How to Negotiate When Buying a Resale Apartment?

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Article by Khadeeja Karim

Everyone wants to have their own home, whether they build a whole new house or buy a flat. Moreover, in recent years the apartment culture has risen as you get a well-furnished place with many facilities already taken care of. However, you can purchase a new flat from a leading builder, or you can buy an apartment on resale whichever suits you better and your budget. Budget is a very important factor for a money-conscious person when buying anything, even property which makes us negotiate to get a discount. However, when you wish to buy a property, the leading builders generally don’t negotiate. However, builders’ projects that are of low proximity or resale units gives you a chance to negotiate. The resale apartments are flats bought by an individual and are willing to sell it. Moreover, when you buy a resale flat, it saves your time as it’s well made with having an instant shift tag and you also get a chance to get a discount on it. However, to get a hefty discount, you need to be a good negotiator and possess these qualities:

● You should be a good listener
● Should have every bit of details and facts.
● Should be calm and composed while negotiating.
● You should not show their desire and willingness to own the property.
● The offer made should be realistic.
● You should not take anything personally to make the correct decision.

Moreover, if you are not a good negotiator, you can follow these tips that will be productive for your deal.

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1. Don’t Show Your Eagerness
When you see a flat and like it at first sight, then don’t showcase willingness on buying it, be ready to leave it. Don’t ever make the first offer, first listen to what price they offer as it may be better and profitable than yours. Afterward, negotiate and be firm on what your offer price is. Don’t be in a hurry as if the seller or buyer will get the idea they will not give away.

2. No Place for Ego
When you are negotiating with your dealer, please don’t show your ego or self-importance to them, as you will lose the deal. Because as a negotiator, your only aim is to get the best discounts and deals. So, always be calm and talk politely to get the deal according to your wish.

3. Be Diligent and Informative About the Deal
Ask questions to your seller, to get the idea about both the property and him. Why do they want to sell the property? Is there any problem, and can you help?

And if the seller says like, they require money urgently, then there is your chance to make a perfect offer, and you can pay the amount soon. You should also research the property to know, why is it on sale? As it can be a foreclosure property, or is it an overpriced property? Then in both cases, it is not a good deal and how much you negotiate you may be at a loss.

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4. Be Robust and Flexible
You can offer a low price but don’t be unreasonable. Ask for a negotiable price; it’s the best way to start. Also, let your seller know that you are a willing buyer and will complete the transaction, it will make a positive impact and get you the deal at your price. Your seller will agree to delight the low price if you give them a perfect dealing term. So, rather being firm on the amount, you should be flexible and compromise on a few things. As getting a house with both your requirement and pricing will be a little difficult, so negotiating should be done with flexibility.

5. Be Ready to Leave
You should have the guts to walk away instantly if the deal is not a profitable one. Even if it’s a good offer be patient, don’t hurry, hold on your deal, and you will surely get benefits.

6. Show Your Money
If you tell the seller you are ready to make an upfront payment, you may get a good deal locked. You should be ready with cash if you have the situation. You can get a pre-approved home loan from the bank or any financing company; this will give you a better chance to negotiate on your offer price. This will let your seller know that you are fully prepared and are seriously interested in the deal. Moreover, it will put the buyer in a better position to make the offer and also make the seller eager to sell their property.

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7. Don’t Hesitate to Ask for Other Benefits
Suppose your seller is not ready to lower the price, then instead of hanging on your price, ask them for other benefits. You can ask them to give some concessions to the repair or maintenance cost of the flat.

Buying a resale apartment needs the buyers to be careful at all times so that they do not miss anything. It depends on the buyer’s skill whether they will get the resale apartment in the higher price or the discounted price. The negotiation skill of the buyer will decide whether you will get the apartment at a price lower or higher than the market value.

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If you doubt your negotiation skill, then you can take the helping hand of the lawyer or the real estate agent.
However, as a buyer, you should not forget to check the apartment thoroughly so that you can know that you are not wasting your money while buying the apartment. It’s your money that you are investing in the resale apartment, so it’s necessary for you to do thorough research about the apartment and even check the condition of that apartment. If everything appears good, then only show interest in buying it and then use your negotiation skill to get the resale apartment at a good price.

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