Real Estate Advice
How to Buy a Property that is not For Sale
Perhaps you’ve admired it longingly from afar, or maybe it’s a property you pass every day and long to see come on the market. Sometimes the perfect home isn’t found in the current for sale listings.
So what can you do if you’re looking to register your interest in purchasing a specific property or you’re seeking to buy a type of property and it’s not currently for sale?
Be sure of what you want
Finding that perfect property involves knowing exactly what it is that you want.
Start the process by creating a wish list of exactly what you’re after including desired locations. Do you prefer single or double storey? Is easy maintenance a priority, or do you prefer a large garden?
What will be the needs of your family in the future, will your new property be adaptable to growing needs? There are a number of factors that all come together for each individual purchaser which make up the elements of the ideal potential property.
Investigate the neighbourhood
If you have an idea of the area where you want to live, be sure to investigate it thoroughly. Take a drive around the neighbourhood you are considering, walk the dog, ride a bike. Visit at different times of the day to gauge factors such as commuting times and potential noise issues.
As you see people, be friendly and maybe strike up a conversation, say what you love about the area, these may be your new neighbours and friends.
Approach an agent
If you’re after a property in a specific location but the right residence is yet to hit the market, reach out to the agents that service that area. Occasionally agents will have properties that are for sale, but off-market, meaning they’re not being publicly advertised.
Proactively contacting an agent also allows them to put you on a buyer database so they can notify you of a property that might suit your needs before it comes to market.
Conduct research
If you have a specific property in mind, conduct all reasonable due diligence before moving ahead. What are the council plans for the area regarding zoning? Are there any potential flood issues? What developments are occurring nearby?
Research recent sales prices of your chosen property and nearby properties. Talk to real estate agents and analyse current listings. Now is the time to come up with the ideal figure that you are happy with and that will entice the current owners.
Approach the owner
So you’ve found the perfect property, have done your due diligence and are keen to inquire about the prospect of purchasing…the next question is how to go about canvassing the idea with the owner.
Here you have a few options…you could:
- Email the owner if you have their contact details
- Pop a polite letter in the mailbox, expressing your interest
- Have an agent reach out to the owners on your behalf
However, you choose to approach it, be complimentary and courteous. Respect their wishes if they are not interested.
As you converse, try to determine what motivates them, it may not be money, they may just wish to see the property go to someone who loves it as they did. If the owner is unsure about price or hesitant to sell privately, contact a good real estate agent to oversee the sale.
Approach the owner
If you have a specific property in mind, conduct all reasonable due diligence before moving ahead. What are the council plans for the area regarding zoning? Are there any potential flood issues? What developments are occurring nearby?
Research recent sales prices of your chosen property and nearby properties. Talk to real estate agents and analyse current listings. Now is the time to come up with the ideal figure that you are happy with and that will entice the current owners.
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