5 Ways to Get the Lowest Price for your Next Home

Searching for a great yet affordable property isn’t that easy, especially if there is a high demand in your area. Even with the economic turmoil that has happened in 2020, property prices in Western Australia have continued to increase.

So what are the things that you can do to get the lowest price for your next home? Read these tips to find out some of the many ways to get the lowest price for your next home.

Look for Off-Market Properties

There are many amazing and affordable properties that aren’t listed on the real estate internet marketing sites. Off-market properties are properties that are being sold without a listing or advertisement. This can be a great opportunity as off-market properties usually have less competition and have cheaper fees.

To spot an off-market property, you can ask your local real estate agents, through real estate auctions, through buyer’s agents who have strong contacts with banks and financial institutions, or even through word of mouth from friends and family. 

Consider Foreclosed Properties

Foreclosed properties are properties that are being sold by the homeowner’s bank because of failure to pay the loan. These properties are usually cheaper than your average property listing and you can definitely find good deals.

You can either search for foreclosed properties on banks’ websites or go to their office for a list of foreclosed properties for sale. Again, engage an experienced buyer’s agent who is well known and respected throughout the Perth real estate and bank community.

Hire a Buyer’s Agent

Buyer’s Agents have an extensive network. They can find you great property deals and can recommend the best possible property that will surely answer what you are looking for in a home. Furthermore, they are experts who have vast experience in negotiation which can help you get the lowest amount possible. 

A bonus when you hire a buyer’s agent is that you get a hassle-free buying journey, aside from helping you get the lowest price for your next home. They will also assist you in processing special conditions and building reports to protect your buying decisions.

Sharpen your Negotiation Skills

In many circumstances, having excellent negotiation skills can actually go a long way. This also applies to purchasing a property. Negotiation plays a critical role in getting the best deal that you could have.

It is a good strategy to sharpen your negotiation skills. However, if you do not feel comfortable with negotiating with sellers and agents but want to get the best deals with conditions that suit you, engage a buyer’s agent. Buyer’s agents will look after the searching, selection, negotiations, and special conditions right through to settlement.

In most cases, the money saved in the negotiations and time saved and stress more than covers the buyer’s agents fees.

Look for the Best Home Loan Deals

Aside from the selling price of the home you’re planning to purchase, you can get a low price by looking for the best home loan deal. Explore different home loans and compare them to find the best mortgage rates. 

Ask your buyer’s agent to put you in touch with an independent mortgage broker. They can find you a home loan that best suits your financial capability, based on the loan duration and the best interest rate.

Get The Lowest Price for your Next Home Today

If you need help in finding the best deals, reach out to the buyer’s agents at Buying Perth Real Estate. You may send an email to clive@buyingperthrealestate.com.

How to Save Money When Buying Property

As a homebuyer, you might be wondering what you can do to save as much money as possible when buying a property. While you can get the most by hunting out the best deals in your area, there are even more ways to save hundreds or even thousands of dollars on a property.

Get the Right Type of Mortgage Loan

housing loan

Not all home mortgage loans are equal so you might want to take some time and search for the right loan for you. In applying for a mortgage loan, you must consider your current savings, income flow, and your credit rating.

There are many types of loans. Bridging loans are for people who are looking to buy a new home while trying to sell their current home, while construction loans are specialized for those who need to pay for ongoing construction processes. Some mortgages also give you a choice between a fixed or variable interest rate.

Save up for your Deposit and Equity

save money when buying property

Saving up at least 20% of the property price for your deposit and equity can help you save a lot of money on the interest rates. The higher the amount you can pay up initially, the lower amount you need to borrow and the shorter the time you need to pay off your loan.

Home mortgages can be expensive especially those lasting for up to 20 or 30 years. Imagine the savings you will get if you can avoid paying the interest of your home for that time.

Increase your Credit Rating

increase credit rating

Having a good rating can help you save more money in the long run. The higher your credit rating, the greater your probability of getting a good home loan deal. Lenders prefer buyers with a good credit rating as it means that they are more credible when it comes to payments. If you have a good credit Rating, lenders will be able to consider a lower interest rate for your loan.

Hire a Buyer’s Agent

hire a buyer's agent

One of the most effective ways to save money when buying a property is by hiring a buyer’s agent. You might think that you will spend more money on a buyer’s agent but getting a buyer’s agent will actually benefit you more. They are experts who have vast experience in negotiation; hence, they will be able to provide you with the best options and the greatest deals. They will help you get quality properties that are worth the price.

The buyer’s agents from Buying Perth Real Estate would love to help you on your journey of purchasing a property. Contact Clive on 0412926190 or clive@buyingperthrealestate.com and we’d be more than happy to assist you.