Just as the title says, seeking advice negotiating the price on a potential investment unit (which we would rent to family).
We submitted an offer ell below listed price. Agent came back with a price that is $8,000 above our maximum budget. So it's within range now, but still so far away. We cannot stretch any further, possibly another $1000 but we need every cent for stamp duty, legals etc. it's not a massive amount, but repayments even on a $230,000 investment loan are still big so we need to stick to budget.
Anyway - what do we do now? This unit would be perfect and love to secure it but not sure what move to make now we have come to a stand still. Hubby says to be patient and wait. But I'm worried they will get a higher offer in the meantime.
Not experienced in this whole business!
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25-09-2015 14:33 #1
Negotiating purchase price of investment unit - need advice, this is our 1st time!
25-09-2015 14:40 #2
There will be other property. Buying investments is a business so take all emotion out of it. It's above what you can afford, let it go. For an investment property you shouldn't be stretching yourself to the limit.
25-09-2015 15:16 #3
Thanks for the reply. I know emotion shouldn't be involved, but it's my family's unit they are currently renting & noe it's being sold. It's our elderly parents who have moved a couple of times recently and it's taking its toll on their health, so we want to purchase it or something similar and give them a bit more security. But we have kids to raise hence we want to make sure we aren't over commuting ourselves. It's ok now - just if interest rates rise etc.
25-09-2015 15:21 #4
Overcommit - bloody autocorrect! Not over commute!
25-09-2015 15:59 #5
Negotiating purchase price of investment unit - need advice, this is our 1st ...
How long has it been on the market and how long do they usually take to sell in that area? What is the average price of units in that block/area?
25-09-2015 17:02 #6Senior Member
- Join Date
- Aug 2015
Find oh how much the extra $8k will make your repayments.
Would it be possible for you to manage?
Could you increase the rent to cover the shortfall?
25-09-2015 17:28 #7
Also find out what others in the complex have sold for. ( on the house I think is the website good for info) As hard as it is considering the circumstances don't get emotional about it.
Is there anyway another family member can help with the remaining amount
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