Whether you are looking to buy your first home, upgrade to a bigger one, or want to downsize to something cozier, there is one thing that will put you off your perfect property. I am, of course, talking about the price that the seller wants for their house or apartment!
What some folks don’t realize is that owners often overvalue their properties. They do so because they know if a buyer negotiates the price, they can do so to a price that they’re still happy to sell at. With that in mind, you should never pay the full asking price of any future home that you wish to buy!
But, did you know that it’s also possible to bring down the cost of your next property purchase even further? Believe it or not, there are several simple ways that you can negotiate a better price without appearing rude or disrespectful to sellers and their agents. Here’s what you have to do:
Research the local market
It’s important to do what you can to have an edge on owners and realtors. By spending some time researching the local market and property values, you will have a clearer idea of what a property is really worth - even before you start negotiating on the price!
What you may not know is that buyers typically have a better idea of the market than sellers. That’s because they tend to carry out a lot of prior research before approaching vendors and realtors.
It’s quite easy to do your research; all you need is a computer or mobile device connected to the Internet! You can search in seconds for the average sales prices of homes in the area you desire. Plus, it may also be possible to find out what prices the property you’re interested in buying sold for in the past.
Arrange your finance before you negotiate
Property sellers want to know that you’re serious about buying a house. As such, it makes sense to get approved for a mortgage before you start looking for your new home.
Usually, lenders will agree to a maximum amount in principle. Armed with that information, you can confidently say that you’ve got the money to buy a property. Check out http://www.mortgagesusa.com/ as a starting point.
Have a professional survey conducted
One of the classic ways to knock down the price of any property is by highlighting any major repair work. What you must first do is have a property surveyor check everything and give you a report of what needs repairing. Next, you must contact some local contractors to get repair estimates.
For example, let’s say your dream home has a few broken roof tiles. Websites like http://www.triumphroofing.net/ let you get estimates or quotes quickly, especially if you provide photographic evidence of the damage.
Go on a fishing trip
Not a literal one, in this case! Asking questions to the owner or realtor helps you establish how quickly the property needs to get sold. For instance, a house that’s been on the market for six months and has been reduced in price twice means that the sellers are desperate to offload their property.
You are more likely to get the answers you want by asking them to the realtor. That’s because their job is to work for both their client AND you! After all; it’s in their interests to sell the property as fast as possible.
Thanks for reading - and happy shopping!