How To Negotiate The Purchase Price With Remodel It
You have been home searching for months and you finally find that diamond in the rough you've been looking for. You have a vison and see a home that has incredible potential once you put in some elbow grease. How can you use Remodel It, and other information like your home inspection, to negotiate the purchase price? Well, it’s a good thing estimating renovation costs of homes currently on the market is a breeze with Remodel It’s Chrome extension.
The first place to start is with comparing the house to other homes in the neighborhood. Is the home competitively priced, taking into account any repairs that might need to be done? If not, you have a great opportunity to negotiate the sale price so you can put that money towards making the necessary repairs. How hot is the market? Are homes being sold quickly and for above asking price? If they are, you may not have much room to negotiate. Keep an eye out for a future Remodel It update that will help you compare the listing to other homes in the neighborhood. Join the waitlist so you don’t miss the news!
Once you have determined if the current market will bear price negotiations, start with any critical components which contribute to the livability of the home. Do items like the hot water heater, furnace, or roof need repairs or replacement? If these aren’t functioning properly, it may even make the house unlivable. Your agent is a trusted partner and a skilled negotiator. They can make the case that a credit be applied to cover some or all of these expenses.
Even if these critical components are in good shape, depending on the market, your strength as a buyer, and your agents’ ability to negotiate, you may still be able to secure a better deal. By using Remodel It to provide a seller with objective 3rd party information on the cost of updates, as well as current market conditions, you can build the case that the house is overpriced relative to other homes on the market that are in similar condition.
Price negotiations are a great way to jumpstart your renovation projects with a little extra cash in your pocket after the purchase. Happy house hunting!
With one click, Remodel It’s AI identifies and estimates renovation costs from property photos. Don't forget to join the wait list to stay up to date on new releases and to receive early access to Remodel It!