Have you been dreaming of owning your own home? According to SaveMax, it has become more challenging to squeeze nickels out of deals as the real estate market recovers. It might be tougher, but it’s not impossible. There are still some ways to get the best deal on a new home.
1. Choose Your Real Estate Agent Carefully
You can buy a property without the help of a real estate agent. However, as a first-time buyer, it only makes sense to hire a professional agent to guide you through the time-consuming process. Working with a real estate agent is in your best interest to increase your chances of finding the perfect property within your budget. They can help by:
- Determining how much to offer for a condo or house
- Attending showings with you so you can learn about your priorities
- Showing you condos or homes in your area to suit your needs and price range
- Submitting an offer letter on your behalf
- Helping you negotiate with the seller’s real estate agent
- Attending the closing so you can be sure everything is all right
Understanding that only a buyer’s agent will work on your behalf is essential. Don’t trust the seller’s agent to represent your interest.
2. Ask The Seller to Pay the Closing Costs
Generally, sellers don’t want to sell their properties for less than they expected to get. Instead of negotiating the selling price, you could suggest paying the total price and asking the seller to pay for public numbers, such as closing costs. Doing so will save you a few bucks while still offering the seller the ego boost of getting the price they’re asking.
If the property needs some repairs, you can also ask the seller to pay for them in advance or lower the selling price so you can cover the costs. However, driving a hard bargain is challenging if there are more buyers than homes for sale. Discuss with your real estate agent to understand the local market better and strategize accordingly.
3. Buy During an Off-Peak Season
Spring and summer are peak housing sales seasons in Canada. That’s when most people start their property hunt. Switch to an off-season to get an excellent deal. January is one of the best times to make an offer on a property. Few people want to face the cold to shop for a condo or home, so prices are usually the lowest. Most properties take longer to sell, too, so sellers might be more likely to accept a lower offer.
The market will pick up from February onward, with spring being the busiest time of the year to purchase a home. During spring and summer, more properties are available, but the prices will go up, and the competition will increase. If possible, try to start house hunting by fall because prices drop.
As a first-time buyer, buying a home can be overwhelming. Before making such a large purchase, ensure you are financially stable. Explore the cities and neighborhoods as much as possible to see if they fit your daily commute, family, work, and budget. Always consider the housing needs and expenses such as repairs, maintenance, and emergency funds.