Sunday, May 22, 2011

Contract on PPOR

After a quick calculation of funds, and having frequent visits from mouses and rats at our current govy rental, we have put a contract on a suburban home in Toowoomba. OK, it will mean a 40 minute drive each way to work every day, but it's still a lot better than many, and it also opens others doors for my little family (which by the way, is expanding to 4 members).

It's a nice house, an ex rental with a bit of work to do, but as I posted earlier, the smaller block will mean less maintenance and allow smaller internal and external projects to materialise. I have recently acquired a nail gun which means I will be having a go at a deck and external feature screens and other Better Home and Gardens pieces.

We played what I like to call 'halfsy-halfsy' with the agent. Negotiations went:

On market for $268,000, which was already a drop from the initial $274,000.
We offered $250,000 (which we thought was a reasonable low offer)
He/they countered with $260,000 - (first halfsy)
We countered with $255,000 - (second halfsy)
They countered with $257,500 (third halfsy)
At this point we stayed resilient, as every thousand saved here, was money that could be spent on renos. So we said $255,000 we believe is a good price. (A firm halfsy resistant counter, based on the other halfsies.)
He/they countered with $256,000, which we accepted.

I believe successful negotiations, and the right price for this property, in this street, in this suburb.

I'll write more when the contract finalises.

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