Published on ‘Smart Property‘ by a Staff Reporter.As property values set new records, snapping up a bargain is more challenging than ever. Stefanie Garber finds out how you can nab the best property at the lowest possible price.
1. Identify good-value buys
To know whether a property is a good deal, you need to understand the local market, according to author and buyer’s agent Miriam Sandkuhler from Property Mavens.
“When you’ve done the research to understand what similar properties should be worth, then you should easily be able to recognise if something is being offered below market value,” she says.
However, buyer’s agent Warwick Brookes from Domain Advocates warns cheap properties are often unpopular for a specific reason. As an investor, you need to evaluate whether the defect is a quick fix or a lost cause.