Five Tips to negotiate with home builders while purchasing a property
Real estate transactions are quite complex as you need to negotiate on several factors so that you get the best deal. It becomes more difficult when you need to negotiate the purchase price with home builders and developers. This is because the builders and developers often claim that the home prices are based on fixed construction costs. However, you can get the right deal if you know how to negotiate properly.
What to negotiate with home builders and developers
Are you one of them who only think of price by the word “negotiation”? Apart from price negotiation, there are several other things that you need to discuss with the home builders and developers while buying a house. As for example, you can negotiate on who’ll pay for home inspection or when the loan closing will take place. You should keep in mind that each and everything is negotiable and it depends upon you how much you can negotiate.
5 Tips to negotiate with home developers and builders
Here are 5 tips to negotiate with the home builders and developers for the best deal.
1. Research well before making an offer – Before meeting the builder/developer, you should research and compare similar properties (in regard to size, location, style, etc.) to the one you’re planning to purchase. In order to find similar properties, you can take help of MLS (if you’re working with an agent) or the website of the local property appraiser to get an idea about the price of similar properties.
2. Stay calm while negotiating – If you remain calm, then it’ll be easier for you to negotiate with the seller. Negotiation is stressful both for you and the developer. So, it is easier to get a better deal if you can check your emotions while negotiating on the price and other items.
3. Set your limits and make a realistic offer – It is advisable that you have a clear understanding about what you’re looking for and set a realistic price so that the home builders and sellers can agree upon it.
4. Negotiate for better amenities – It is quite difficult to negotiate on the price of a newly constructed property. In such a situation, try to negotiate on other items instead of asking to reduce the property price. You can negotiate for better indoor amenities like upgraded light fixtures, carpet, etc., along with better landscaping and other facilities.
5. Choose right time for negotiation – Often the home builders agree to reduce the price either at the end or at the very beginning of a development project. At the beginning of a project, the developers want to sell the properties fast so that more people come to know it. Usually, the availability of units becomes less at the end; so, the builders agree to sell them at a comparatively lower rate.
It is advisable that you hire a real estate agent to negotiate with the home builders and developers on you behalf. This is a better alternative if you don’t possess the required negotiation skills. An experienced real estate agent can work for you so that you get the best deal.
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