I love a good real estate deal. Every homebuyer likely shares my sentiments.

When it comes to real estate, you always want to know that you’re about to make a solid investment on a home and there’s a formulaic way to know you’re about to get a good real estate deal.

While location and condition are definitely two key determining factors when deciding if a home is a good investment — price naturally matters, too.

Be proactive about it

You’ve heard me talk about it before and you’re going to hear me say it again. One of the secrets to success in real estate is being proactive.

Oftentimes, it’s not the highest offer on a property that gets accepted but the first offer.

If you’re looking to get a good deal, you need to be quick about it.

Get pre-approved for a mortgage, prepare all of the necessary documentation in advance and work with an agent that keeps a strong pulse on new properties as they become available.

Then, don’t delay. Make decisions promptly and confidently.

Invest in the property’s best use

Investing into your home’s best use can mean higher resale value on the home equity end.

Renovating the basement to add additional bedrooms or transforming attic space into game rooms or offices can all increase property value and amplify the property’s best use.

If you’re purchasing a fixer upper, this is a great way to customize the home or bring out its full potential.

On a budget? Make incremental renovations and improvements to the home systematically and over a period of time.

There’s no rush — especially if it’s your first home reno project. Be methodical in your repairs and plan the design strategically with greatest resale value in mind.

Buy during an off-season

As you know, spring and summer are peak housing sale seasons.

These seasons equate to the highest number of homes to the highest number of prospective buyers.

We’re still a few weeks away from the Spring season to be in full swing, so this would be a great example of an optimal time to get into the market. Fewer buyers equal less competition.

Switching your strategy up to purchase in an off-season can help you to land excellent deals.

Know that it’s a numbers game

In the same way that you look at a sales funnel, you need to consider a lot of raw leads in order to determine and analyze quality and streamline that down to a few.

This is when working with a real estate agent really comes in handy. Leveraging your agent’s knowledge and expertise to analyze a prospective property quickly — can save you a lot of time and headache.

Whether you’re looking to buy, or purchase an investment property, there’s no doubt that real estate can be one of the most lucrative ways to build wealth in the future.

As you know, I’m always going to make sure that you’re in the best position for success. Keep these tips in mind for the best real estate deal yet.