Friday, December 5, 2014

Buying a Home: Negotiating the Price

Negotiation is part and parcel of the home-buying process. Start with these three basic tips to haggle for a price you’re comfortable with.

Examine the property.

Do a thorough viewing of the property. Examine the space and its details with a critical eye. Even if you fall in love with the place at first sight, it helps to keep a neutral exterior. Giving away that you're excited to buy the property might encourage the seller to bump up the total price. Instead, be objective - it'll help you determine whether the property's in sound shape and equipped with what you need. Ask smart questions about the property that can lead to negotiation. 

Compare its price.

Do your homework: look up similar properties for sale in the same area. Compare their price to your prospective choice. Drop in to view these properties (and consider them as options, too - homebuying, after all, is a process of scouring for selections). Look for any advantages these properties might have over the one you want. One home might be more accessible to major roads; another might be a newer construction; another yet might be more well-kept. If these properties fall within the same price range as your first choice, use their better traits as leverage to try to get the price down.

Hire a good broker.

The surest means to bag the best price would be to enlist the services of a talented broker. Negotiation is the bread and butter of their profession. It’s part of their job as the liaison between you and the selling party. Choose a broker who specializes in the neighborhood of your choice. Someone with local knowledge and familiarity with the area should know just how much homes should sell in that region.


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