Purchasing a home is a great choice to make. It also tends to be a very expensive choice once the deal has been made. To make sure money gets saved, it is always a good idea to negotiate the buying price down to the bare minimum. Thankfully, there are plenty of ways to go about ensuring the best price is secured. Let’s dive right in and take a close look at five ways any first time home buyer can save money.
Tip 1) Find Out Why the Home is Being Sold
There are many reasons as to why people go about selling their homes. For some of them, selling their current home is not something that has to be accomplished right way. Home buyers won’t have a good chance at negotiating prices with such sellers. On the other hand, for sellers who are in the position in which they need to sale fast, negotiating is something that works quite well. By finding out why a home is being sold, a buyer will be well on his or her way to finding homes that the price can be easily negotiated.
Tip 2) Conduct Research
By doing research, a buyer can identify the listing prices of other homes in the same community. If other homes have cheaper selling prices, this is a great tactic to use when negotiating the buying price of a home. When doing research, any positive findings should be printed out and taken to the negotiation table.
Tip 3) Don’t Let Hastiness Show
If a buyer is in the position in which he or she needs to buy quickly, this shouldn’t be shown when trying to make negotiations. If it is, a seller is likely to gain the upper hand.
Tip 4) Ask Seller to Cover the Closing Costs
Most times, closing costs cannot be financed. This means an average home purchase will require a buyer to come up with over $3,000 for the closing costs alone. A great way to avoid having to be out of pocket for such funds is asking the seller to cover the costs.
Tip 5) Have Repair Costs Deducted
If a home is going to require repairs, a buyer should ask for the repair costs to be deducted from the buying price.
Negotiating the buying price of a home is not as difficult as many people think. With a bit of common sense, as well as patience, anyone can get a few bucks knocked off the price of purchasing a home.
