Whether you plan to flip that house, hold the property as a rental or go for something entirely different, everything begins with a great deal. In a slow real estate market, which in anyway is a good time to buy a house, it can be difficult to find a real bargain. But that doesn’t mean the great deals aren’t out there. You just have to be a little more creative and do some calculated tracking to find them.
Here are eight ways to delve out a great deal on a house:
1: Apply for Long Term Mortgage Facilities
Longer mortgage terms tend to have lower monthly repayment option, which provides people with an affordable route to home ownership.
Borrowers will find that the monthly repayment can be more manageable than if they opted for a short-term mortgage.
2: Ask questions
Imagine passing through a neighborhood you like and you see someone out in their yard, simply asking them if they know of any neighbour looking to sell might just lead you to the perfect sale. If someone is getting their house ready to list, you may be able to work out a deal directly with the seller without having to factor in buyer or seller agent commissions. If you see a retired person working on their garden in a neighborhood you like, it’s a good bet they know their neighbours and what goes on in their block. They can be very good sources of information.
3: Make a move
This takes a bit of guts, and you should not try to do this when it is just you, but if you see a house that looks somewhat deserted or with a rough/unkempt garden, you can always knock on the door and ask if they might be interested in selling. The odds are challenging, but you never can tell, you just might stumble on someone who is willing to strike an amazing deal with you.
4: Look in more affordable surrounding cities.
Yes, we all want to live in a bespoke, luxury induced environment; but no, we all can’t be clustered in one space. So, here’s what to do; simply shift focus from those really expensive to live-in cities, and consider buying a home in a less expensive city nearby. That way, you shave thousands of cash and if you search well, you sure will come across something close to what you have envisioned.
5: Scout Outside the City
By simply looking half an hour outside the city’s centre or outskirt the city, you can save tens of thousands of cash. You might initially be worried about adapting to a less busy environment, but you will get used to it.
Do you know that simply taking your focus off the busy parts of the city and resting your search lights on properties outside might just about land you an awesome deal? How about taking the time to check out the rural and leave the suburbs for a while. This is not about getting an unfair deal or getting house in a forsaken or deserted community, but there are generally low-priced communities within an hour or two of every major city. Generally, the further you get from major metropolitan areas, the lower prices you’ll find.
6: Look out for “For Sale By Owners”
Often times, in an effort to save money, people list their homes with a For Sale By Owner (FSBO) sign in the yard and hope for the best. However, many times these people have no idea what the true value of their home is, and may consider selling much cheaper than other homes in the neighborhood.
7: Negotiate Strongly
You get what you negotiate.
Never assume the asking price needs to be the sale price.
Although this works better when there is less competition, negotiation is one of the best ways to meaningfully reduce the cost of your home purchase. It’s okay to lose or let go of a deal sometimes, with this mindset, you will make a good negotiator.
You don’t need to settle for the most expensive home on the street to be happy. Whether it’s your primary residence or an investment property, you make your money when you buy so go out there and buy a great deal.
8: Talk to a Wholesaler/Developer
Finally, one good way to get amazing house deals is through a real estate wholesaler. A wholesaler is an agent who acts as the middleman between house owners who are willing to sell and other prospective sellers. In other words, a real estate wholesaler finds incredible house deals and sell to other real estate agents at a low price. Wholesalers typically find deals through heavy marketing and good negotiation – and can pass on considerable savings to you, the buyer. it is important to note that a good number of wholesalers only sells to people who are willing to part with cash on the spot. Planning to get a house on a loan? This definitely might not work for you. However, Houses for Africa Nigeria Limited has got you covered.
Houses for Africa Nigeria Limited (HFAN) is one of the leading housing and estate development companies in Nigeria. Located at Plot C3/259, Richard K. Jonah Crescent, River Park Estate, Off Umaru Yar’Adua Road (Airport Road), Lugbe West, Abuja, FCT; and just a call away: +234 (0) 9 292 0688, +234 (806) 129 8679. So, if you are looking to buy a home in Abuja, with as minimal stress as possible and with available mortgage facilities, call HFAN.