House prices are up right now. This means it’s now more difficult to get a good deal when purchasing a house compared to times in the past. However, a good real estate agent with extensive knowledge and experience about the real estate market usually has some tips and tricks regarding how to get a good deal on a home.
No homebuyer wants to overpay for a home and we all want to get the best deal possible. Getting the right price for a house ensures you get value for your money and possibly have something left over for furniture or other expenses like closing costs. Below are some tips and tricks about how to get the best deal on a home.
This is the first rule when it comes to buying a house. Negotiate for the best deal possible. There are a few people who can pay the asking price without negotiating, but usually, there’s some wiggle room. Generally, the seller inflates the price knowing you will negotiate for a better deal.
Buy a foreclosed house
Foreclosures are an unfortunate occurrence when they happen to a homeowner and no one wishes it on anyone. But when it happens, these houses offer some of the best deals you will find. The bank is in the business of lending money and not real estate. The bank will therefore sell the house to recover their money, not to make a profit.
Approach an absentee owner privately
To get a good deal, look outside the regular listings and contact the owner directly and entice them to sell at a good price. Absentee owners are the best bet. They don’t live in the residence and don’t know what to do with the house and want to get it off their minds. A house sitting idle is wasting money and enticing them to sell to you at a lower price is easier.
Part exchange your old home
Maybe you want to move and sell your old home. Try to negotiate for a part exchange with a developer. This will save you money and time as you would have had to sell the old home separately. It’s a convenient option for the homeowner.
A home inspection
A home inspection reveals damages that might need to be repaired before you enter the house. If the repairs are expensive, ask the owner to do them or use the repairs as negotiating leverage for a lower price on the home. The more repairs the house needs, the higher the price slash. This can work well as long as the integrity of the house is not compromised.
Get a good real estate agent
A good real estate agent has extensive knowledge of the real estate market in the area and can provide useful insights to make sure you get a good deal. The realtor will work through the inevitable challenges of the home purchase that you as the homeowner might run into.