Ways To Negotiate When Buying Your First Property


The home-buying process can seem complex, but finding a home doesn’t have to be overwhelming. Looking for a home and securing financing has a lot of steps involved and you want to save as much money as possible. Here are a few useful tips to get the best deal for houses for sale in Calgary.

Research

Many first-time homebuyers assume that the asking price is non-negotiable. Never presume that the property owner is unwilling to budge. Instead, research how much other property owners in the area have priced their properties. See if there is some wiggle-room. 

Timing

Approaching the property seller at the right time can increase your chances of getting a more favorable deal. Find out if your seller is trying to move quickly or if the home has been on the market for a while. This can increase their willingness to compromise. Making an offer for a real estate investment during slower times, such as holidays, can also help you find a more favorable deal.

Market

It is vital to understand the prevailing market conditions before starting a house search. There are fewer chances of negotiating the price of a property situated in a high demand neighborhood. However, you may find out that property owners are open for negotiation if the property is in a market with lots of other available properties.

Value

There is often a significant difference between the sale price and value of a real estate investment. A rough guideline usually followed by many property buyers when determining the value of their property is deducting 10% from the property’s asking price. While this is a worthwhile approach, it is not always the best. Work with your real estate professional to come up with a good number based on the home’s specifics.

Incentives

It’s often difficult to know how to negotiate the price of a house. Lowering the asking price is not your only option. Think about asking for inclusions (refrigerators, furniture, etc.) or closing costs to help sweeten the deal

Many first-time homebuyers often assume that their realtor will negotiate on their behalf. While that may be true, first-time property buyers should make sure that they are not missing any opportunities to get the deal they want. Negotiation could involve asking for an extended move-in date, having the entire house repainted, or asking the seller to contribute or cover closing costs. The biggest mistake first-time homebuyers often make is assuming that the price is final.

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