You’re on the hunt for the home of your dreams, but you worry about paying too much. What can be negotiated down in price and what can’t? How do you ask for a lower price without insulting the sellers and they stop negotiating with you? How do you buy a house without overpaying?
Whether you’re looking to purchase your first house, are planning to upgrade, or need to downsize, it’s easy for anyone to get caught in the trap of paying too much for a home. Here are some tips to help you buy your dream house without overpaying for it:
Once you’re inside looking at a potential home, it’s really easy to get swept up in the emotion of the process.
Whether it’s that gorgeous window seat where you envision reading on the weekends with a cup of coffee, or that fenced-in backyard where your dog and kids can play, whatever the reason you’ve connected with a home, the feeling is swift and powerful. But don’t let those dreams of the future cloud your judgment today.
Take a step back and try to evaluate the home on all fronts – good and bad – before making a decision. Your love for that eat-in kitchen may overshadow the fact that the plumbing is old and bad, but jumping to make a quick offer on emotion could cost you.
TAKE YOUR TIME
Deciding to make a move is an exciting thing. Whether your move is motivated by the necessity of a job change or you just want to find a different house, the desire to find a place and get moved in can be strong.
To avoid making hasty decisions you’ll regret later, make a rule that you won’t put an offer in on a house until you’ve had at least 24 hours to think about it. In that time, carefully go over disclosure statements and any notes or photos you took during your showing.
This time distance between the showing and your offer hopefully gives you a chance to see any flaws more clearly and make a more level-headed decision.
HIRE A BUYER’S AGENT
Having a professional to point out the good and bad in any home you’re buying, counsel you on what you need to negotiate for, and advocate for you at the bargaining table can go a long way toward buying a house without overpaying.
Your buyer’s agent can help you sort out your wants from your needs and advise you on whether the sellers are asking too much or if your attempts to negotiate are likely to go nowhere. A buyer’s agent is especially invaluable if you’re a first-time homebuyer or looking to purchase in an entirely new city than you’ve lived in before.
Your memory of a house you’ve viewed, especially if it had one or two features that you really loved, is likely to be foggy in parts as soon as you sit down to discuss the pros and cons. Without notes and data, you could have trouble remembering that the floor in the kitchen was slightly slanted or that the bathroom fixtures were outdated.
When you go to view a house, take a notebook, pen, and a camera or smartphone with you. Take photos of any defects you see or features you like, and write down notes in every room.
These notes will become invaluable when making your pro and con lists for final decisions. Use your lists when deciding between properties, deciding whether to make an offer and what items to factor into a request for a price reduction.
While buying a house without overpaying can seem challenging at first, taking your time, stepping back to evaluate the facts of each property, and getting a trusted team on your side can go a long way. If you need a team to help you buy a house without overpaying, contact us at (805) 232-8503 today!