Top Buying Tips

(page 1 of 2)

A Primer On How To Get What You Want When Shopping For A Property

When people get into the market to purchase property they need to be prudent, move forward at a proper pace and most importantly, stick to their original goals and needs. The flowing is a list of circumstances and how to avoid the pitfalls that lead to spending more than you should.

1. To avoid overpaying there are some very basic and obvious things that are at times forgotten in the excitement. Like any other process in life, the more you study it and the more you know, the better equipped you are to navigate the waters safely. Study your local property market by shopping around, talking to recent home buyers you may know and consulting with knowledgeable realtors. Do not trap yourself in a bidding war for any property, stick to your guns and negotiate wisely by offering good terms that are beneficial to all concerned.

Do not let your attachment to a property cloud your judgment. So many folks find the "house of their dreams" and all they have learned or know about prudent purchasing goes right out the window. Do not let that house of your dreams become a nightmare you cannot wake up from. There will be other homes and other deals literally right around the corner.

If the home has been on the market for awhile, say four to six months, and no one has purchased it be wary of this property. It is quite likely over priced or defects that are not visibly apparent may be in play.

If, while you are negotiating, the seller starts to drop the price it might well be because he has knowingly over priced the property. If this is the case good steadfast negotiating on your part could get you an even lower price.

If these strategies do not work, do not be afraid to walk away and look elsewhere, check all the comparative prices and find what you are looking for at the price that fits your proposed budget.

2. If you ever feel that you are being pushed, coerced or manipulated in any way, back off. Never allow a salesperson to make you feel that you must purchase now. You will have to live with your decision for along time, and you are the only one who can best judge how this purchase will affect your financial and family's future. If the property is truly as desirable and on the verge of being bought you might do best by moving on to another property or a different neighborhood. By knowing exactly what the fair market value is within your chosen area of searching you will have the best ammunition to deal with this sort of sales pressure. After all, salesmen usually have their best interests at heart and not yours.

3. Keeping in line with the points expressed in item 2 above, do not rush the process if you have the time to take it step by step. Not only should you be shopping around for a property that suits your needs and budget but, if you are using an agent, shop around for that service too. Realtors take a big chunk of your invest dollar to work for you, so check up on them as well as the property market.

4. If the house is more than a few years old defects, apparent and hidden, can become a nightmare once you own the property. Be certain to carefully do an on-sight physical inspection of the home, and if you become interested enough, you may wish to employ a professional builder that you trust to inspect the premises, too. Defective plumbing and electric systems, old kitchens and bathrooms and pest infestation are all serious problems that will require serious money and time to correct. If you are dead set on a particular property that does have defects, negotiate for the seller to either correct them before you buy or reduce the price accordingly. If not, again, walk away and save yourself the money and the grief.

CONTINUED   1   2   Next >

Print Page