Central Coast Home Loans

Negotiating A Purchase Price

I think it is very relevant if you are negotiating a purchase price and has some great tips which you can use next time you are negotiating a price with a Realestate Agent or  Vendor; albeit for an investment propety or to purchase a home to live in  🙂

Haggling over prices and knowing what to pay can be daunting for start-out property investors, but armed with the right Central Coast Mortgage Brokersinformation you can negotiate yourself a great price.

1. Sticking to a budget

One of the most important aspects of negotiating is knowing what you have to spend.

By having strict rules as to what you can afford it will stop you overspending and blowing out your investments plans, especially if you are looking for positively geared properties.

If you overspend, either by getting caught up in the drama of auction day, or being intent on competing with another buying, you may get the property, but find out you cannot afford the payments.

2.Knowing the value of a property

Researching the market value of an area is vitally important and should be done, in depth, before making an offer.

Your research should include the property’s sale history – which can be found online, how much comparable properties are selling for in the area and a history of recent sales in the area.

3. Know the property inside out

By having a solid knowledge of the property you are in a better position to negotiate.

While you don’t want too many faults, knowing what problems do exist will help you negotiate a better deal.

Knowing the history of a property will also help. The best way to do this is by asking a lot of questions.

Has it been passed in at auction, what was its valuation when the vendors bought it, how many offers have been made, how many people have inspected it, has the price been reduced and so on..

4. Do due diligence

Have all the relevant inspections completed, especially building and pest. This way you know you are negotiating for a solid dwelling that is unlikely to fall apart around your ears in years to come.

5. Don’t be in a rush – and don’t get emotionalCentral Coast Mortgage Brokers

Doing anything in a rush is bad idea. No matter how great a deal seems, don’t rush in without doing due diligence. Always ask yourself, could there be a reason the deal seems so good?
It is also important not to get emotionally attached to a property. You can love it after you buy it, but getting attached pre-sale can mean overspending and rushing in.

Remember that investing should be done by numbers, not by heart.

—————–  ||  ————

Some very good advice don’t you think?

As for the property reports we have access to RP Data reports which are an excellent source for giving you the total history of the property (depending on the age of the property of coure 😉 ).

We can organise a Comparative Market Analysis for you which shows you what prices other properties have been sold for in the vicinity.

Also available at our fingertips (On most sales but not all) is a record of how long the property has been on the market for and each time the sales price is changed.  This is a great tool to use if the property has been on the market for a long time – it gives you a little bit more negotiating power 🙂

And lastly we can give you an indictive report on the valuation of the property.

Just give me a call on 4393 1945 if you would like to have a property report emailed to you.

Yvonne

Contact Us
Central Coast Home Loan Specialists
22 Swindon Close
Lake Haven NSW 2263
Phone: 02 4393 1945
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