Key Tips To Securing the Best Price for a Property
Buying a property is one of the biggest purchases you will ever make and you want to be sure you find the perfect one. However, when buying a property it is only natural for you to want to also get the best prices and terms. This is often a more achievable goal than initially assumed, you just need to understand the climate surrounding your purchase and how to negotiate your way through it. Here are some key tips to securing the best price for a property.
Educate yourself on current market trends
For some, learning about market trends can happen naturally over the course of time as you search for your ideal property, for others it may not. Either way, it is crucial that you educate yourself and have an understanding of what’s going on in the industry. If you know what other properties that have recently sold in the area and how long they have been listed on the market, you will be able to gauge the amount of negotiation power that you will have when making your first offer. An alternative method that can offer you the same outcome is to hire a buyer’s agent. They are experts in negotiation and have a wealth of knowledge on market trends.
Ensure your finances are in order
If you do not have your loan pre-approved your offer will be taken less seriously and you face losing the upper hand in the negotiations process. If you have your finances in order you instantly put yourself in a better position, not only will you have peace of mind but your offer will have a better chance of holding up against other offers made on the property. Additionally, being in a strong financial position (or having pre-approval) gives you leverage over sellers who are looking to sell quickly.
Be ready to counter
As a buyer, it is crucial to understand that selling agents aren’t obliged to tell you if your offer has been beaten or matched, but regardless be prepared for them to try to get you to counter. At this point, if you have been correctly negotiating, you can increase your offer and sweeten the deal by changing terms to favour the seller, such as waving the cooling off period if possible. Negotiating this way leave both parties involved feeling like they have made a win, however, no matter how attached you are to the property, is important that you do not go over your budget.
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