Real estate is one of the most lucrative industries across the globe. This statement doesn’t come off as an exaggeration; rather it serves to highlight the fact that land appreciates in value over time. Most land owners prefer to put their properties up for sale, since they consider this the quickest way to earn money.
As a property owner, you can sell your land (or any other real estate commodity) for some decent gains. You can also put it up on the rental market and earn a monthly income in return. Many land owners report good rental yield even after they have paid for maintenance.
On the contrary, many people prefer to make investments in real estate by undertaking land purchase gig. Some buy land for setting up their residential accommodations, while others purchase properties to establish their businesses – with the latter promising long-term return on investment.
Meanwhile, many simply buy a piece of land so they can sell it when the prices increase.
However, the sale/purchase process can be an overwhelming experience. This especially holds true for first-time buyers. But with a few tips, and a bit of experience, it becomes possible to close good deals.
In the ensuing write-up, we will discuss five ideas for easily buying and selling real estate.
5 Ideas for Easily Buying Property
If you are looking to buy property, consider:
Broadening your search options
Due to a rise in real estate’s popularity, there is no lack of property listing sources. Sometimes, you may just be passing through your neighbourhood and find a ‘for sale’ sign. But to broaden your options, you should definitely:
- Browse through the newspaper’s classified section
- Visit your nearest real estate agent
- Keep an eye on upcoming and developing neighbourhoods/towns
- Scour online property portals
Nowadays, using online property portals is the most convenient method for buying (or selling) real estate assets. Therefore, we are going to discuss it as a separate point.
Sifting through online property portals
These web portals feature a wide range of property listings. Buyers can apply filters like specific neighbourhood, property size, price, type, and amenities to narrow down their search options. Such websites also offer real estate agent listings that meet your requirements. You can easily find contact numbers of the homeowners or agents selling their properties.
The main purpose of these e-classified portals is to facilitate the users. Instead of visiting a number of properties and analysing each individually, it is better to have a few shortlisted.
For example, if you are living in Pakistan and want to buy a plot in Lahore’s Defence locality, then you can search for Lahore DHA Plots on a local property portal. In this manner, you can select the best few, and then ensure you are making a good deal.
Acquiring details prior to commencing with property finalization
No matter the source you choose for buying, it is essential to know what you are buying. Many inexperienced buyers fall victim to fake offers. Property is expensive so it is always better to make a well-informed decision.
You should inspect for:
- Types of amenities available nearby
- The quality of features available (if it is a house)
- Neighbourhood safety measures
- Availability of utilities (electricity, water, gas, sewerage, internet, etc.)
- Zoning issues
- Construction bylaws
- Applicable property taxes
- History of litigations
Financing your purchase
Many people prefer to pay in cash when buying a piece of land. Land always costs less than a fully developed structure so it is easier to do so. However, regardless of what type of property you are buying, you can always go for home loans.
Most governments and private institutions offer such loans. Of course, this does increase the total cost you have to pay. In addition to the actual price of the property, you will also have to incur applicable taxes and interest rates.
So before you even begin your search for buying, know what your total budget is. This will further narrow down your search results and prevent you from wasting time on properties you can’t afford.
Closing the deal
When you are satisfied with a property, it is time to buy it. However, there are formalities to take care of; something which is important to prevent future problems. A good (and practical advice) on this front is to hire a lawyer to manage the legal concerns impeding the property finalization.
If you buy through a realtor agency, then they will also help you close the deal properly. But personal knowledge on the subject can save you from a potential fraud. Therefore, do learn about things to consider during closing of a property buying deal.
5 Ideas for Easily Selling Property
Selling property needs as much attention as buying it. For this purpose consider:
Advertising your property
Of course, the first thing you need to do is reach out to platforms to advertise your property. Traditional methods include ad placement in newspaper classifieds or a realtor agency.
To reach out to more specific buyers, advertise your property on online real estate advertising agencies. Many web portals offer free or affordable packages for advertisement placements. You can also benefit from the advertisement spaces on these websites.
Conducting open houses
If you own a house, an open house event is quite useful for making a good sale. You can perform some home staging (or hire a professional to do so), and invite people to view the property. Even if you don’t close a sale with an open house, you may identify problems impeding the house sale.
Making improvements to your property
Talking about problems with your property, there are a number of things you can fix and upgrade. This not only makes your property more attractive, but increases its value according to the market.
A lack of development in the surrounding area may be a reason that your piece of land is not selling. In this case, you may have to wait for the developer or state to commence with the development work.
Meanwhile, for a house, ask a real estate expert or home designer to help you improve it.
Taking up unconventional selling options
It is not uncommon that traditional methods of selling don’t work. This is when you should give unconventional methods a try.
- Make connections with investors
- Print flyers and distribute them in different areas
- Showcase your house on YouTube
- Network within your neighbourhood (or even beyond)
- Go to real estate expos/trade shows
- Consult with property management firms
Selling at the right time
Several internal and external factors impact the property industry. The prices fluctuate and so do buyers’ interest. If you are experiencing a hard time selling, find out if the buyer’s interest in the market is low. If so, you may have to wait until the situation changes and the market becomes buyer friendly or there are more opportunities to sell.
Since property is a huge investment, it is often difficult to close deals. Therefore, learn as much as you can before commencing with the deal finalization. It is highly recommended that you take an expert on board too.