Who should you buy a flat from?

If we want to profit from buying a flat, we must buy it below its market value. We need to look out for an opportunity that will allow us to carry out a favourable transaction on the property market. Find out who you should buy a flat from.

Urgent situations

Many people sell their flats as a result of various life events. In that case, time is important for the seller. This works in the buyer's favour. Why? There is room for negotiation. The other side will often make concessions in order to sign the contract quickly. People in a difficult life situation, heirs and investors often decide on a quick sale. The current situation on the property market also contributes to lower prices.

Who to buy a flat from in order to benefit

Flats are often put up for sale in a desperate situation. The reason for putting a property on the market may be, for example, the owner's debts. Selling the property may then turn out to be the only option for repaying loans. In such a situation time is very important, and the starting prices are already very favourable. Taking part in a bailiff's auction often proves worthwhile. We can then bid for a flat at less than 70 per cent of its market value. Browse the flats put up for auction in your city.

How does the seller's situation affect the price of a flat?

Personal circumstances often force owners to sell a flat quickly, not necessarily at a price that suits them. The motivation for a quick transaction is often a conflict between the flat's co-owners, the death of one of the co-owners or of the owner, inheriting the property, or the need to move out. The sellers are then exceptionally motivated, so there is room to negotiate the price. In addition, we can secure much better financial terms, especially if we want to pay for the property without a mortgage.

READ ALSO – HOW TO RENOVATE A SMALL FLAT?

Technical condition of the property

The price of a property is affected by the technical condition of the building and of the particular flat. If the property has not been renovated, or there is some defect or damage, the price of the flat falls, sometimes by a considerable amount. It is worth looking at listings of flats in need of renovation, especially if we want to fit out the flat to suit our own needs. We will pay much less for unfurnished properties and for those that require more work. The need for work such as changing the heating system or putting up walls significantly reduces the value of a property.

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