Buying a home can be a very enthralling experience for every buyer, be it a first-time home buyer or an investor. Even though it’s exciting, buying and investing can be a very complex and tiring process. Especially when you have to deal with real estate agents. Searching a good property which matches your requirements and desires can be difficult, to say the least. With the market flooded with too many real estate agents - trying to get exactly what you want within your budget is something rare but possible. Even after meeting countless real estate agents and looking at properties, you may still not be able to close a deal without knowing what you want. It can be frustrating, stressful and downright annoying.
Here are a few tips which can help you find the property that suits your needs and eases the whole buying process for you. Let's take a closer look.
Financial planning Steps
- Calculate Your Budget
The first step towards buying a home is deciding on your budget. Not calculating your budget can be confusing for you, and later, for real estate agents. Calculate your budget and be clear about it. Let the agent you are hiring know your range so that they only show you the properties that lie within your range. This will save you a lot of time and energy. Looking at properties which are not within your budget is nothing but a waste of time. Even the real estate agent won’t take you seriously if you do this.
2. Keep Extra Budget For Extra Expenses
While calculating the budget and starting your property buying journey, don’t forget about additional expenses you may eventually have to incur. Don’t just calculate the estimated amount you’d need for purchasing the property. Make extra room in your budget for necessary closing costs such as legal fees, moving costs, real estate agent's fees etc. You may end up exceeding your budget for a property that’s right for your needs but you can’t afford the other expenses needed to finalize the purchase, if you don’t make this allowance.
Home Shopping Steps
3. Gain Insights About The Market Through Research
Real estate agents are like every other seller - they are focused on one thing, which is to sell. If you are too naïve about the market, they might exploit you. It is better to do your own research about the current market and pricing on properties, so there are lesser chances of being misguided. Make sure you have a fair idea of the market for yourself and have an idea of what you want before entering into the market.
4. Check Reviews Before Approaching Any Real Estate Agent
It is wise to get to know about the reputation of the agent you’re looking to take on board. It is always good to check reviews about them on their website or on Google or Yelp prior to making any contact. This will help you in approaching the right person or right real estate agency that you can entrust with finding the right property and listening to you. In today's digital world it is very easy to get to know about the reputation of any agency or agent. You can search online or ask people you know about a trustworthy real estate agent through social media.
5. Communicate Effectively
Communication is key. No matter what type of deal it is, strong communication is essential. Make sure you communicate effectively with your real estate agent. Don't let them think that you are confused or unsure about the deals they present to you. If you are confused, tell them what’s causing your confusion.
6. Voice Your Needs Clearly
It's highly recommended to be very clear and straightforward about what you want. Clearly tell your agent what you exactly want and ask them to show properties that match your requirements. It will lead you to your desired property quickly, and there are high chances to close the deal instead of just looking aimlessly for properties and end up rejecting them in the end.
7. Let The Final Decision Rest In Your Hands
Many sellers can manipulate you into buying something that doesn’t fulfill your needs. Make sure to let both real estate agents and sellers know through that the final decision is in your hand. It is always good to hear what other people have to say but it doesn't mean that you have to follow what they say. You need to be humble and kind, yet assertive and show that you can think for yourself. There are many manipulators out there, stay cautious and wary of them.
8. It’s Okay To Say No
You’re allowed to say no as many times as you want, if the housing deal doesn’t make sense to you. Don't be afraid to say no to a deal that you might regret saying yes to in the future – you’re investing a pretty penny into this, it’s your right to object to something you aren’t comfortable with. Keep on searching till you find something you want to invest your money in.
9. Be Patient
Being impatient can be the worst mistake you can make. Rushing into things, being frustrated and stressed out will exhaust you before you find the property you want to buy. Being attracted to a property is natural, but don't let temporary emotions affect your final decision as it might harm you in the long term. Be patient and wait for the right opportunity. Don't put your money at stake when you can easily wait for or find a better offer by closely examining the market further.
Negotiation Steps
10. Don't Appear Needy
Appearing needy can leave you at the mercy of sellers and real estate agents who can exploit you out of more money than the actual worth of the property. Don't show your neediness or how desperate you are – be calm and confident. Show how confident you are through your body language and tone, as well as how you communicate with the real estate agent and the seller. All of this shows that you know what you’re after and won’t be conned out of your hard-earned money.
11. Don't Say Yes Immediately - Negotiate
Don’t say yes upon hearing the first price that the seller has offered. Not only is it unwise as you’ll be paying more, but it shows neediness. If the seller tells you their asking price for the property, propose a counter offer that’s more favorable for you. Negotiations can save you money, so don’t shy away from them. Negotiate in a way that makes the situation a win-win for all.
Closing Steps
12. Inquire Thoroughly And Properly
Before signing on the dotted line and paying for the property, make sure you’ve properly and thoroughly inquired about the property you’re buying from the market and other sources. Is the property legitimate and undisputed? Are the surrounding houses similarly priced? Is the neighborhood safe? it is close enough to grocery shops and supermarkets or office complexes, depending on your preference? Has the house been repaired? Is it structurally secure? It’s crucial to know the answers to questions such as these before purchasing a property to save yourself from problems, frauds and troubles down the road.
- 13.Don't Overlook The Fine Print And Other Legalities
Never underestimate the legal aspects of any purchase. Follow all legal processes and read through the fine print of documents to see whether or not you’re being subject to unfair terms. Ensure that you and the seller both have proper documentation. We strongly suggest that you to take help of a legal expert before making expensive housing deals, to stay out of legality problems.
Last Few Words Of Advice
These are some tips to boost your confidence while going out in search of a property and dealing with real estate agents and sellers. How smartly and effectively you deal with them is up to you and will have a significant impact on the deal you do end up striking with them.
We have seen a lot of people jumping from one property to another without getting any fruitful results. Often out of sheer frustration and panic, many of them end up buying something they didn't want in the first place. Hence, being mindful and composed is crucial to getting the property that fulfills your needs. Another crucial virtue is patience. Be patient while looking for a property and think twice before eventually closing the deal and paying for it. Property isn’t a small purchase – you’re putting a huge chunk of money into it - make sure it’s worth the time, money and effort.
Selling is an art and so is buying. There’s a lot of advice related to selling, from a seller's perspective - but it is as important to learn how to be a smart buyer who gets what they want as it is to learn to be a good seller. You need to know how to handle the buying process and get best out of it. Also, it is strongly advised to keep all legal aspects of the process in mind. Without them, you may end up in a lot of serious trouble.
Hopefully after following the advices outlined here, your property buying experience will be much smoother.