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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Nick Guli is a writer at Explosion.com. He loves movies, TV shows and video games. Nick brings you the latest news, reviews and features. From blockbusters to indie darlings, he’s got his take on the trends, fan theories and industry news. His writing and coverage is the perfect place for entertainment fans and gamers to stay up to date on what’s new and what’s next.
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