5 Secrets to Getting Cheaper Home Prices
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- by ,
- September 21, 2021
Summary: Learn how to negotiate to get your dream home with these five tips. You’re on your way to getting the best price if you’re confident, patient, and use smart negotiation tactics.
Read Time: 6 minutes
You found your "dream home" where you plan to spend your retirement years. A home located in a quiet, lifestyle-perfect community that's near schools, malls, and parks. But as you see the price tag, your heart melts. The selling price is beyond your price range!
But there are ways to get your dream home at a more affordable price; time-tested techniques that will take you steps closer to your dream. Let's explore the 5 top secrets to negotiating lower home prices.
How to Negotiate Buying a House in the Philippines
Don’t be afraid to negotiate a lower price. Use the following techniques to help you get the best value out of your dream home purchase.
Use the Best Home Price Negotiation Tactics
How to negotiate property price? Let’s start by defining negotiation. Negotiation is a discussion between two parties that leads to an agreement, such as a seller and a buyer. But for this type of negotiation to work, the seller should feel satisfied with the deal.
There are many ways to negotiate the best price. A buyer may perform an inspection and focus on some areas of the home that need some work. You may focus on an old roof, a wall with peeling paint, or a poorly maintained gate. You may volunteer to fix these if the seller agrees with your price.
Another way to negotiating buying a house is to offer to pay for any tax liens. You may also offer to pay for needed documents on behalf of the seller as long as he agrees to your asking price.
Let The Seller Pay For Other Fees
If the seller doesn't budge, you may opt to ask if he can pay for some of the fees related to the sale. You may also ask if you can have some of the furniture or home appliances instead. You may insist on including the gas stove, the den sofa, or the entertainment system with the sale. You may not get the price you wanted after negotiating property price, but you'll get your savings in other ways.
Don't Push Past 50% of the Selling Price
Bargaining for the best price can be tricky but may work when you know when to use it. Start with simple research on the cost of properties in the area. Look for homes that look similar to the one you're eyeing on.
By the time you're face to face with the seller, you may confidently ask the price and bargain according to the selling price of homes in the area. For instance, a property listed at 2.1 million may go as far as 1.9 or 1.7 million. Don't push past 50% of the asking price, as no seller can give in to this home buying negotiation tactic.
Be Confident
Let the seller see your confident side. Be stern and let them know that you mean business but don't be too pushy or threatening. Believe that your price offer is fair despite it being below the selling price. If you're confident, you can speak your mind, leading to getting the price you want.
Patience is a Virtue
When you’re negotiating real estate price, you may not get the best price or the price you're asking for, but with a bit of patience, you can woo the seller into giving in. Keep on pushing your price; as long as it's reasonable, there's no way the seller won't consider it.
Leave your contact details to the seller and tell him you'll be a call away if he changes his mind. If you believe that the property is overpriced, other buyers are likely thinking the same thing. An overpriced property will surely stay in the market for a longer time. It won't be long when the seller calls you to take your price.
Final Thoughts
Buying a property in the Philippines is no different from purchasing a home anywhere. You must be smart, confident, and patient if you want to negotiate a lower price for your dream home.
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