Top tips for negotiating a purchase price

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Negotiating a purchase price can be a stressful experience. It’s what determines whether you’ll be a homeowner or going back to the drawing board to try again. Therefore, the negotiation stage is something that you want to get right. Here are Rosie & Rosie’s top tips to help you negotiate the best price for your dream home.

Negotiating a purchase price can be a stressful experience. It’s what determines whether you’ll be a homeowner or going back to the drawing board to try again. Therefore, the negotiation stage is something that you want to get right. Here are Rosie & Rosie's top tips to help you negotiate the best price for your dream home.

Be prepared

It’s easy to get knocked off course in a negotiation if you’re not totally sure about what outcome you want to get out of it. Clearly identifying what you want – and, just as importantly, what you don’t want – will help you stay on track to achieve the best results you can.

Before entering into a negotiation it’s important to invest time in preparation. This means researching, brainstorming, mentally preparing and planning the steps you’ll take as much as possible. Do as much of this as you can in partnership with your agent to make sure that you’re on the same page and that you’re getting the most out of their expertise.

Get pre-approval for your loan

Being prepared also means obtaining pre-approval for your home loan so that you are able to secure the home right away. However, remember that this doesn’t mean rushing into any decisions. Being ready can give you leverage, but it also means you have the flexibility to say no if the negotiation doesn’t go your way. Which brings us to our next point…

Be willing to walk

When negotiating, you should always be willing to walk away if you’re not getting the right results. If you aren’t prepared to walk away, you can’t negotiate from a strong position and you’re at risk of settling for outcomes that fall short of your goals.

Find the right agent

A good buyer’s agent, like Rosie & Rosie, can make a big difference to getting the results you want.

As well as having strong negotiation skills, buyer’s agents use their knowledge of the property market to negotiate the best price, taking into account such factors as changes to the market, the strengths and weaknesses of different suburbs.

Contact Rosie & Rosie at http://rosieandrosie.com.au/contact/ for help negotiating your next investment property purchase.

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