Have you been searching and searching for your dream home? Maybe you’ve been going to open houses for years searching for that perfect home. Did you finally find it? The perfect size, the yard you’ve always wanted, a fireplace, and a big island that the whole family can gather around? You’re drooling, you love this house so much. Then you check the price and discover that it’s out of your price range. We get it. We know the feeling of finding your dream home and then realizing you can’t afford it. We’re here to help you to get the perfect home for the right price.
Read on as we give you a few ideas on how to get the home you want without completely breaking the bank.
Ways to Get Your Dream Home for the Right Price
Purchasing a house is a big, and probably the biggest financial decision you’ll make in your life. Even if you’ve done it before, buying a house can be a little daunting. Especially if it’s your dream home, you might be in competition with others. Here we go over some strategies to set yourself up for success.
Get Pre-Approved
The very first thing you should do before even looking for a home is to get pre-approved for a mortgage. When you finally find the perfect home, you want to be able to snatch it up before anyone else does. Getting pre-approved will mean you know for sure how much a bank is willing to lend to you and usually at what rate too. Oftentimes agents and sellers won’t even consider accepting an offer unless you have a bank that is willing to vouch for you.
Don’t Forget To Check Out Certain Programs
While you’re talking to a mortgage lender, have them describe all the variety of assistance programs to help you achieve your dream of homeownership. You don’t have to be in the low-income category to qualify for these programs either. Oftentimes there are first-time home buyers programs that can help you can your dream home for the right price, often by helping with a down payment or even closing costs.
Additionally, if your dream home is in the right neighborhood and is the perfect fixture upper, you might look into financing it with a renovation loan. This way you can make the repairs and improvements and have them financed into your mortgage.
Talk to your real estate agent and your lender, they’ll have the information you need.
Don’t Be Afraid To Give Your Best Offer
Our next tip for getting the home you want for the right price is to give your best offer when going to the seller. If you really want this house, then low-balling could be the wrong strategy. Especially if the local market is really competitive, you might not get a chance to raise your bid and you could lose out. Your agent will help you base your bid on comparable values, but give it your best shot when it’s time to make an offer.
Be Prepared To Close Quickly
Another idea to charm a seller and get the home for the price you want is to offer a quick closing. Offer to close the deal in less than the standard 60 days. Of course, you’ll have to get the bank, mortgage broker, and realtor on board, but if the homeowner is motivated, this can be a winning strategy.
Get A Thorough Inspection
We’ve said it before but we’ll say it again, never ever skip out on the inspection. Even if you already had your offer accepted, if the inspector finds something really costly, you might be able to ask the seller to make the repairs or reduce the price of the home so that you can take care of the issue yourself.
Negotiation is Key
When it comes right down to it, negotiation is key. Everything is negotiable, and you’d be surprised at what sellers, agents, and even you will compromise on. You might not get everything you want, but you never know until you ask. The seller might be extremely motivated because of a move, work relocation, or something else.
We’ve had experience with sellers looking for a fair offer who might be willing to sell for a little bit less if it means they close faster as a result. Smart negotiation is a great strategy to help you get the perfect home for the right price, so talk with your realtor about their track record.
Find Out The Details and Be Prepared To Compromise
Again, your real estate agent will help you work out all the details but don’t forget about the small stuff too. Will all the appliances be included, and what about minor repairs? Is all the landscaping staying? Nail down the small things now and you can avoid misunderstandings at the closing table later.
When you actually enter the negotiation process, go with the assumption that you won’t get everything on your wishlist. It might even be wise to include some requests that you’ll be willing to give up. It’s important to talk about everything like this with your agent, they’ll be able to help you save money and negotiate on the important things for you.
Hire The Right Agent
The best advice we can offer is to work with the right agent. They’ll be able to evaluate your needs and help you decide what will work for your budget. Sometimes spending a little more on a monthly house payment will allow you to save in other areas. Maybe it makes your commute shorter, or you’re in a better school district. Perhaps that newer home can reduce your utility bills and make up some of the expenses that an older home might accrue.
When push comes to shove, your dream home is something you’ll want to take seriously. Be sure to talk to your agent. They will help you set realistic expectations, go to the bat when it comes to negotiations, and get you the home you’ve always wanted. Give us a call today and let’s get started.
