Finding a great deal on a piece of property is an eclectic genre of dealsfinding. While most deals are in the normal range of price, quality, and location, being aware of special offers and discounted properties is the norm now more than ever.
Today, with the Internet and technology-driven economies, special offers become known like never before. Plus, when it comes to renovation projects such as new kitchens or bathrooms, special prices can be even more impactful.
When searching for deals on property, there are some things that you should keep in mind. Most importantly: don’t be too quick to offer an offer or take the property out of commission. Doing so will only create problems down the road!
This article will discuss some tips that can help you find vacant commercial real estate for renovation projects and cover lots of ground at low cost.
Run a background check on the property owner
If the property owner has a criminal record, run a background check on the property to uncover any criminal charges.
If the property owner is a trusted neighbor, than obtain no-contact orders between them to run a background check on the property. This will help expedite the process and confirm your suspicions that it is an occupied residence.
Once you have confirmed the occupancy, go ahead and buy and sell real estate as normal and seek help from an experienced lawyer. Selling a home can be hard when there are no signs of life underneath the current owners.
Taking action early can avoid stress, surprises, and potential catastrophes when things break down administratively or in court.
Check for existing vacancies
Before renovating a house, check the property for any safety or health code violations. If there are, the house should be re-evaluated to make sure it still meets the criteria.
There may also be laws that require a new owner to update an old property, so doing a quick review is beneficial. By performing a full review, including re-evaluating the property’s safety and health codes, this person can find two vacant properties for one renovation project!
On the internet you can find full-fledged renovation firms, free remodeling websites, bulletin boards for DIY projects, and even television shows and radio shows about home improvement. Any of these can help get your project off to a good start!
Do not spend money that you do not have on remodeling projects. Only buy products from established companies with good customer service and quality work.
Ask nearby tenants
If a property is vacant for a short period of time, try to ask nearby tenants if they were happy with the space and if they would recommend it to others.
This can be a hard step to take, but if you find a good fit for the space, it will help you save money on upgrades and expansion later on. If anyone was unhappy at the end of the two years, then there may be potential insurance coverage for someone else looking to move out.
If you are able to get some good feedback from the property’s neighbors, that is even better!
Surrounding community members can help support your claim too. If someone moves out of protest, there may be a public audience or trial to see if they are responsible for letting the property go.
Look into using technology to help with this step too. Using online tools such as Google Docs or Yelp app for surrounding community information is helpful.
Look for construction activity
While not necessarily a method to find empty properties, looking for construction activity in nearby buildings can uncover new places to shop or house-salesmen at existing homes.
Website updates, parking permits, and recent remodel announcements are all signs that a property is being remodeled. If a new owner takes ownership, then the previous one was probably worth a lot of money so it can get priced high.
But if the property is being remodled by someone close to former ownership, then it may be cheaper because the new owner has no personal investment ties.
Consider using this method before you run out of ideas, because some homes might be hidden with little or no people knowlege of their renovation project.
Use your nose! (okay, maybe that’s a little too advanced!)
Using your nose can be very helpful when renovating a property. It can be doing things you see, but not necessarily hear, for example. Or it can be using your own eyes, but also bringing other information to the table.
Although both of these sources of information can be valuable, there may be a more specific benefit to one over the other. For example, hearing about a good TV show being on broadcast television could help with choosing a new TV set.
But, if the owner is willing to showcase their property on broadcast television, then it might help find a tenant. By having this kind of evidence onsite, more potential renters will come forward and try out the place!
Using both your nose and evidence-based tips like this will help uncover properties that are hidden, but worth investing in.
Go to the municipality and ask for vacant property lists
You can also go to the municipal website, called Kavasilis, where you can search for vacant property throughout Lithuania.
It is a very useful tool. You can also contact the owners or operators of the property and ask if they are interested in renting it out or selling it. If so, you can work with them to find an ideal buyer.
If not, you can attempt your luck finding a new home with the same owner, or another owner if they’re willing to take a shot on home ownership.
Ask building managers or security officers
If a building is vacant, check the registered owner’s name against the address to see if it has been occupied. If it has, then the property has been re-occupied and the new person has a change of ownership. This can be an incredible find as the new person may be willing to negotiate on behalf
To find a vacant property, you must be very careful. First, try calling nearby properties with no results. Then, go to the property and ask if it is for sale or use. If it is not in use or sale, try calling local authorities to see if they can step in and take it off the market.
Check nearby fliers and posters
Even if a property is not open for viewing, check nearby fliers and posters for additional information. Some sites have built in tool to helpfully add details to a property.
Many listing services have a site map feature that provides additional details about the property such as photos, location, and construction date. If the property has been listed, make sure you do not miss any details!
If there is a notice of sale, try applying early so you can take full advantage of the early phase of sales tax relief. If the property has already been sold, you may be able to find an adjacent buyer or seller who was not involved in the sale because of this relief being in place.
Checking these out before signing a contract can save some money on negotiations and closure costs.