Hello everyone.
My wife and I decided to look for our first investment property. We chose the Western suburbs of Sydney. I found a place that appears to generate sufficient rent and a tenant who is willing to stay. So after looking at the property I spoke to the agent and asked for about 5% reduction in the price. The agent called back and said the owner agreed. Which I found a bit odd as usually the person selling at least tries to negotiate back.
We did residex report of the property and the price estimate came back about 20K cheaper than we bargained for (so the original asking price was even higher).
I feel like I should have offered a lower price to start with. My idea was to do a pest and building inspection and if there are reasonable problems with the property I come back to the agent with a list of problems and my price estimate report and ask for a lower figure. Obviously if the house has major problems I will probably walk away as its not worth it.
Do you think this is a good idea to further negotiate the price down? Also About four years ago I believe the owner did a small renovation on the kitchen and bathroom. Does the residex report take that into account?
Thank you for any input.
My wife and I decided to look for our first investment property. We chose the Western suburbs of Sydney. I found a place that appears to generate sufficient rent and a tenant who is willing to stay. So after looking at the property I spoke to the agent and asked for about 5% reduction in the price. The agent called back and said the owner agreed. Which I found a bit odd as usually the person selling at least tries to negotiate back.
We did residex report of the property and the price estimate came back about 20K cheaper than we bargained for (so the original asking price was even higher).
I feel like I should have offered a lower price to start with. My idea was to do a pest and building inspection and if there are reasonable problems with the property I come back to the agent with a list of problems and my price estimate report and ask for a lower figure. Obviously if the house has major problems I will probably walk away as its not worth it.
Do you think this is a good idea to further negotiate the price down? Also About four years ago I believe the owner did a small renovation on the kitchen and bathroom. Does the residex report take that into account?
Thank you for any input.