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This Old House - Do-it-Yourself

4 Ways to Get the Best Deal When Buying a Home

Written by Posted On Monday, 16 April 2018 06:23

Buying a house is one of the most important decisions for most people. Apart from the initial decisions involved in arranging the financing, the neighborhood in which you purchase a home will be a crucial part of your life, going forward.

Despite all the considerations, there is often a time aspect to getting a good home to buy, especially if you’re looking for a great deal that’ll provide you and your family with a lot of value. You’ll probably not be the only one looking for a deal in the area and considering any particular property. However, a rushed decision is one that is likely to be regretted, so here’s a checklist of ways to ensure you’re getting a great deal on that home you’re looking at:


1. Have a Clear Plan

If you look up any real estate website, you’ll see that there are a lot of different houses for sale, with vastly different sizes and with a wide range of features. If you do not have a clear picture of what you want to buy in mind, you’ll be likely to get confused and could end up making a decision you’ll regret later on. Apart from that, knowing exactly what you’re looking for will help you sift through the deals better so you’ll be less likely to miss a great deal.


2. Approach Owners Privately

What if you could come to terms with an owner before they even put their house on the market? You’d likely shave a significant amount off the price since they won’t have to pay an agent to list it and there’ll be less competition. It might be daunting to just ask if people want to put their houses for sale in Albuquerque nm, but if you stick to reaching out to absentee owners, you’ll likely see that many of them would be glad to discuss terms. If the home had been vacant for a long time, then it stands to reason that the owner likely wasn’t sure what to do with it.


3. Work with a Professional

Removing the middleman is all well and good when you’re buying a TV or even a car, but a home is completely different. The stakes are much higher and the cost of even a simple error can be very high. Plus, you’ll be able to benefit from the agent’s wealth of experience in identifying any flaws in a property so you can be sure that you’re not being sold a home that looks better than it actually is. In choosing the realtor to work with, prioritize those recommended by friends and family, and be sure to ask for references.


4. Get There Very Early… Or Very Late

People generally don’t want their properties on the market for too long. They want to get it over and done with as soon as possible, and you can use that to your advantage by being the first to show up and make an offer. Do this by setting up alerts via email and getting a preapproved mortgage. Most people will appreciate that and likely be willing to give better terms, especially because there won’t be so much competition jacking up the price yet. On the other hand, properties that have been on the market for a long time will probably have frustrated owners, so you’ll likely be able to get them for a discounted price.

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Martina Angel

Martina Angel is a writer and real estate agent. She is especially interested in the purchase, ownership, management, rental and sale of real estate for profit. She also volunteers for local water conservation charities in her free time.

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