Six Tips For Getting A Great Deal on a New Home
Buying a house will probably be one of the largest and most important purchases of your life. However, this doesn’t mean that you have to spend a crazy amount of money or drown yourself in debt! We’ve come up with 6 useful tips for getting a great deal on a new home.
Research Is Key
This is especially important if you didn’t hire a real estate agent. When you see a property you like make sure to explore the rest of the neighborhood and the street, doing so can give you leverage when you start the negotiation process. For example, if you see more houses on the street for sale this means the demand for that particular neighborhood isn’t very high and you can use this to your advantage. Also make sure to consider the seller’s profile. Does he have a place to live and therefore is open to a fast closure? Or is he planning to stay in the house for a few more months? The circumstances of the seller can affect your deal as well. Remember, when it comes to research, the more the merrier.
Do The Math
Making previous calculations is necessary for two different reasons. First, you need to have a clear price range so you know what you can afford to spend without making too many sacrifices. Second, don’t be scared by interest rates that might only end up being 15 dollars more or so a month. Last but not least – be sure that you’re using your calculator before falling in love with an overly-expensive house or saying goodbye to a property that you can actually afford!
Be Fast And Furious
When it comes to home buying, the market can be very aggressive. Most good deals go very fast. This is why it’s important that you act quickly if you see a house that you love! Your first offer might be your only offer, so make sure to make it a good one! A common mistake by many buyers is that they offer less in an attempt to save money and then they lose the property to a higher bidder. In a market so aggressive, if you snooze – you lose!
Don’t Fall in Love
You might’ve gotten this advice for your personal life before, but in real estate it’s a golden rule. The truth is that if you let yourself fall in love with a particular house, your judgement will be clouded during the negotiation process and you’ll end up making bad financial decisions. People tend to favor bigger houses that might be overpriced when it’s better to buy a smaller property for a fair value. Keep your head cold and your eyes open to other houses. Trust us, that gorgeous back yard might not be worth a permanent hole in your wallet.
Better Safe Than Sorry
Hire a home inspector to check if everything is in order with the property. Inspectors aren’t that expensive and a professional point of view can save you thousands of dollars on reparations that you wouldn’t be aware of otherwise. If you do discover things that need fixing, you can use this as a tool to lower the price during negotiation. The inspector’s opinion can be an important part of your final decision to buy the property or to pass.
The first house you like or bid on isn’t always going to be the best house for you and your budget. If you rush into something that you’re not sure about, you might end up with a feeling of getting “ripped off” because you spent too much on a house that you think is worth less. The process can get overwhelming, and hiring an agent can often increase your chances of getting a great deal while saving you time and frustration. Remember that the most important thing is to be satisfied with your purchase and to eventually turn your new house into a home!