6 Tips on How to Find a Bargain When Buying A House

In real estate, most buyers have the same goals: They hope to find a house that suits both their needs and their budget, and at the same time they want to make a smart investment. This is certainly why so many people take a long time before becoming homeowners.

These tips should help you figure out how to find a bargain when purchasing a house.

1. Take the time to familiarize yourself with the market

Once you have identified your needs and the area where you intend to buy, take the time to explore all of your housing options. Compare them, taking into account various characteristics such as the sale price, area, year built, size of the property, number of rooms, etc.

By checking how much similar homes sold for in recent months, you will be able to validate whether the current asking prices are reasonable.

At this stage of buying a house, you should make several visits to various properties and collect information on each of them in order to narrow down where your potential home falls in the market.

2. Be ready to act if the situation presents itself

Save up your down payment by putting money aside on a regular basis and make your budget. Then meet with a financial adviser to get pre-approved for a mortgage. You will then know how much money you can borrow.

At the same time find a good home inspector and keep them on reserve should you find a house that meets your needs.

Also consider what you will do if you do, in fact, find that gem of a home. Can you sublet your current property or sell your home quickly?

By preparing for these steps early on in the process, you are ready to take action and avoid seeing someone seize an opportunity before you.

3. Negotiate

Remember that everyone wants a bargain – to get what you want at the price that you want, you will have to negotiate.

Prepare yourself by reading our seven principles to negotiate the sale price of a home and keep in mind that a good negotiation is not based on emotions but on sound arguments.

You will negotiate not only the sale price, but also the mortgage rate offered by your financial institution, the cost of mortgage insurance, etc. So it’s time to fine-tune those negotiating skills.

4. Choose a good home inspector

Sometimes a bargain can come with unexpected surprises, so be careful. If you are not an expert, you should consider using the services of a professional home inspector. It costs a few hundred dollars, but it’s well worth it. They can tell you whether any additional work will be needed after the sale goes through.

Ask friends or family for inspector referrals, or contact the Quebec Association of Building Inspectors.

5. See the potential of a property

Don’t be swayed by first impressions. Sometimes, a little bit of work can restore the luster to a house and what was once old looks new (or almost new) again.

Conscientious homeowners generally take into account the condition of the house before setting their sale prices. This may help you figure out how to find a bargain.

By adding up the costs of necessary home renovations , you just might find that you can undertake buying and renovating the home at an affordable price.

6. Keep your eyes open

To be first on the “puck,” you must be diligent in your research and consult DuProprio regularly. Also tour potential neighborhoods you like to see if  any new properties go on the market.

Finally, do not hesitate to pick up the phone, get more info, and be the first to make an offer.

Good luck!

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