Finding Affordable Real Estate for Sale
Finding and flipping cheap or affordable real estate for sale can be challenging if you don’t know where to look. Keep reading to learn all about what makes a property cheap, where to find it, and how to make that all-important profit.
Cheap properties are discounted and sold at below-market prices.
The trick to turning a profit lies in accurately estimating the cost of bringing the property up to standard and still selling it at a great price while gaining a substantial profit margin. When identifying a low-priced property, the causes could be that the seller is looking for an urgent sale or that the property requires work and is “distressed.”
To evaluate whether a property is selling cheaply, you would use a price per square foot calculation to get a precise estimate of what you are paying. This method effectively compares different properties without being biased by nice features.
Online marketplaces that offer a price per square foot in the property listing are convenient for estimating which properties are within your budget. When you use the filter criteria, these marketplaces also help you compare a listing with previously sold properties in the area.
By comparing a property’s price per square foot to sold properties, you can better understand whether the property you are looking at is priced below market value. This way, you can ensure you are getting the best deal possible.
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