How Do I Get the Best Home for the Lowest Price?

Price is only one of several factors to consider when purchasing a home.  The process of buying includes looking at the big picture and seeing the value of the home.  Even if you are a seller, you should think like a buyer and highlight the home’s value.

The best home is rarely the cheapest one.  Factors that affect the value of a home are:

Preferences:  I suggest Buyers make two lists with one outlining their needs and the other a list of their wants.  They should compare lists with other members involved in the buying process so that everyone agrees on what’s important before the buyers start looking.  As a seller, which needs and wants did the home satisfy with you?

Budget:  Buyers should be pre-approved by a qualified mortgage specialist before their search and find out what monthly mortgage payments are possible given their debt and income.  For example, a home with income potential can alleviate costs compared to a less expensive home without the income.

Location:  The “best” price is usually not the cheapest price.  Desirable locations demand higher prices and communities with higher prices also often retain their value the best.  Buyers should consider the amenities and sellers should highlight them as much as possible.

 Negotiation:  Inexperienced buyers sometimes want to “lowball” their initial offer.  Too often they end up disappointed for a variety of reasons such as competition with other buyers, a negative reaction from the seller, and the need to start all over again if negotiations fail.  Understanding the types of negotiation styles and the benefits as well as the disadvantages of each will affect the final purchase price.

Buyers that understand their preferences, buy within their budget, in a location that serves them best and, negotiate effectively, end up spending less in the big picture.  Sellers that understand this can provide buyers with what they want and also put more money in their pocket.

As always, if you have any Real Estate Questions we are here to help.

If you are looking to Buy, Lease or Sell From the Toronto West End up through Vaughan, Aurora Newmarket, East Gwillimbury, Keswick, Bradford, West Gwillimbury, Bond Head, Innisfil we can help.  If you need someone you trust outside our area, we have partners throughout southern Ontario and would be happy to connect with a local professional.  Call Toll Free 1-855-737-8383 any time or send an email to StevenSilvaTeam@gmail.com