If you’ve ever bought or sold property before, you know that it becomes very expensive. It’s not just the purchase of the house itself that hits your bank balance. It’s also the conveyancing fees, estate agent costs, and tax to consider. That’s before you take into account any rental fees while you exchange or refurbishment costs.
Investing in property is lucrative. But there’s no doubt about it, moving house is expensive! That’s why it pays to make sure your purchase process is as smooth and quick as possible. In this post, we’ll show you how to keep the costs down when buying property. It’s already expensive enough, without the extras to consider. Let’s take a look, shall we?
Sell yours for the highest price
Any property developer will tell you that squeezing the highest price from your existing home is a priority. Every buyer will attempt to negotiate, but it’s your job to stay firm, and get the price you deserve. You can even try boosting the value of your home before you sell. You can do this by making any structural repairs, and making a few cosmetic changes.
Bargain for the lowest price
The other side of the coin is negotiating the lowest possible price on your desired property. This is easier said than done, as there will be plenty of competition bidding on the same house. Most real estate agents suggest offering 5% below the asking price, and you’ll ultimately settle in the middle.
Be a great buyer
The experts at Greenway Residential told us that the key to cutting costs when buying is a quick sale. By doing this, you can negotiate a lower price, and avoid additional fees and costs. If you want to secure a bargain, you need to be the perfect buyer. By that, we mean quick to move and easy to deal with. First-time buyers have a great advantage here. Be amenable, and make the process easy.
Make sure the sale is fast and smooth
The longer the process goes on, the more you end up paying. If you’re currently renting, you’re wasting money as the process develops. Additional fees will come up, as many lawyers work on a pay-as-you-go system. Start by understanding all the aspects that hold up a sale, and then avoid them! The number one thing that holds up property sales is structural surveys. If a property comes back with lots of red marks, it takes time to fix them. Make these upgrades before you sell. That way, the process is much faster.
Keep admin fees low
Many buyers fail to take into account all the fees involved in property. Real estate agents charge an admin fee on every sale, and conveyancing fees quickly add up. Make sure you know what you’re paying before those bills come in. Negotiate an up-front cost or percentage, so everyone knows where they stand. Try not to get caught out further down the line.
Buying and selling property is expensive, but it’s very lucrative if you get it right. Make sure you keep the costs low, and do everything you can to be the perfect buyer!