2. Prepare to negotiate
Being able to identify a good deal all comes down to doing your homework. Do your due diligence and undertake a sales comparison of similar properties that have sold in the last three months in your chosen area. Also consider engaging a valuer who has access to detailed sales data and is experienced in valuing property based on its location, existing condition, accommodation, style and land size/content. Using a third party to negotiate can also prevent you from getting carried away with emotion and spending too much on the property. A professional buyers agent, solicitor, friend or family member can negotiate on your behalf and separate the emotion from the property deal.
You can also purchase property data from research firms such as RP Data, Residex or APM. These provide recent sales information to help you assess if
the property is a good deal, or just at market value.
Also organise a pre-purchase building report. If there are structural building issues and maintenance concerns, it may give you some leverage in getting the vendor to lower the price.