Bonnyville Homes Blog

When you’re planning to buy a new home, it’s obvious you want one that suits your needs. But you also want to make sure you are getting the best deal on your new home. Here are some things you can do up your chances of getting the house of your dreams at a very good price.

1. Get Your Finances in Place

This is one of the very first steps to take. It’s important that you start looking for a home only after you have gotten your finances in order. Your buying offer will be far more persuasive when it includes a mortgage pre-approval. Well-established real estate agents don’t show homes to potential buyers until they have been pre-approved. In some cases, this process can take several months, which is why it’s important to focus on getting pre-approval before you start house-hunting.

2. Make Sure Your Offer Isn’t Based On The Listing Price, But The Value Of The Home

Be aware of what the recent sale prices in that neighbourhood have been. This information will help you judge what the value of a house is. For example, if the price of a certain property is already lower than the market value, it isn’t likely the homeowners will be interested in an offer that’s below their asking price. If you find the price of a house that’s been on the market for quite a while, is very high, you may be able to quote a lower offer price and get a good deal. This is why it becomes important to work with a good real estate agent- they have good knowledge and the latest information about house sales.

3. Act Quickly Once You See Home You Like

When properties are listed on the market, they tend to get sold quickly. In a seller’s market, it’s important that your first offer be your best one. Taking too many chances only increases the possibility of you striking out. This is because there will always be buyers that make lower offers when they miss out on the first few properties they look at.

4. A Home Inspection Doesn’t Guarantee Price Negotiation

Most prospective homeowners are now waking up to the advantages of getting a home inspection done before committing to purchase a property. However, it’s a common misconception that a home inspection automatically opens the doors to price negotiations. If the building inspector’s report indicates there are major problems, it’s definitely acceptable for you to lower your offer price.

But if the market is very tight, you may not always get a credit. Today, it’s unlikely for sellers to carry out major repairs, and it’s far better to simply ask for a credit at the point of closing. This means you can hire a contractor and get the work done as per your needs.

The best way to improve your chances of getting a good deal is to be aware of the seller’s circumstances. Find out why they’re moving and whether they are in a hurry to do so etc. This can give you the upper hand when you are making an offer on a house you particularly like.

Whether you’re looking to buy or sell in the Bonnyville area, for a greater probability of success you need a dedicated professional. I can guide you through the process and be counted on to protect your investment!

Buying a home isn’t something you can take lightly. It’s probably one of the biggest investments you will make your life and you need to ensure but you make a smart decision. One of the best ways to find a great house is to hire the services of an experienced real estate agent. It also very important that you ask the agent certain questions about buying a home. Here are some of them:

Why Is This Owner Selling Their Property?

While the real estate agent doesn’t really have to answer this question, they might give you a hint at what the exact circumstances are. You may be able to find out whether the owner is hard-pressed to sell the property because they need me to move to a different location for a new work position, or due to some other reason. This may mean they are willing to accept a lower price.

Is There Anything Specific I Need To Know About The House?

Most people that are buying a new home are concerned that they may not be aware of a significant negative factor the most others are aware of. For example, very noisy neighbours, a local train station in close proximity, or some other similar aspect that can affect the comfort levels in your home. If you harbour any doubts about a particular property, it’s best to ask local shopkeepers or even next door neighbours for their opinion.

What’s Exactly Included In This Sale?

Check whether the greenhouse, garden shed or other temporary outdoor features are included in the sale. You also need to check whether the fittings and fixtures are going to be part of it and where the property boundary line is. It’s important that you have clear visibility of what you are buying. It isn’t uncommon for some contents, not to be included in the sale.

How Long Has This House Been On The Market?

If the property has been on the market for three months or more, it crucial that you ask the agent why it isn’t selling. There can be certain problems that other potential buyers have noticed, but you haven’t. Sometimes a higher price tag may be the reason for it languishing on the market. If this is the case, it’s possible the seller would accept a much lower price.

For What Duration Have These Owners Lived In The House?

If you find out that the owners are moving within a very short period of time, it’s necessary for you to find out exactly why. Find out whether there had been any specific problems due to which they are moving.

Has this Property Changed Hands Repeatedly?

If a particular property has changed hands very frequently, that can be an indication of some serious problems. Find out why some of the previous owners moved out. It also a good idea to try to contact them to determine the exact reason for them leaving the place.

How Have you Decided on an Asking Price?

A great agent will always provide you with the reason for the asking price. This will help you make a better judgment. Sometimes, you might be lucky enough and an agent may tell you they feel the seller is overvaluing the property. In any case, it a good idea to visit other properties that are on sale in that same neighbourhood. This would give you a feel of the market price in that area and determine whether what you’re paying is right.

What’s The Minimum Price The Seller Will Accept?

Not many potential buyers realize this, but it important to ask whether the seller is willing to negotiate even on their minimum price. The real estate agents generally give you an indication as they benefit when they are making a sale, albeit at a lower price. It’s very simple really; if they don’t sell, they just won’t get paid.

These are just a few of the questions you should be asking your real estate agent while buying a new home. While it’s a good idea to get these answers from the agent, it also important that you conduct a certain amount of independent research before making your final decision.  Start off on the right foot and let me help you find your dream home today!