Real estate is any day, not that investment, where investment details could be sidelined out of home buying frenzies. The joy of home-buying shouldn’t meddle with clauses and conditions of the investment part. The first and foremost criteria to be met before buying a home is fulfilling of asset requirement more than the artistic quality of the construction. Rejecting a property on the scale of luxury fluffiness is justified with a substantial bank balance.
Being an indeed large-scale purchase option real estate investment demands special attention towards its pacts. A silly negligence can dig a big hole inside your pocket. In most of the cases, we have seen those home buyers repenting on their hurriedness of action while finalizing a property deal. There could be a whole lot of other reasons of remorse; one of those is not having enough negotiation with the seller. One has to be good in negotiation with an apt presence of mind. Buying property is certainly not task to be finished in haste.
However, if you are in process of buying a home, here are a few key things you must not do while having negotiation with the seller–
Lack of preparation-It’s your hard-earned savings that you put for a property investment. For most of the people buying home is a lifetime investment. Thus, one needs to do all the groundwork before approaching the seller for property purchase. You should do the market research before attempting to negotiate the price of the property.
Before approaching the seller one should have the competitive market knowledge, the average ongoing price of per sq ft in the locality where you are aiming to have your property and most importantly the idea about the necessity of the seller behind selling his property.
Being oblivious- Sellers for the eternity quote a price which is higher than the existing market rate for higher profit margin. Most often they will do their every bit to prove the price being quoted in fair. A little awareness can save unnecessary money outflow.
Ignorance about payments– It may be possible while negotiation, the seller agrees to your price under the condition that you make a significant part of the payment in cash. This offering can land you into trouble with the law, in case you give in. A pre-approved home-loan can not only make your investment secure, but also makes you a better outlook in the seller’s perspective.
Being inflexible– To have an open mind while negotiation is always a good idea. It’s not an easy task to make the seller reduce his quoted price; instead he will convince buyers with more add-ons. Don’t hesitate to say your version before the seller. If anyhow he doesn’t move an inch from his quotation, make a room for holding off.
Being unwary– Refrain from disclosing your purpose and utilization of savings after buying the property. Don’t show eagerness and excitement to the seller during the negotiation. Speaking your heart out can biff the negotiation process.
Never let it be out-and-out a seller’s deal, until you are not fully satisfied with your amount quote and list of inclusion.
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