If you could save 10% on your home purchase would you take it? The truth is there are ways to save money, sometimes as much as 10% or more on the purchase of your home.
If you do your homework or better yet have an experienced Buyer’s Agent that you’re working with, you’ll know how to save money when buying a home.
Getting the house you want for the best price possible is what every buyer wants.
First off negotiate. Negotiating price is an easy way to trim money off the final sale price. While that’s obvious, many people don’t understand the negotiating system and if you don’t have a Realtor who’s confident in knowing how to negotiate properly it could end up in getting just the opposite result and instead ending in a “no deal” situation. Saving money on your home purchase by negotiation is probably one of the easiest ways to drop the price instantly.
There’s also the option of negotiating fees. In many cases you can save 10% on your home purchase simply by asking the seller pay a portion of or all of the fees involved. Again, this takes a trained, skilled Buyer’s Agent to know how to approach the situation and ask the seller for this option without offending them. In many cases, especially in today’s market when getting financed is tough, the seller may have already had at least one deal fall through. Finding a buyer who qualifies for a loan and can get the money needed to buy sellers may be willing to pay some or all of the Buyer’s fees.
Use the home inspection to negotiate a reduction in price. If the home inspection points out any issues, big or small, use them to negotiate a better price. Find out what it costs to make the repairs that are listed by the home inspector and present them to the seller. In many cases the seller will agree to take the amount off the price of the home or pay for the repairs, depending upon what’s needed. In either case negotiating with the home inspection could save you a minimum of 10% on the purchase of your home.
Don’t be afraid to have your Buyer’s Agent approach the sellers and ask them to replace or upgrade certain aesthetic items that make the home slightly less appealing to buyers. For example if the home has wall to wall carpeting that’s extremely worn, negotiate new carpeting or even replacing carpeting with hardwood floors. If the seller’s not interested in having the job done for you then get estimates and let them know the cost that you’re going to be incurring if you buy the home and have to do these things yourself. If they know that simply because of a few aesthetic reasons their home’s not going to sell they are more likely to entertain the thought and question if that’s why nobody’s put in an offer so far. Having them make aesthetic repairs to the home, whether indoors or outdoors, can save you 10% on your home purchase or even more.
Another way to save 10% on your home purchase is to buy during a low market. When the market is low and seller’s aren’t getting the results they want they are more likely to negotiate better prices, repairs, and help pay Buyer’s fees. A low market often results in sellers compromising as opposed to having the upper hand in the situation and having numerous bids coming in at one time. If they’ve had little to no interest in their home because of a low market they may be more likely to compromise economically. It depends upon how badly the sellers want to sell; but in most cases if the situation is right and your agent is good you can end up being able to save 10% on your home purchase, sometimes even more!
