A Guide to Saving Thousands of Dollars when Buying a Home
Buying a home is one of the most expensive purchases you’ll ever make, and by following some simple guidelines you can stand to save thousands of dollars. If you’re like most people shopping for a home you’re probably trying to match a home that fits your needs perfectly, with the lowest possible price.
When looking for a home yourself, it’s important to know how previous successful home buyers have purchased their homes for thousands of dollars below a seller’s asking price. Skills like negotiation are handy, but the fundamentals are often overlooked.
This report will cover the following:
- Steps for saving thousands when you buy a home
- How sellers price their homes
Going into the home-buying process with some basic knowledge in the area can make all the difference.
The following are some simple, but often overlooked, points that every home buyer should take into account.
Be sure about what you want
This seems like a simple point, but many people make the mistake of confusing what they need with what they desire. Obviously the goal of shopping around is to find a property that fulfills both, but it’s important to know that in the real world this situation doesn’t always occur.
When the purchase price of an item exceeds $10,000, people commonly let emotion and desire play a big role in their decision-making processes. When you’re looking at home you’ll find that you’re drawn to certain properties for completely different reasons; some based on needs, and other based on desires. Is it better to buy the house with the basement suite for rental possibilities, or the one with more bedrooms to better accommodate a growing family? Many people make the wrong decision at this step and end up regretting their purchase for years.
It’s vital that you satisfy your needs first, and your desires second. Oftentimes, writing down both, can aid in the home-buying process.
Shopping with powerful help
You should make sure that your agent offers a buyer profile system to get you all MLS® System listings that meet your exact requirements. Using one of these systems can greatly increase your chances of finding that perfect home as you will be made aware of all existing and new listings that meet your requirements.
Understand how sellers set their asking price
Sellers price their homes in several different categories and it’s important to consult your agent about the price of a property.
Keep in mind that roughly 75% of all homes on the market are priced 5-10% above fair market value.