Let’s take a look how this can be done.
Negotiating a good property deal is a key element of investing profitably in real estate. Especially if you are new to the business, there are some fundamentals that you must get right if you are to emerge from a property negotiation feeling good with about outcome. Here is a guide to give you a head start and ensure you come out with good results even from your first encounter.
Get All The Key Facts About The Property: You need to be familiar with the property you wish to buy and should arm yourself with its main features. A good example of how you can do this from the comfort of your home or office and still save time while covering a large amount of property is to use an online real estate market place that gives you the whole picture. A good example is Lamudi.com.ng.
Lamudi.com.ng gives you the basic facts like the size of the property (in terms of total space and details of number and sizes of rooms), the available facilities, type of title, details picture of various areas the property and its immediate surroundings , any title issues that may require further work to regularise, etc. If the property is still occupied, it will give you details of what you need. It also ensures that its verified properties are fraud free as Lamudi.com.ng boasts of listings from well-known real estate agents and go the extra mile by creating relationships and verifying properties.
Decide Your Top Naira Amount For The Property:You must be firm in your mind as to your top price limit for the property. This is not a magic figure but one that is based on a careful evaluation. You need some market research to determine what value equivalent property is currently commanding. You also need a valuation, preferably a professional valuation by a property valuer. If the property will require improvements (minor improvements, yes; major, watch it!), determine how much this will cost: get professional opinion, if necessary.
Paint The Whole Picture: Most of real estate agents will have their focus on the money they expect and the supposed benefit of the property. Making sure you have the total picture, using all the facts you have diligently gathered. More importantly, make them aware that you know the problems and additional costs that are inherent in the purchase, which you will necessarily bear, unless they accept to shoulder them (usually, they need the whole money and will not accept any incursion). Show that you have done a lot of work to decide on your offer, based on all the facts. Never show any desperation: there will always be some other property.
Stick To Your Top Naira For The Property: It’s important to get as much quote as possible of different properties. It’s important to have a platform where you could be sure to get your top property for your budget.
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