The Key to Buying a Home? Flexibility
People often forget that home sellers are actually on the hunt for a good buyer. It’s often thought of almost exclusively as the other way around! The fact is that buying a home isn’t one of the most complex transactions out there. You expect a good price – and the seller expects a buyer they can work with.
The best way to approach this is to be as flexible as you can. Not many sellers want to work with a rigid buyer who can’t move out of very strict parameters. Those parameters may be related to quality, location, finance – any of the things that people need to consider when they’re looking for a new home.
This isn’t to say that you shouldn’t stand firm on certain things. But if you’re too intransigent about certain things, then you may find yourself missing out on a good home, even if you have the money. So let’s take a quick look into the issue of flexibility while buying a home.
Are you sure you don’t want to rent?
While we’re on the subject of flexibility, it really is worth asking yourself if you’re ready to buy. Because once you have a home, then your flexibility really does take a bit of a nose dive! It’s worth looking at an in-depth comparison of your options. A lot of people always assume that buying is better than renting – but it may work best for you.
Mortgage pre-approval is the way
If you’re not prepared financially, then you’re not very flexible at all. Let’s say a seller has two people interested in the property. One of them is you – you’re nice and everything, but you haven’t got a mortgage approved, so you can’t make a decision right away. The other person isn’t quite as likable, but their mortgage is approved – they can buy now. The seller is going to pick the latter, I’m afraid. Mortgage pre-approval allows you to be much more flexible. Use a mortgage approval calculator to get prepared.
Home inspection problems
Unless you get a professional home inspection on a property, then you don’t truly know the condition of that property. Not a great position to be in. Sellers should expect a prospective buyer to order an independent home inspection. But there are a lot of different inspections you can order, and the more you order, the more you’ll test the patience of the seller. If you’re going to order inspections for radon and lead paint and formaldehyde and a million other problems, then the seller will simply think you’re a bit too stringent. And maybe even a little crazy. They’ll work with someone else.
Don’t get hung up during negotiations
The seller wants to sell the house for as much as possible and the buyers wants to buy the house for as little as possible. The problem is that people on both sides often forget to consider the person on the other side. Arguably, this is more common among buyers. Buyers often assume that all their research is going to allow them to whittle the sale price down to whatever they wish and get hung up whenever the seller refuses to budge on certain things. Don’t be so strict, though. The haggle will be difficult, and you shouldn’t expect to get the exact price you want.
