Bargain hunting tips – Buying a refurbished product

What is a refurbished product?
When buying consumer electronics, refurbished items generally refer to products or equipment that has been repaired or made to look and function as new. It could have been a manufacturing defect, which was returned to the factory to be fixed or it might fall under other refurbished categories like shipment damaged items, display piece, or overstock. Whatever the case maybe, usually the manufacturer inspects these items for internal defects and blemishes and then they are repaired to 'like-new' condition. Then the retailer labels them as refurbished items and reduces the sale price. Customers can find cameras, computers, televisions, answering machines, telephone systems and other consumer electronics as 'refurbished' items at a bargain price.
Why should you buy a 'refurbished' deal?
Buying a 'refurbished' item can be a great way to get a good product at a bargain price. Even though the term 'refurbished' may have some negative connotation attached to it, there is no reason why you should not buy the unit. These deals vanish quickly from the online stores as bargain-minded consumers grab them as quick as they mushroom up. If the price difference between a new item and a refurbished item is not significant, it would be a better bet to buy the new item. If the price difference is significant, watch them vanish like hot cakes! 
Are there any risks associated with buying a 'refurbished' deal?
As with any purchase, there are always risks associated with buying a 'refurbished' item. But we can mitigate these risks by adhering to some precautionary steps. You need to consider whether a retailer who is authorized to sell new products is selling the ‘refurbished’ unit. Also, check whether the unit has a warranty for parts and labor (The more the better). In addition to that, please buy these items only when a retailer offers return or exchange policy for 15 days or more. Just because an item is a ‘refurbished’ item, it does not translate into a good bargain especially if the product is a lemon. So do some research on that product before buying it. There are a lot of product review sites, which lists out the pros and cons. Also many websites have user reviews that are very valuable before you make a purchase. Read these reviews to see whether there are known issues with the product.
Happy bargain hunting..!