5 Essentials Tips for Getting the Best Deal When Buying a Condominium
The current worldwide pandemic sure has sturred up the real estate industry, and especially in the US and the Boston area. If you’re a first-time homebuyer, now might be the first time to start looking for good deals, even if you shouldn’t really be leaving the house for viewings. Even though you should stay indoors for your sake and the sake of others, you can always check out a property online, so there’s no reason to put it off.
Whether you are looking for Boston condos or if you’re looking to buy a house, though, it’s important that you try to lower the price as much as possible or to get the best deal possible for the money you do have. With that in mind, let’s go over the essential tips that will get you the best deal when you’re buying property
Know your budget and how to negotiate
First and foremost, you have to be realistic about your investment capital and how much you can borrow from your lender. It’s important to keep a good credit score so that the lender can grant you a sizable loan with favorable repayment terms that you can actually meet over the course of several years or decades. Take the time to improve your creditworthiness if need be, because it will make all the difference.
once you determine your budget, it’s time to start shopping below your means. What this allows you is to stay in control of the process and meet the demands of the seller if the property should become more competitive. It also allows you to negotiate the price until you reach a figure that works for both parties, not to mention that shopping beneath the means grants you access to a wider selective on of properties.
Work with an experienced Realtor
n theory, you can buy a house or a condo without the help of a real estate agent, but in practice, you really shouldn’t. The purpose of working with a realtor is to save yourself a lot of time, money, and effort, not to mention that a good realtor will snag the best properties for you before they get taken off the market. This means that you won’t miss an amazing opportunity, potentially one with a reasonable price tag.
You might think that skipping on the realtor will save you money, but it will invariably end up costing you more in the long run. With that in mind, be sure to get in touch with an experienced realtor who will do the scouting, book the inspections, and conduct all of the price negotiations for you to get the best deal possible.
Look for a good bundle deal
Over on the other side of the world, in Australia, there is something called the house and land deal. It essentially means that the buyer not only procures the property but becomes the owner of the land beneath it as well. Now, this comes with numerous benefits to the new owner, which is why you might want to look for a good bundle deal yourself back in the states.
In the Land Down Under, the new house and land packages in Austral over better cost savings for aspiring homeowners, for example, along with a more straight forward procurement process and more potential for future growth and development. While there aren’t such packages in the US available, you shouldsll look for those affordable bundle deals that allow you to obtain the house and the land it stands on, in order to retain full control of the future of your property
Consider foreclosures or fixer-uppers
Of course, the best deals you can find as a first-time homebuyer are the ones that nobody else wants. It may not be the noblest of things to purposefully go a7er the foreclosures, for example, but the reality is that you will find some great properties for a fraction of the price in this category. Also, consider looking for those fixer-upper homes in your area that are going for less but need to be brought up to code by the new owner. These properties are usually cheap, and they allow you to add value to them on your own terms in the long run.
Research every property thoroughly
Before you take any grand steps, it’s imperative that you conduct thorough research of all of the prospective properes in your area, in order to figure whether or not a seller would be willing to lower the price. For example, if a property has been on the market for more than six months, you can bet that your realtor will be able to negotiate the price in your favor. What’s more, by comparing the prices and states of numerous properties in your area, you will have an easier time finding a better deal.
Buying a home is de$nitely one of the biggest steps you’re going to take in life, so you shouldn’t rush it. Instead, be sure to use these tips to find the best deals on the market, and buy a home that will accommodate all of your needs in the years and decades to come.
About the author: Mike Johnston is an avid blogging enthusiast and experienced content writer. His specialties are home improvement and interior design, but he also oen covers commercial and residential real estate. Mike is a regular contributor to the Smooth Decorator blog