How to Negotiate the Best Price When Buying a Home
Are you considering buying a house? It could be the best time to do so. After deciding where to acquire a property, the next thing you should do is to check out available homes for sale in and around that area. After you have conducted inspections of several houses, you may finally decide to buy a specific dwelling.
But the process of buying a home may not be that simple, especially if you want to possibly save on costs. You could still negotiate to pay lower than the asking price of the home seller. It could be a real challenge to succeed in it especially if the seller is really firm on his position and if you really want to own that house badly. Here are some tips on negotiating a lower price when purchasing a home.
Disclose Your Offer Price
To cut the Negotiation Process, you should immediately draw your offer price, which should be realistically based on actual valuations and the current condition of the house. If you think your offer price is too cheap and unreasonable for the seller, don’t proceed with the negotiation and just walk away to spare everyone’s precious time. If your offer is just slightly lower than the asking price of the seller, you may proceed to convince him to accept your offer.
Know The Market Condition
You may raise the current market condition to justify your lower offer. This is like assuring the seller that you are a Wise Home Buyer Who Has Done His Homework before getting into the battlefield. If the market condition is going downwards, you may easily convince the seller to give in before housing prices tend to further go down. You may also use data from recent purchase transactions in the area. Your transaction should be in line with those.
Keep a Poker Face
While on the negotiating table, try to control your facial reaction. Look as civil and as withdrawn as you possibly could. It would not help if the seller would sense that you are really in love with his house. If it becomes obvious that you are really determined to buy and own the property, expect the seller to be firmer on his stance. He might even raise his asking price because he knows you would have no choice but to give in.
Offer Other Perks
Most tips on negotiating a lower price when purchasing a home include offering non-price perks. You may point out that your offer price is lower because unlike most other buyers, you are paying in cold cash. You’ll have more to spend on furniture, like that from Teddy One – great for those having a baby – if the previous owner has furniture you like, it might be possible that they could include some in the sale. You may also offer to shoulder the inspection process and other tasks that may incur additional costs to the seller. Don’t worry because even if you assume those costs, for sure, you could still save so much.
Which of these tips on negotiating a lower price when purchasing a home could you easily and quickly adopt? You may opt to choose all. Just remember to be prepared before going to a discussion with the home seller.