Buying real estate property is not as simple as passing by a house and deciding that this can be the dream home for you. Although you can do that if you want, there’s no guarantee you’ll be able to get an ideal home. As in any other types of buying endeavours, there’s no easy way to getting a good buy in real estate.

One of the things you should bear in mind in your real estate property investment is the purpose on why you want to get that home. Is it because you want it for house flipping purposes? Or is it because you are looking for a permanent home? Maybe it can also be due to the fact that you want to engage in buy-to-let opportunities.

Tests on getting a Good Real Estate Property

Now, if you’re intent is to flip the real estate property – meaning you want to buy it at a low cost then make some repairs and sell it in the future – here are tests that you may want to take note of. This can help you make sure you’re getting a good one:

1.Pricing test. In this type of test, you have to ask yourself a few questions such as: “How is the real estate property advertised – is it through MLS or through FSBO?” “Is the asking price comparable to other houses of the same type?” “Will the seller be open to negotiation?” “Will you gain from the sale after you’ve made repairs to the home?”

2.Condition test. You always have to check the home personally if you intend to buy then sell it off to another individual later on. This test will help you assess how much repair is needed and how should you go about the repairs. If you think the home needs a major overhaul, you may need to invest more before selling it. Will you be able to make profit if that’s the condition of the real estate property?

3.Neighbourhood test. It is important that you’ll be able to check on the community where the house is located. For the meantime, you should place yourself in the shoes of the buyer. Consider what type of neighbourhood is most favourable. When you’ve undergone this test, you can be assured that you’re securing a good deal once you’ve fixed the home and become the seller. Your buyer will surely consider location in his search too.

4.Title test. You always want to make sure you’re getting a clean title. You won’t be assured of that unless you’ve undergone this test. Check on any liens on the real estate property as this may affect the deal. If in case there are liens on the home, you can propose a conditional sale wherein you will only make the purchase dependent upon the lien imposed on the said real estate property.

Make sure that the real estate property passes all the tests mentioned above. Otherwise, you may need to check on another home that will be good for your purpose.

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Category: Real Estate
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