Housing is expensive. In fact, for most of us, our homes are our most expensive purchase. So, it’s no surprise that most of us want to get the most for our money when buying a home. Because the less we spend on housing, the more money we free up for all the other things we enjoy in life.
If we’re being honest, some buyers just accept the price tag on a house in the same way we would the cost of an expensive pair of jeans. But the truth is that most estate agents expect to negotiate. And while offering the full asking price is one way to seal the deal quickly, it could cost you a lot of money in the process.
If you’re looking to get the best price possible, it’s essential that you’re informed. If you know local real estate trends, property values, days on the market, and how much any needed repairs might cost, you could bag yourself a serious bargain.
The same goes for renting a property. Renting a home is a little different from renting an apartment. Before signing your lease, be sure to discuss any needed repairs. You may be able to pay less of a deposit or even negotiate the monthly rental rate if there are repairs or updates that you’re willing to complete (i.e.: painting, minor repairs, cleaning, etc). But don’t get taken advantage of either. Be sure that the landlord is supplying the supplies, parts, and resources. After all, you’ll be making improvements to a property that you don’t own.
Repairs on a home can cost an awful lot of money. If you face renovation projects or any significant repairs, you stand to spend a lot on top of the asking price. So, if you spot work that needs to be done, talk to your agent about knocking the cost off your asking price, or having the seller complete the repairs before closing.
Bear in mind that this needs to be essential stuff, not just something you want to do for aesthetic reasons. You’ll also want to get a quote on the requested repairs so that you are clear on exactly what needs to be done and the potential costs. This way you’ll be well informed if the sellers reject your offer and you decide to do the repairs yourself.
If the house in question has been empty for a while, there’s a chance it has a few pest problems. You’ll want to have the proper inspections completed before finalizing your contract. Talk to your agent about creating a contingency for a termite and pest inspection. Then, call Atkins or another pest control company to complete a proper, and thorough inspection of the property.
Renovating or redecorating a home can be a valid reason for negotiating a lower sales price. While your ideas for the home may be grand, the truth is that redoing a whole house can get expensive. This shouldn’t just be a matter of taste or preference.
A seller isn’t going to lower the price of the home just because you don’t like their personal style. But, if the current decoration is in a state of disrepair, you might have a leg to stand on. We’re talking peeling wallpaper, ancient appliances, shaky countertops, or damaged flooring. These issues will obviously need addressing, no matter who purchases the home. And if you don’t speak up during negotiations, those costs are coming out of your pocket.