How to Get the Best Deal when Buying a Home

Is it still a "buyer’s market" out there? These days, there is such limited inventory in real estate all over the country, that buyers can be left in a vulnerable position and sometimes paying a bit more than what they originally had planned for.

How do you best prepare for the home search, the home buying process and most importantly, how do you leave the closing table getting the best deal in town?

Plan, Plan and Plan some more

The best thing a homebuyer can do is have a plan and execute that plan. However, when it comes to real estate, it’s not unusual for the best-laid plans to end up cast aside, so it’s imperative that you must have a Plan A, B and C. After all, any number of things could end up going wrong …

• What if the inspections don’t come in clean?
• What if the house doesn’t appraise?
• And before any of these…what if they’re multiple bids and you need a few "extra dollars" to get the deal done?
• What if you don’t get the home you wanted at all?

These are items that all buyers need to be aware of when planning out their initial budget range. The house you fell in love with…found another buyer…make sure NOT to get discouraged and get off the home-buying track, as that will only set you back from finding an even better property!

Note to yourself—always expect the unexpected.

Do Your Homework…But Listen to Your Real Estate Agent

Yes, real estate agents can assist you with your home purchase, but that doesn’t mean you’re free to just have your head in the clouds through the process. Buying real estate is one of the riskiest, and largest purchases you will ever make, so you want to make sure you are well involved and work with someone you trust.

Make sure to communicate with your real estate agent and also truly understand what’s going on in the local real estate market.

At the same time, a great real estate agent can give you real direction on the market as well as the timing on when you should be "making moves" or holding off for a better opportunity. Sometimes, getting the best deal comes down to timing….so be prepared to be patient…but ready to pull the trigger!

Come with Your Game Face…but don’t Play any Games

These days, lowballs generally don’t cut it and the more you lowball and lose out, the more frustrated you will get.

If you find your true love, chances are that many others have fallen in love with the property as well…so now comes the time to make moves, and put a legitimate offer on the property, ensuring you will be able to make "her" your home.

When it comes to real estate, both the buyer and seller want to feel like they’ve left with something positive financially. Generally, the more "games" that are played, the less of a chance a seller will want to work with you. Don’t try to over-strategize how to get a "bargain" on a house but rather, try to think like the seller and understand where they are coming from.

By no means should a buyer give it "all away" in the first offer, but have a game plan of an initial offer as well as a counter (with a strong inspection period and closing date), and the odds will ever be in your favor.

Have an Exit Strategy

The end is just as important as the beginning … so just like you want to plan in the beginning … you want to make sure you have a plan for the end—and have an exit strategy in place. Getting the best deal on a home includes making a purchase that will reward you in any market (strong or weak).

• Can you rent out your home and can you cash flow your property?
• Is the area strong enough where if you update the property you will make your money back and then-some?

Make sure to do your homework during your due diligence period prior (yes, run numbers on sales, rentals, and overall trends in the area you are purchasing in as well as be aware of any new developments coming to the area) to closing on the property; in the event you need to rent/sell your property, you want to be able to do so with some cash in your pocket!

Author Bio:-

Based in Miami, FL, Houses.com provides the world's largest online marketplace for homes and real estate. Showcasing over 4 million listings for sale, rent & vacation in over 70 countries, Houses.com is dedicated to helping buyers and sellers turn their House into a new Home.

Based in Miami, FL, Houses.com provides the world's largest online marketplace for homes and real estate. Showcasing over 4 million listings for sale, rent & vacation in over 70 countries,