5 Tips for Finding a Bargain on Your Next Home

Bargain your Next Home with the Help of Mortgage BrokersHalf of getting a great bargain is having a mortgage broker find the right home loan for your Kwinana, Rockingham or Baldivis property. Having someone on your side who has a connection to multiple products saves you a lot of running around and ensures that you have access to much more than one or two lenders can provide.

The bottom line is that even a quarter of a point can save or cost you thousands of dollars over the full term of a 30-year home loan in Rockingham, Baldivis or Kwinana. However, that is only half of the equation. There is also a lot that you can do to also save a lot of money. Here are our five best tips for finding a great bargain.

Monitor the Market Religiously.

If you are going to spot a bargain, you have to know what one is first. This entails getting to know what properties are selling for and where. One of the oldest ways to find a bargain is to find a house that has been on the market for a long time.

If the price is going down, it means the seller will negotiate. If the price has stayed firm, it means the seller won’t negotiate.

Search Deceased Estates, Public Trustee and Mortgage Sale websites.

These will all offer significant discounts. The starting point is often lower than it would ever be with a standard house. If you go this route, though, make sure the property is in good shape and in a good location.

Fixer-uppers.

If a house does have renovation potential, you can turn it into a bargain. Then, you can live there or “flip” the house.

Development Potential.

Often, a property can be underdeveloped relative to its zoning. If you can turn a run-down house into a unit site, it can be very profitable.

Find out the Seller’s Motivation Level.

Ask the seller’s agent open-ended questions to see if there is “wiggle room” for a motivated seller to come down in price. Don’t give any room for a “yes” or “no” answer.

After you Find the Bargain.

Call (08) 9527 1800 and let Smartline Mortgage Brokers Rockingham find the right home loan for your Baldivis, Rockingham or Kwinana home.