6 Simple Ways to Get Your Dream Home on a Bargain
Owning a home is a dream not only of thousands but of billions of people around the world. This is because living in a place that one owns offers a sense of peace and security that is hard to match.
Just imagine the stress of living in an apartment and constantly worrying about whether you’ll be able to pay for next month’s rent or else you’ll run the risk of getting evicted. The idea of becoming homeless is something that practically everybody dreads, much more experience.
If you’re currently looking for your dream home but are quite unsure how to land it without paying too much, here are six tricks you should explore:
Find the listing that has the most competitive rate
If you intend to apply for a home mortgage to get the property that you think best epitomizes the home of your dreams, then you need to be wise about it. If you don’t want to commit fatal missteps along the way, you need to hire a licensed mortgage broker to negotiate, on your behalf, the most competitive price tag for your dream property.
Such a professional is in the best position to know which listing offers the lowest mortgage rate with the features that you need in a home. With your broker’s guidance and help, you’ll have the best chance of snagging the perfect property for the best price possible.
Make sure you’re pre-approved by the bank before you house-hunt
Quite a lot of potential homebuyers let their emotions and eagerness to own a piece of real estate the sonnet time they can that they enter into a contract only to get shocked that the bank won’t approve of their mortgage application. Not only will such a situation cause stress to both you and the seller, but you’ll also make both of your agents scratch their heads in disbelief.
The simple way to avoid this and to have the negotiating power to bring down the asking price for a home you desire is to make sure that you’re pre-approved for a mortgage before you scout for properties in the market. This way, you’ll save everyone the inconvenience of having to cancel the contract, plus you’ll be in the right position to work out a price point that’s amenable to both parties.
Do a quick price analysis
No matter how strong is your desire to buy a home at the lowest price possible, don’t overdo it to the point of deliberately lowballing your offer. This could disappoint the seller and discard your offer outright.
You can avoid this by doing quick market research and find out the prevailing price points for the type of property you’re bidding on. This way, you’ll get a rough idea of the price range that the seller will see as reasonable.
Use some leverages
Is the seller in a rush to sell the house because he or she is migrating? Does the home inspection report reveal some areas in the house that needs to be repaired or replaced?
Factors such as these can serve as your leverage to negotiate the asking price of the seller to a price point that’s closer to what you can afford and are willing to offer. Be sure to ask probing questions to know why the owner wants to sell the house and see if there’s any helpful information that you can use to your advantage.
Make a pitch to close quickly
Many sellers would be more than willing to lower their asking prices if the buyer shows the capacity and intent to close the deal within a shorter than usual time frame.
If you’re sure that your bank, agent, and broker are all on the same page with you on the matter, then you should make the pitch to the seller. There are quite a lot of them who won’t hesitate to nudge down their selling price if they know that a prospective buyer can close off the deal quicker than other interested parties.
Be respectful when making a bid to lower the asking price
When negotiating, always do so respectfully, so the seller would be more likely to entertain you. If you’ll come up with an offer and do so quite brashly just because you have some leverage, then you’ll probably lose your chance at owning the property right there. No matter how desperate the seller may be to dispose of the property, he or she would surely be turned off if the buyer shows zero tact in negotiating the asking price.
Owning the home that possesses features and character that you’ve long wanted is truly a pleasant thought. Just follow these six tips and you’ll be an inch to realize that dream.
