Thinking of buying a new property? Unless money is not a big deal for you, I bet you would want your next property purchase to be a steal. The key is to get smart, get ready and back your judgment.

We think you should consider these points in order for you to bag the best for a price that’s less.

1. Look for an eager vendor

A vendor under distress is the most obvious component of a cheap purchase. There is no moral high ground here – often it’s a case that the seller needs a quick disposal and is willing to cut back on the price in order to move the bricks and mortar on.

Some situations:

* Divorce settlement

No one enjoys seeing these situations come to a head, but the end of a relationship is often punctuated by cutting ties and the settling of assets.

* Mortgagee sale

Watching for a ‘Mortgagee in Possession’ sale is one strategy, and another is to seek out an owner trying to consolidate their assets and settle their loan.

* Deceased estate

In the situation where property is willed to the next of kin, there may be many recipients to consider. While this is sometimes a sticking point, it’s common for family members to agree that a quick disposal of the property will help put the estate to rest.

2. Get smart

Know your market. Set your criteria on what you want and get informed. When a bargain arrives, the first buyer to spot it will be the victor, so if you don’t recognise the opportunity when it arrives, someone else will run off with it.

3. Be prepared

Take care of a few of the basics, you can remove uncertainties and move quickly:

* Arrange your finance before you start hunting your prey.
* Form a relationship with professionals whose help you’ll need when snapping up a deal.
* Have the phone number of your trusted pest and building inspector handy so they can provide a ready-to-go service when you come up with a possible winner.

4. Look for the angles

Bargains may also be had by considering other angles for savings.

* Purchasing a home from a family member or buying the property you currently rent may circumnavigate the need for agents, thus saving on commission.
* You may also come to an arrangement where you’re compensated for upgrades you’ve carried out on the property yourself.

5. Stick with the basics

The rule is: a window of opportunity comes around to sell a dud property about once every seven years, so avoid them like a biblical plague. Avoid main roads and adjacent rail lines. These things don’t sell in a soft market.