It’s natural instinct to delay big spending decisions during times of economic uncertainty. It makes sense on the surface but could actually cost you in the long run. Sellers are more willing to make a deal now and home prices will begin to recover in the coming months.
Of course, you can’t simply make a low-ball offer and expect to get the property you’re after. Here are four tips to help you buy property right now.
Buy property right now with these tips
1) Get the seller to pay all fees
The first thing you should do is find out what fees the seller is willing to pay. Many developers have agreed to pay all fees for off-plan homes, but this may not be the case for resale properties. If a seller isn’t willing to cover all these, think about walking away from negotiations to see if they change their mind.
2) Understand real value
Property sellers will try to justify asking prices by telling you about all kinds of value a property has. In theory, this is true. But there is a difference between a project having a nice swimming pool and being in a location where home values will increase.
Separate the real value of a property with those superficial ones when it comes time to negotiate. If the development you’re interested in is being built close to a public transportation hub, that’s a real value. So too are unique amenities such as golf simulators or onsen spas. On the flipside, common items, such as a workout room, are not real values.
3) Know why you’re buying and how its impacted by the current situation
Chances are, you know the answer to the first question, but are less certain regarding the latter. And that’s okay. We know the real estate market is historically resilient, so recovery is a matter of if, not when. However, some real estate developers are actively finding ways to support buyers at the moment.
For example, some developers selling resort properties with guaranteed rental returns are reworking those programs in light of tourism restrictions. In some cities, developers are offering to make mortgage payments for two years in order to entice buyers. Offers like these provide you with more confidence knowing the short-term situation won’t impact your long-term property buying decision.
4) Look for special sales
There are some amazing sales happening now, you just have to know when and where to look. In Thailand, the Dot Property Black Friday Sale is set for June 19 with up to 30 of the Kingdom’s leading property developers offering once in a lifetime deals for 12-hours only. It promises to be Thailand’s biggest online property sales event.