When buying a property it is necessary to bear in mind that it is a complex negotiation, which requires a lot of economic and legal knowledge. In order to carry out these negotiations certain aspects of the real estate market that affect the value and therefore the final price of each property must be considered. Detailed below are some techniques to haggle down a property price
Although these aspects are commonly used to determine the price and type of property you wish to acquire, they can also function as a tool for haggling down the final price of the home.
Sellers who have planned to move to another city; are in the process of buying and selling; or in need money for some other purpose in a short time; will be willing to listen to negotiation options.
In these cases, the uncertainty of closing your business within the time limit you have set serves as a motivation to accept substantial rebates.
State of infrastructure
If the property in question has infrastructure or façade defects, they can be used to justify a rebate. But only if: they have not been previously notified; defects are not included in the valuation; or do not match the initial description.
By asking the seller about the costs involved in all the relevant repairs and the high price of materials, added to the cost of buying real estate, it is possible to obtain a small discount.
Time in the market
The real estate market depends to a great extent on the interest of the buyers.
There are properties, which despite having the factors of a home demand, are not attractive. Either by their distribution, advertising strategy or price. Whatever the reason, a property that has been for sale for an extended period of time begins to be affected in value. Resulting in a relatively significant price decrease.
Before employing these bargaining techniques, you must remember that a property is an asset of high value. Not only financially, but also morally!
Engaging in an economic discussion in a respectful manner; raising options based on the current state of the market; and taking into account the seller’s opinion, is the best way to achieve success and obtain a reduction in price.
We hope you found these techniques to haggle down a property price useful! 😉