the exact price of the property itself. It is very helpful if you know some estate agents (or your friends are) who is not connected to the property field but they familiar with the area, be brave to ask their honest opinion whether the property price that you get is reasonable. It is advisable to do your own research on the property price before buying the property and not after.
➋ Hire a property valuer
If you not sure whether the seller or estate agent offer you the fair price on the property, you may consider to hire a property valuer that is not associated with the party selling the property to estimate the exact price of that property that you wanted to buy in. Their professional knowledge will be a valuable guide to you.
➌ Observe unoccupied property in the area
If you see any units in the area that are unoccupied for a quite long period of time, you can ask the estate agent for the asking price and the reasons why this units being unsold; is it units overpriced, as you can take advantage of this point to bargain for a lower price.
➍ Inspect the property condition
Before put down the deposit for a property, you should hire a property inspector to check on the property conditions such as plumbing system, electricity, pest control and etc. to make sure there is nothing serious problems with it and you are getting your money’s worth as well as save money from repair works.
➎ Check on the similar property in the area
Before buying a property, you must always do your own research on property price in current market or the price of the similar types of property in the the area. In addition, it is very important to search for the property that shares many of your target property features such as amenities, property type or if it is fully furnished, partially furnished or unfurnished.
➏ Observe current property trends in the area
Is there any upcoming development in the area of property that you prefer? Is the property in a famous town or city? Is demand of property high in the area? It is important to know these property trend as house prices may change from year to year.
Bottom Line
Achieving a fair price on a property is between the buyer and the seller. Hence, you should build a certain relationships and be courteous with the seller. This article is meant for all the buyers to protect their interests from overpriced property and not meant to wreck down the seller’s right. And we hope that both parties will complete the deal with happier process and no any troubles encountered.
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