Buying a home is never going to be anything less than a major expense. It’s the most expensive thing that most of us tend to ever own. But that doesn’t mean that there isn’t some wiggle-room to make sure you’re getting a deal that works for you. Here, we’ll look at what you might be able to do to lower that price some, get more in return, or even avoid a bad deal.
Know your stuff
How realistic is the market price? The seller might like to think that they’ve kept it within a realistic range. However, you can soon find out whether or not that’s the truth. You should be researching the neighbourhood of the home you want, anyway, to see if it’s safe and provides everything your family will need. But you can also look up records of how much houses have sold for in the past in that area. Similarly, consider looking at homes with similar (or identical if you can find it) properties and what they tended to sell for. It can give you a much better bargaining chip down the line.
Scan the market
You shouldn’t just be looking at other homes to help you arrange a better deal. You should be looking at different services that help you in buying the home, as well. Look up reviews of conveyancing solicitors, for instance, and get quotes before you make your decision. The same goes for estate agents, but you might even be able to skip them entirely. As for the mortgage, which will make the most difference to the price, places like 1st UK Mortgage can help you get a better look at the market. Don’t go for the first offer that you see and don’t think that the bank you’re with now is going to offer better perks than those that might have deals for newcomers.
Get the gift of the gab
Negotiating should always be a part of the home-buying process and those who skip is might be putting themselves at a disadvantage. The best negotiations start with evidence to support the price you’re naming, so thorough inspections of the home and neighbourhood can be important points to help reduce the price. Otherwise, as the Homeowner Alliance suggests, start low. Let them work their way down as you work your way up. Most sellers take this process into account and start higher than they truly expect to sell for.
Consider investment potential
Sometimes, it’s worth down-scaling your expectations a little. A home that’s less than what you could stretch to could offer more potential. They might have investment potential you could take advantage of by updating the exterior or adding more space by converting existing space or building an extension. Just make sure that there are no regulations in the way of you making those changes before you make the deal.
Above all else, sometimes you have to be ready to walk away from a deal. It’s never worth it to buy a home that’s asking for much more than it should get.