How To Make Sure You Are Getting The Best Deals When Buying A New Home

According to the US Census Bureau, the average home price in the United States in 2010 was $272,900. While home values fluctuate due to location, size, condition, age and other factors, your home will likely be the largest purchase you ever make. With this in mind, you want to make the best purchase possible. If you’re looking into buying a home, here are some tips for getting the best deal.

Confirm the Upgrades

It’s easy enough to list those strikingly realistic composite countertops as real marble or note that the furnace is brand new when in fact it’s three years old. While you don’t need to be paranoid, you do need to perform due diligence. Have the home inspected by someone you trust, ask for paperwork and look over any receipts. You don’t want to pay for upgrades that aren’t what they seem.

Don’t Pay for Improvements

While this depends on the real estate market you’re in, it’s usually a wise idea to deduct the cost of potential improvements from the asking price. For example, if the entire master bath needs gutted and redone, reduce your offer by the cost of that project. Unless the house is listed as a ‘fixer upper,’ there’s no reason to pay full price and also pay to make necessary improvements, too. If you are investing in a home with the intentions of fixing it up, then it would be acceptable to do that.

Check Comparable Sales Online

If the home you’re interested in is in a community of similar homes, it’s easy to work to see how much comparable homes are commanding. Make sure you are comparing like to like, however. While the number of bedrooms and baths may be the same, if a comparable house had high-end upgrades or more acreage, the sale price may not mesh with what’s being asked for the home you like. Look for houses that are very similar to the one you want, just to be sure you’re not being overcharged.

Don’t Be Afraid to Negotiate

It’s not at all uncommon for homeowners to list their property for a higher price than they’d accept, knowing that offers may come in for a lower amount. If the home you’re bidding on needs work, is overvalued or has been sitting on the market for months, don’t be shy about making a lower offer than asking price. Don’t make an insulting offer, but offer a fair price.

Buying a new house can be nerve-wracking. It may very well be the most expensive item you even purchase. Following these tips will help you avoid overpaying for the house of your dreams. If you are interested in investing in real estate properties that offer a high return on investment, but sure to work professionals like those at Memphis Investment Properties.