Do you intend to purchase a home? Well, price is one of the most vital considerations when buying a home. Below are a few tips to ensure you buy the house at a reasonable price.
Start shopping for a home before the start of the high season. It allows you to take advantage of reasonably priced homes. Most sellers will increase their asking price during the high season since there are many buyers in the market. Alternatively, you could purchase the property at the end of the high season. Sellers are desperate to sell their homes since it is challenging to sell the property during the low season. As such, they will give a price cut to serious customers.
Once you identify a suitable property, ask your conveyancer to negotiate the asking price on your behalf. Most sellers have conveyancers to represent their interests. You would, therefore, be at a disadvantage if you decided to negotiate the property against an experienced conveyancer. Further, your property solicitor will examine the location of the property, its utilities and size to determine its current market value.
Insist on a Property Inspection
A property inspection evaluates the current condition of the property. Other than the structural condition of the house, the inspector will also check the state of interior fixtures, the drainage system and the presence of land contamination on the property. They will also ask for renovation and swimming pool permits to ensure the builder followed the building code.
If the property has more defects than the seller had disclosed in the contract of sale, your conveyancer will negotiate for a price cut.
Below are a few other ways to save costs as you purchase the property:
- Work with a reputable conveyancer who has a fixed pricing strategy. It is a sure way to avoid extra and hidden charges.
- Ask your conveyancer to negotiate the mortgage rates and repayment terms. It will help you save thousands of dollars on mortgage interest rates.
- Save up at least 20% deposit. It is a sure way to avoid loan mortgage insurance (LMI) that could be a significant percentage of the value of the property.
- Do not default on mortgage repayments. Most lenders will penalise people that do not repay the loan on time.
Follow the above tips to save costs as you purchase a property. An experienced and reputable conveyancer will provide crucial advice on how you can make savings, avoid legal and financial liabilities once you buy the property.
For more information, reach out to a conveyancing company in your area.Share