How to negotiate a lower price when buying a property
If you are a first-time buyer, making an offer on a property can be overwhelming. Some real estate agents and property owners actively try to take advantage of the inexperience of first-time buyers and try to raise the price of a property to an unfair level. Below we offer advice about how to secure the best deal possible when purchasing a new home.
- Approach negotiations with detailed research
When entering a price negotiation, you should never guess at how much to lower the price by or go into the negotiation blind. Instead, only enter negotiations with a thorough building inspection report with detailed images so you can clearly state why you would like a price reduction and lower the asking price by the cost of the work to repair any issues, e.g. Structural or Safety defects with the building. With strong evidence supporting your demands, it will be impossible for a real estate agent to ignore or argue against your new, lower offer.
- Demand for work to be completed
If a property owner is refusing to lower the asking price, ensure you include detailed information in the contract about how property defects must be solved before the sale is complete. For example, if a building inspector identifies that your building needs foundation repair, ensure this is fixed before you agree to the final asking price. Whilst this does not save you money off the asking price, it will save you money in the long-term as you will not have to pay to fix this problem yourself.
- Identify future risks
Modern electronic technology can help identify pest problems, no matter how small. If the property you are considering purchasing is not currently experiencing a large pest problem but has vulnerabilities which may create a larger problem in the future, you can use this information to negotiate a lower sale price.
Contact us at House Inspections Ballarat Region today – we are able to deliver expert building inspections Ballarat wide, as well as in numerous other locations. We can provide you with the detailed evidence you need to lower the asking price of a property and ensure you get the best deal possible for your new home. Call John Now 0490 696 502