5 Hacks for Getting the Best Deal on Real Estate
As you guys probably already know, Amon and I used real estate as an important part of our financial independence strategy. In fact, if you go over to our channel, there is a whole playlist of videos discussing real estate investing! So, yeah, suffice to say, real estate is an area of investing that we have some experience in.
Because of this, we know how stressful it can be to find a good deal when buying property. So, to help reduce the amount of stress you go through when house hunting, I’m going to let you in on five hacks that you can use to buy property in any market.
This post will be especially helpful for aspiring real estate investors, or anyone who is looking to purchase their own home. And I’m really excited to share this with you guys because, if used correctly, these tips can actually end up saving you a ton of money!
So, without further ado, here are the five hacks that we use to buy real estate in an expensive housing market!
Tip 1: Look At the City’s Master Plan
A master plan is an urban planning document that provides a layout of projected growth and development for a city. These master plans are written for the public so they shouldn’t be too hard to track down or understand. They’re typically available online. But, if your city doesn’t publicize its plan online, just go to the city’s planning department and request to see the documents.
When you look at these documents, you’ll see how useful they are. Because they’ll identify how and where growth will take place in a particular city, the city’s master plan will help you identify areas to buy where properties will likely appreciate in value.
So, for example, let's take Atlanta, Georgia. Atlanta is a city where the downtown is going through a massive revitalization. We can see, by looking at Atlanta's master plan (which is available online), that the downtown population is going to increase by 45% in the next 10 years. This is excellent information to know when looking to buy property in Atlanta!
So reviewing a city’s master plan will be REALLY useful in helping you identify where you can get a deal right now . . . before the development comes!
Tip 2: Make Your Purchase Between Thanksgiving and Christmas
I know, this one may have you scratching your head a little, but let me explain why buying during this time of year could result in some serious savings!
Not only is there less competition during these months, but sellers who list their homes between Thanksgiving and Christmas tend to be either: 1) less savvy overall; or 2) more desperate to sell their property. I mean, there is a reason most people sell their homes in summer and spring. So the fact that sellers are putting their homes on the market during the winter or holiday months means you might actually have an easier time getting a good deal from them.
Also, generally speaking, homes just don't sell as well during the winter months. Because the weather is so dreary and uninviting, buyers tend not to want to go out and look at homes during these months. And the homes themselves are usually not as nice to look at when they’re covered in snow and slush, with salt stains on the pavement.
All these factors combined mean that you're more likely to get a better deal between Thanksgiving and Christmas!