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Tips for Negotiating Prices While Purchasing a Home

Purchasing a residential property often tops the priority list of many, and rightly so as there are very few things in life that are as satisfying as living in your dream home. However, it is also a fact that many of us sometimes have to let go of our dream home because it is beyond our budget. If it is well beyond your budget, then of course not much can be done about it. But if your dream home is just a tad above your stipulated budget, then your negotiation skills might help you lay your hands on your dream home. Given below are some negotiation tips that are sure to help you bid down the asking price by the sellers.

Do your home-work properly ? Many a times, potential buyers enter the process of negotiation without doing their homework properly, and hence end up paying a higher price than required. Before you start negotiating the price, you must know everything about the property; for instance, you should know if the property is well-connected with other parts of the city, how far are the schools, colleges, hospitals, banks and offices from the property. Not only that, but you must also find out if the property receives regular water supply and if there are frequent power cuts.

Another aspect that can have a huge influence on the process of negotiation is the duration from when the property has been in the real estate market. These are just few examples, and in actuality, you should try and find out all the details that can have an impact on the price of the property. You must make a note of all the not-so favorable factors that can be used while negotiation.

Check the rates of similar properties This is certainly the most crucial step as you must know the prevailing rates of property in that specific area. Depending on the type of property, the price may vary a bit, but there should not be a very huge difference. Once you know the rates, you are in a better position to bargain.

Do not show your emotions in front of the seller So you just laid your eyes on your dream home and are super excited about it; may be the adrenaline is racing already and it is difficult for you to hide your feelings and excitement, but however hard it might be, you must not reveal your position to the seller. You must play your cards well and hence must refrain from showing your emotions. If you are not one of those who can hide feelings, then better to hire a buyers’ agent who can negotiate on your part.

Let go off your ego If you like the house, and are wholeheartedly bent upon purchasing it, then let go off your ego while negotiating. Remember, that the seller is also in the market and would not like to lose a genuine buyer. If the seller is stuck on a price, but you think that the price is appropriate for the area and property, then go for it.
The above suggestions and tips are sure to help you bargain your dream home for a better deal. However, if you are still not very confident of your negotiation skills, it is better to get the bargaining done through a friend or relative with good negotiation skills. You can even hire a buyers’ agent to get a better deal.


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