Homebuying Tips: Prepare for a Difficult Negotiation

Although buying a home should be a fast, seamless process, negotiations with a home seller sometimes can slow down the homebuying journey.

Let’s face it – no one wants to deal with long, arduous negotiations, particularly when they are close to acquiring their dream residence. However, homebuyers who prepare for the worst may be better equipped than others to avoid a complicated homebuying negotiation.

What does it take to prepare for a difficult homebuying negotiation? Here are three tips to help you do just that.

1. Understand the Housing Market

If you submit a competitive offer on a residence from the get-go, you may be able to avoid a difficult homebuying negotiation altogether.

Ultimately, a homebuyer who allocates the necessary time and resources to learn about the real estate market will understand how one residence stacks up against another. Then, he or she can submit a home offer that matches or exceeds a home seller’s expectations, thereby reducing the risk of an extensive homebuying negotiation.

2. Analyze Your Homebuying Goals

A homebuyer who analyzes his or her homebuying goals can map out his or her property buying journey. That way, this homebuyer can assess homes that fit within his or her price range and minimize the chance of a complex homebuying negotiation.

Furthermore, if a homebuyer sets realistic expectations for a home search, he or she may be able to make informed decisions throughout a negotiation with a home seller.

A homebuyer who knows how much he or she can afford to pay for a house will be able to submit a home offer that corresponds with his or her budget. And if a home seller asks for more money, a homebuyer should feel comfortable walking away from a negotiation.

Remember, it is paramount for a negotiation to fulfill the needs of both property buyer and seller. If the negotiation favors a home seller, a homebuyer should be prepared to restart his or her home search.

3. Keep Your Emotions in Check

It is easy for a homebuying negotiation to escalate quickly. But a property buyer who understands how to control his or her emotions can take a step back during a stressful homebuying negotiation and plan his or her next move accordingly.

Stress sometimes can get the best of a homebuyer, especially if a property buyer wants to do everything possible to secure a great home as quickly as possible. If a homebuyer plans for stressful situations now, he or she may be able to reduce his or her stress levels when a homebuying negotiation begins.

Don’t be afraid to take time to relax during a homebuying negotiation. Going for a walk outdoors or hanging out with family members and friends may provide a stress-relieving break from a homebuying negotiation.

Or, if a homebuyer wants extra help, hiring a real estate agent is ideal. This housing market professional understands the challenges of homebuying negotiations and will help a homebuyer alleviate stress time and time again.

Ready to acquire your ideal residence? Use the aforementioned tips, and you can get ready for a difficult homebuying negotiation.

A Finished Basement Can Be The Ideal Rec Room

One recurring problem all parents deal with — especially on weekends and school breaks — is keeping their children entertained and engaged. (Sound familiar?)

While you can sometimes take your kids and their friends bowling, to the movies, or roller skating, those type of activities are only short-term fixes. Once you’ve expended all the possibilities, you’re back to square one! The ideal scenario is to be able to fill in some of those gaps with fun, recreational activities at home.

If you have a finished basement or are talking about renovating an unfinished area, then that part of the house can provide the space for a dedicated rec room. The cost of finishing a basement can be expensive — with estimates ranging from $10,000 to around $35,000. The final cost would depend on factors like the square footage of your basement, contractor pricing, materials used, and whether you’re willing or able to do any of the work yourself. For growing families with active children, remodeling a basement or buying a house that already has a finished basement could prove to be a priceless resource for years to come!

Setting Up a Game Room

Outfitting a rec room with items like game tables is an additional expense that could have an impact on your budget. Fortunately, there are plenty of ways to keep a lid on those costs. One idea would be to spread out those purchases over a period of time. For example, one year you could buy a billiards table; the next year, you could add a ping-pong table, air hockey game, or a foosball table to the room. Many of these items also make excellent birthday or holiday gifts for the kids, so you can potentially include those purchases in your gift-buying budget. With a little online price comparison, you’ll also discover that you don’t have to pay top dollar for any of those game tables. It’s rarely necessary to get the “deluxe” version of a pool table, air hockey game, or foosball table, and there’s a wide range of sizes and prices available — both online and off. You may also stumble upon opportunities to buy used versions of those popular rec room games, and save a lot of money in the process.

Two inexpensive ways to expand the range of activities available in your recreation room (and keep your kids happy) is to stock up on board games and age-appropriate craft supplies. A television with a DVD player, popular channels, and video games is also sure to provide hours of entertainment on rainy days, school holidays, and unstructured weekends. Finished basements can also be a great place to host children’s birthday parties, sleepovers, and club meetings. A TV in the basement can also help maintain family harmony. When the grownups want to watch one program and the kids want to watch something entirely different, you don’t have to draw straws or pull rank!

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