In case you are looking forward to buy a new home, you would like to get it at an affordable price. Well, dealing with the property developers often turns out to a tricky task. You should know the points where you can negotiate and cut down the prices of the property. Here, you will come across nine tips that will enable you to negotiate with the property prices.
1. Do the homework
It is necessary to do the necessary researches before you negotiate with the dealers. You should know the prices of property in your area, the trend in the real estate industry and other details. Besides, have a look at the pros and cons of buying the property.
2. Understanding the dynamics of the market
When you negotiate with the dealers, you should have a good understanding of the market dynamics. You need to find out, whether the market is going in favour of the buyers or the sellers. In a buyer’s market, the number of sellers is greater and in a seller’s market, the number of buyers is greater.
3. Buying price
When you have a comprehensive knowledge about the market, you can negotiate with the dealers. However, they will not be interested in dealing with you if you offer prices that are unrealistically low. Do the necessary research to get an idea about the price you need to pay.
4. Studying the seller’s psychology
The sellers may enter the negotiation in case they have urgency in selling the property. In these cases, you can offer low prices within acceptable ranges. However, the sellers may not be ready to negotiate if they do not have any urgency to sell the property off.
5. Finding why you want to sell
You should find out why the seller wants to sell the property. It may be due to a weak economy, high profits on selling or other reasons. In case they find it difficult to pay the EMI, they end up selling the property at low prices.
6. Terms of payment
Buyers who have idle cash at their disposal, or a pre-sanctioned home loan, you can process the deal faster. Sellers prefer buyers who can make the payment faster. In these cases, you can bargain on the prices of the property.
7. Ask for benefits
If you find that the seller is unwilling to reduce the prices of the property, you need to ask for extras. You may find a situation, where you need to spend money on repairs after buying the property. In these cases, you can ask for the home-maintenance for free for the next year.
8. Encashing free services of the Authorized Channel Partner (CP)
An Authorized Channel Partner (CP) gets the best deal for both the buyer and the seller. They have good negotiation skills and they will get you the right price, as per the conditions in the market. You can encash the free services provided by these bodies like: 360 Realtors to enhance your benefits.
9. Find the flaws
Scan through all the elements in the property, looking for flaws. You can use them to your advantage and bring down the prices. Have a look at the amenities in the property, connectivity around the area and other aspects.
These tips will help you to bring down the prices of the property.
