If you’re buying a new home through the top realtor in Victoria BC, you’ve likely heard the word “negotiation” thrown around quite a bit. It’s an essential part of the process, but it can feel intimidating! Below are our 5 tips for the negotiation process when buying a home:
Look Into The Market
Understand the market comprehensively. This means knowing exactly how much houses like yours have sold for recently and the average prices for your area. You should also check local real estate websites to see what homes are currently available.
Get Inside Information On the Competition
Researching your opponents will give you an idea of what kind of offers they might make and how far they’ll go to get what they want. If you know that they’re looking for a quick sale or are trying to move in before Christmas, then you know where their priorities lie and can use that information when making your own offer.
Use an Agent Where You Can
Negotiate through an agent. Agents have access to all kinds of information—including information about other offers on similar properties—and can help you negotiate the best possible deal with the seller. They’ll also be able to advise you on any extras like closing costs or possession dates so that everything goes smoothly on settlement day!
Try Being Flexible
Be flexible during the negotiation process. If you’re too rigid, you’ll miss out on many opportunities in the real estate market. Even if you have a set amount you are willing to pay for the house, it’s important to keep an open mind about what kind of concessions you can make for the seller. These could include offering less money for their home or offering them more time to close and move out. The key is to be flexible enough, so both parties feel like they’re getting something out of the deal. Still, not so much that either side feels like they’re giving up too much.
The closing date and possession date are two things that must be negotiated. If the seller wants possession of the property on a specific date and you want to close later than that, it’s important that you compromise and come to an agreement. You don’t want to lose out on your dream home just because you won’t give up something small like a few weeks’ worth of rent!
Bidding Wars are Common
Be prepared to find yourself in a bidding war. Sellers may be motivated to sell quickly and thus might accept offers well below their asking price. If two or more buyers make offers at or above the asking price, there could be bidding wars—which can drive up prices!
Does The House Need Repairs?
Find out what it would cost to repair any issues with the house before making an offer and submitting it. This ensures that your offer reflects what repairs need to be done so that there aren’t any surprises after closing!