Buying a home can be an overwhelming experience for homebuyers as the market constantly changes. On average, Canadians move home once every seven years and many people find that a lot has changed when they come to sell up. To take advantage of the latest developments in marketing, negotiating and technology, here are four tips for buying a home in Lucan for below market value.
- Get An Overview Of The Market
Gazing at the price on realtor websites can give you a distorted impression of what homes are really worth. Most homeowners are emotionally invested in their homes and don’t have the stomach to price their homes to sell. The correct price for a home is the highest price that a market will bear but there is a world of difference between what home sellers ask for and what they eventually settle for. To buy property below market value, use recent market analysis to judge the actual selling prices of homes in the area you are interested. Most Canadian real estate brokers provide website-based home evaluations generated using market analysis. This data will help you see how much people paid for their homes. You can use this to tailor your offer prices and spot homes with below market value price tags.
- Pay For Tailored Advice
If you aren’t a real estate broker, judging the market value of a home can be very difficult. Paying for tailored advice is your best route to spotting homes on the market for less than their true value. Some companies will offer data enabling you to see what homes in a particular area sold for over a certain period. You can see what a particular house went for or how much homes on a particular street are worth.
- Ask Realtors For Comparative Market Evaluations
Realtors provide homebuyers with comparative market evaluations all the time. Finding a reputable realtor in the area you are interested in making a purchase is the best way to pinpoint homes on sale for less than their market value. Provided you don’t make unreasonable requests, such as the selling prices of all the two bedroom condos in an entire city, realtors will happily oblige with a market evaluation. This approach is often more helpful than trying to wade through reams of financial data by yourself. For example, only a realtor can tell you that a $200,000 home sold for $150,000 actually required $50,000 worth of repairs.
- Hire An Independent Home Inspector
All home sale contracts have a clause enabling you to renegotiate or even exit the selling process subject to the results of your property inspection. Always pay top dollar for the best independent home inspector you can find who will inspect a home and show you which areas require repair or attention. You should expect to receive a report – usually on a CD – and see whether the home is in the condition described in the sales contract. Best practice is to inspect the home yourself before attending the inspection. Independent inspectors, as opposed to those recommended by a realtor or financial institution, are impartial meaning that they have no interest in whether you buy or not. They may uncover undisclosed problems about the property. This can save you from buying a problem home and enables you to pull out of the sale or negotiate a lower sale price for the home.
Whether you buy a home privately, at an auction or online, these five tips can help you buy a home for sale in Lucan at below market value. The most crucial part of the process is undoubtedly the home inspection as only then will you know exactly what you are buying. Happy hunting!