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Toronto Home Prices: 6 Tips for Negotiating Prices When Buying a Home

Finding and purchasing a home can seem like daunting challenge, especially to inexperienced first-time home-buyers. However, with the right knowledge and assistance on your side, you can find the best Toronto home prices and the house of your dreams. Follow these tips when you're starting your search.


Toronto Home Prices: 6 Tips for Negotiating Prices When Buying a Home

1. Research the Local Market

They say that knowledge is power, and that old adage holds true when you're shopping for real estate.  Look into real estate listings in your local area to start getting an idea of what the average price for property is. That will give you some perspective as you're searching for your own home so that you can recognize a good deal when you see when and also notice when you're being overcharged.

2. Get Your Finances in Order First

Before going out to purchase a house, you should have your financial situation sorted out first, including knowing what budget you're willing to spend on your new home. Being pre-approved for a mortgage is another way that you can make yourself more attractive in the eyes of potential sellers.

3. Negotiate After an Inspection

Before opening negotiations for the price of a property, it may be wise to have a professional inspector survey the property first. Hidden issues such as plumbing problems or any damage to the structure of the home or the foundation may come to light during an inspection. Having the inspection done ahead of time lets you factor in any of these issues into the price you pay.

4. Get Your Detailed Offer on Paper

While a seller may prefer a verbal agreement on the deal you make for a piece of property, it can pay to insist on getting your offer in writing instead. That way, you can avoid any disagreements that may arise otherwise. Be detailed and include aspects of the deal besides price, such as any contingencies included in the deal, so that a clear record of your agreement is established.

5. Walk Away from the Deal if You Need To

Sometimes, people get so attached to the property that they're trying to make a deal for that nothing can change their mind. While it's understandable to become attached to your potential new home, you shouldn't be so blindly in love with the house that you aren't keeping other options in mind. Showing that you're willing to walk away will give you more negotiating power as the seller knows you aren't guaranteed to buy the property.

6. Get Some Help on Your Side

Working with a real estate agent can make all the difference in finding the perfect home that you're looking for. Their contacts and connections will help you get the widest array of listings at the best prices. They'll also have the knowledge needed to help you with every step of the process of closing a deal.

The experience and know-how that our team of real estate experts brings to the table will help make your search for a home go as smoothly as possible. Call Nancy at 416-985-1486 or Dave at 416-894-4079 at GTASelling.com!
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