3 Tools to Get the Best Deal on Your Dream Home

In our 6 Tips for First Home Buyers blog we armed you with ways to prepare to place an offer on a house (check it out if you haven’t already!), but what about after the offer? Picture this. Your offer on the home of your dreams has been accepted! Now what? 


#1 – Negotiate during the inspection.
As a buyer, you pay for an inspection of your future home. The report includes the inspector’s recommendations for fixes or updates. Is the roof hailed out? Does the water heater not heat? Maybe you ask to have work done on the seller’s dime or lower the agreed-upon offer. This is your final opportunity for a price change, take advantage!


#2 – Make a plan for any needed improvements.
The inspection negotiation is behind you. Are there any necessary improvements the seller wouldn’t cover? Some may require your attention sooner rather than later. If there are any big ticket items, consider rolling the cost into your mortgage or getting a separate Home Improvement Loan. Talk to your lender about your options.


#3 – Navigate the appraisal.
The appraisal is your final step. An appraiser will value the home based on its features and market levels. If the home appraises higher than your initial offer, you’re in the clear with instant equity. If the home appraises for less, it will mean a few more negotiations with the seller to reach a final price.