It doesn’t matter if you are scouring Hamilton condos or you are purchasing a condo from a reseller that is ready to pass the condo onto you, it’s vital to become familiar with negotiating. Negotiations are all part of the game when it comes to buying a new home; the notion can be intimidating, but it doesn’t have to be. With a few simple tricks and helpful hints, you will be on the fast track to negotiating that condo you’ve had your eye on like a pro: here’s how.
Get pre-approved ASAP
Being pre-approved for a home mortgage is the equivalent of holding a pair of cards in poker: sellers know you’re not going to fold and you’re very serious about buying. It’s also a way to prove that you’re worth the risk and are truly a prospective buyer. Speak with your mortgage broker as you discuss Hamilton condos with your seller and ensure the seller has access to appropriate information that details the dollar amount you are pre-approved for. Some sellers won’t even talk to would-be buyers with pre-approval of a mortgage, so be sure you’re pre-approved before you begin discussing a buy.
Don’t be afraid to be aggressive
We’re not suggesting you should be rude as you search for Hamilton condos (in fact, we’re suggesting that you be pleasant) but that doesn’t mean you should be a pushover either: don’t be afraid to get a little demanding with your offer. Consider doing your homework and figuring out what the condo is worth before you meet with the seller so you have enough room to negotiate and hopefully strike a deal. It’s also a good idea to find out what other condos are selling for in the area to get your seller down to a fair price.
Never be afraid to walk away from negotiations, either. To this end, it’s important that you keep your expectations realistic and never become attached to a property before you land a deal. We know, it’s easier said than done not to become attached and fond of a Hamilton condo that looks like the perfect place to call home but it will allow you to avoid making any rash decisions if the condo in question just isn’t worth the price of admission. Besides, sometimes walking away is the best way to call a seller’s bluff and force them to drive the price more to your level; this will also give the seller time to consider your offer.
More cash-on-hand than your minimum down payment
Your mortgage broker will tell you how much your down payment must be; if applicable opt to go above the minimum so you can provide a generous down payment. This will not only ensure that your monthly payments are less than they would be had you paid a minimum down payment, but it’s also a great method for negotiating on the price. This can be one of the best ways to set yourself apart from other would-be buyers competing to buy the Hamilton condo. Especially if there are an abundance of first-time homebuyers aiming to purchase condos in your area, chances are they’re not sitting on anything more than their minimum down payment. When a seller knows you have colder, hard cash to spend on a down payment than what is required, in most cases, they will be much more open to an offer and will negotiate with you more freely. Having a generous down payment can also work in your favour in other negotiations, such as convincing the buyer to pay closing costs or other miscellaneous fees at the time of closing.
Be comfortable with your offer
Although the Hamilton condos you’ve fallen in love with may seem like the type of property you are willing to fight for, in the end, it’s vital to be comfortable with your offer. It all goes back to doing research and not being overly attached to any property’s in question: know the value of the condo you are looking at and know the right time to walk away. By doing so, you will always make an offer that you are comfortable with, one you can be proud of, and an offer that will keep you from having buyer’s regret weeks or even years down the road.
