Select the Right Real Estate Agent
Choosing the right real estate agent can make a huge difference in finding your dream home and negotiating the best price. Do thorough research upfront to make a wise decision in selecting a well-qualified agent that suits your needs. Ensure that you work well together, as the buying or selling process can take several months to complete.
Use Social Media to Connect with Agents
Facebook real estate groups can be a valuable resource for connecting with agents in your local area. Join multiple groups and post your preferences, criteria, and contact information to increase your chances of finding off-market properties that fit your needs.
Stand Out from the Crowd
Send a personal note to the seller with a story about yourself, why you’re the best buyer for the house, and your plans for the property. This can help you stand out among other potential buyers and attract the seller’s attention.
Consider Properties Outside the City
While city life can be exciting and convenient, you might find a better deal in the suburbs. Look for fixer-uppers that have potential for customization and renovation while saving on the initial purchase price.
Be Prepared for Additional Costs
Budget for down payments, closing costs, and other expenses such as property taxes, insurance premiums, and Homeowners Association (HOA) dues. It’s important to know what other fees are associated with a property before committing to ensure you can afford the entire scope of expenses.
Choose the Right Homeowners Association
Homeowners Associations (HOAs) can have a significant impact on your property’s value and the overall quality of life within the community. Consider the association’s management style, budget, and rules, as well as its history of special assessments, to find the right HOA for you.
Opt for an Outdated Home to Save Money
Choose a home that may be outdated but has solid bones and is well-maintained. These homes can be updated gradually, allowing you to save money on the initial purchase and build sweat equity from day one.
Buy Affordable Single-Family Rental Homes Out-of-State
In high-priced coastal markets, consider purchasing affordable single-family rental (SFR) homes out-of-state. This can help build long-term wealth and generate stable streams of monthly rental income.
Negotiate Post-Inspection Deals
If an inspection reveals interior or exterior issues, use this information to your advantage in negotiating a lower purchase price. Many sellers are willing to lower their asking price to accommodate for the property’s defects, potentially saving you thousands of dollars.