Getting a good deal on your dream home is all about bargaining. The listing price isn’t necessarily the final price, it’s only the beginning of a series of negotiations. Although the process can be difficult, it’ll all be worth it in the end when you score the home of your dreams without the hefty price tag.
The following are some effective negotiation strategies to get the best possible price on a property.
Have a home inspection performed
Home inspections ensure the safety and quality of a property. When you get one performed on a prospective home you want to purchase, a home inspection can turn up any information that will provide you with bargaining power to negotiate for a lower price.
Keep your budget secret
When negotiating your offer, avoid disclosing your budget in order to prevent the estate agent or seller from offering the highest price within that range. If you want, you can give away a fake budget that’s much lower than your actual one instead.
Tone down your eagerness
No matter how interested you are in a house, you should resist the desire to make your enthusiasm for it known. The seller or estate agent will most likely take advantage of your eagerness, thinking it’s a sign that you’re willing to pay more for it.
Be curious and inquisitive, but not overzealous. If you notice flaws in the property, then don’t hesitate to call attention to it and propose a more appropriate price that will reflect it.
Hint at your interest in other properties
Let your estate agent or seller know that you’re interested in other properties, even if it isn’t true. They’ll be more inclined to take your counter offer out of fear that they might lose the sale entirely.
Buy the property with cash
Cash discounts are often given to buyers who pay in cash since they can pay vendors in full much faster. If you’re capable of doing so, you should consider buying the entire property in cash rather than credit to avail of the discount.
Reduce some of your terms and conditions
Letting go of some of your terms and conditions assures the seller and agent that you’re more likely to close the deal. Just be sure to choose wisely. There are certain terms that you might want to keep, like a home inspection.
Don’t fill in the silence
It may be tempting to keep talking to fill in the silence, you’re better off keeping quiet and listening to what they have to say. If you allow them to keep talking, they’ll begin to feel ill at ease, and might be more willing to bend to your offer so that they don’t lose the sale.
Be prepared to walk away
There are times when sellers just won’t budge. This often happens, and it’s just something you’re going to have to deal with. If you’ve got limited funds, then you need to be prepared to walk away if it doesn’t seem like you’ll be able to afford what they’re offering. Put your feelings aside, and look for a better property that actually falls within your budget.
You don’t have to go broke in order to buy a property. Land your dream home without having to burn a hole in your pocket with these effective negotiation strategies.