Are you looking for a house to buy? You might have found the one you have been looking for some time, but the price is not as attractive as the house. For this reason, you can try lowering the property purchase price. However, you cannot just walk up to the seller and ask for a lower price. Negotiating is like an art, and you can use it to your advantage. Without further ade, here are the tips for lowering the property purchase price.
Lowering property purchase price: Where to start?
Lowering the property purchase price starts with knowing your budget. It would be extremely helpful if you get a pre-approval for your mortgage. Once you know for certain the amount of money you can spend, it is time for lowering property purchase price. You should start by contacting the estate agent. Always state the lower offer first. For example, you have 350 000 dollars to spend, then you should say to the estate agent that you are willing to spend 300 000 or 320 000. The estate agent will offer you the houses that cost more than the amount you told them. This will help you once you start to negotiate.
Do your research
When you set your eyes on a particular house, do your research. This is crucial if your aim is to lower the property purchase price. Find out the reason for the seller’s move. They can be one of the following.
- The seller already has a new place and wishes for a quick closing
- The seller does not have a new house and can drag the closing for a long time
It is in your interest to ask a lot of questions in order to make the best possible strategy. Additionally, use the Internet. You can see the Google street view of the house. See if the property belongs to one of the most affordable neighborhoods. Usually, a house spends 8.3 weeks on the market. If your desired house has been on the market for more than 10 weeks, you have a good chance of lowering property purchase price.
Lowering property purchase price: Rules of negotiation
As you already know, negotiation is art, and you need to be an artist. Most negotiations usually end when you reach the middle of the first two offers. For the best outcome, let the seller speak first. They might offer a lower price at the beginning for some personal reason. Therefore, wait for them to state the amount since it may be the offer you have aimed for.
An example of a negotiation
Have the desired price in mind when you begin to negotiate. As you saw from the previous paragraph, let the seller say their offer. For example, you want to buy the house for 180 000 dollars. When the seller asks for 200 000 dollars, you offer 160 000. They will slowly start to lower the property price. There is a high chance they will stop at 180 000 dollars since it is the midpoint of the negotiation. The seller will be satisfied believing they got more money and you will get the house for a price you have originally planned.
Things not to do while you are negotiating
It is important to know what you should not do in order to get the best possible deal.
- Do not be rude since some seller will not settle for a lower price
- Respect the seller and their choice since most people are sentimentally connected to their property
- Do not let them know you are in a hurry to buy a house since it will put you in a disadvantage. Do let them believe you have time and money to buy the house
- You should not accept the first offer, let the seller wait for some time. This especially applies if they do not have any other potential buyers
- If the seller has more buyers besides you, then do not let them wait for too long
- Do not pay too much on a house décor, you can always do relatively cheap home renovation once you buy the property
Now that you know the essential tips for lowering property purchase price, you should also see how to relocate successfully to the new house. The first thing you should do is to search for top moving companies in North Carolina. A good moving company will make the whole process of moving much more easier for you. After you hire one, make a plan for your move. It would be wise to make a checklist, so you can always keep track of the things you should do.
Packing for the move
When you are moving to your newly purchased house, you should decide what to bring with you. You need to pack your items well in order not to lose or damage something. If you are lacking relevant experience or you would prefer to have professionals do the packing, then you should consider hiring Chapel Hill movers. They will make sure to offer you the best possible service for the reasonable price.
Tips for lowering property purchase price
All the buyers would like to buy the property for a lower price. It saves money, which you can later use for some renovations or a house décor. When you are lowering the property purchase price, it is important to be confident and to take a risk. If you start negotiating, some sellers will refuse and wait for the next buyer to come. So if you wish to buy a house for your desired price, be prepared to take a risk. There is a possibility you might not get a house but do not let this discourage you. Practice negotiating and get ready for action. Soon enough, you can enjoy decorating your new home with the money you saved by lowering the property purchase price.