Published on : 10 June 20193 min reading time
As in any commercial transaction, the purchase of real estate is not exempt from the rule of negotiation, but it should be noted that in this area, owners are more reluctant to negotiate. This is why it is essential to be well prepared for the negotiation in order to reduce the price of the property, but how to do so?
Preparation and listening
Lack of budgets, reduction of expenses for future work… there are many reasons that push a buyer to negotiate a property, but in any case, to successfully complete the negotiation, it is essential to first prepare his budget, i.e. know the financial means at your disposal. This will allow you to determine, before taking out a credit or before negotiating with the seller, which goods are within your reach and negotiate a discount.
You will also need to listen to the seller and try to determine whether or not they are selling their property by haste. Indeed, if he is in a hurry to sell, you can hope to get a discount more easily than if he wants to take his time.
Be patient and attentive
To negotiate the price of your property purchase, you will also need to keep a cool head and be patient during the exchanges. The ideal is not to rush, even if it is the house of your dreams, to avoid paying the high price. Also consider whether you could resell the property for the same price if you resell it. Otherwise, it is essential to obtain a discount or look for another house.
Be aware of the various repairs you will need to make, especially if it is an old property. Evaluate the prices of the work correctly since you will need to plan an additional budget to complete it once the purchase is completed. To support your arguments, do not hesitate to bring an artisan to the site to estimate the expenses. This will allow you to negotiate a discount, with proof.
There is nothing better than live exchanges
When negotiating the purchase price of a property, it is preferable to negotiate face-to-face with the owner to bring more conviction to your approach. You could inform him/her in person of the constraints related to the purchase (work, visual or lighting defects, etc.) and the additional expenses to be incurred.
You can also convince him by presenting, for example, the price of real estate in the neighborhood to make him understand that the price is too high. If the first visit has already been completed, feel free to request another meeting to discuss the transaction.