Saturday, December 8, 2018

Buying Your First Home: Get Everyone On The Same Side

If you’re the kind of person who dislikes conflicts and who is afraid of discussing a point for fear of creating conflicts, you will not enjoy the process of negotiating the price of your first home.

However, it’s important to understand that negotiating is a crucial element of the process of homeownership. Instead of worrying about the conflicts it might create, you need to focus your mind on figuring out how it can get people on the same side. Indeed, it is crucial that you come to an agreement with your partner in the offer you wish to make, but also with the current owner of the property. More importantly, as legal professionals review the process, you need to ensure from the start that you’re informed about the necessary steps you need to take to comply with the complex state and council laws. In a word, buying a home is a process to achieving the best possible agreement for all the parties involved. Negotiating and discussing is the only thing that can bring you together.

You and your partner need to agree on the investment plan

Finding a partner is hard enough in our hectic lifestyle. But finding a partner who’s financially compatible can seem like an impossible achievement for someone who avoids difficult topics for fear of conflicts. The truth is that you can’t ignore stability and strategy financially when you’re considering buying a property together. Indeed, defining your financial compatibility is crucial before you go any further in the property purchase process. First of all, if you review your spending and saving habits honestly, you might come across serious discrepancies. It’s nothing to worry about at this stage. In fact, you should use those differences to establish a joint financial strategy to save together and tackle the financial hassle of homeownership. While keeping your finances separate is a preferred solution; you should establish a common goal – such as how much you plan to save for the deposit, for instance.
How can you make sure this is a safe investment?

Buying a property implies complex state and council laws. The process of property conveyancing is designed to arrange for the transfer of the legal title of a property from one owner – the seller – to the other – the buyer, aka yourself. You can come across numerous self-conveyancing kits to keep the process between yourself and stick within a limited budget. However, unless you’re an expert in legal procedures, you should work closely with professional conveyancing solicitors to ensure that everyone involved can comply with the legal requirements of property transfer. Mistakes along the way – as a result of a DIY approach – can not only be costly but they can also affect your chances of reaching an agreement on the property.

Can you make an offer the seller can’t refuse?

Last, but not least, the person you want onboard from the start is the seller. How can you make an offer nobody can reject? Here, understanding the rules of negotiations is fundamental. Your offer letter needs to take into account the seller’s perspective too – feel free to compare the market for similar properties.

Negotiations are tricky. But you shouldn’t let your fear of conflicts interfere with your prospect of buying your first property. Consequently, discussing every step of the way with your partner, your solicitor and the seller can not only help you to move through the process faster but also keep everything smoother.

xxo
Ki

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