A “plugged-in” reader butters us up (“I’ve gone from clueless to rather informed in a brief period of time thanks in big part to Socketsite”) and then hits us with a question:
I recently bought at one of the new developments and was able to negotiate $X (lets say $10,000) amount towards upgrades; so I will buy the condo for the sale price but get $10,000 towards upgrades. I plan on purchasing about $20k in upgrades.
Would I have been smarter to offer $10k above asking and then ask for $20k in upgrades? The cost to me would be the same, but when I go to sell, my purchase price will be higher and more accurately reflect the additions at the time of purchasing. I always hear realtors saying what the place sold for X number of years ago and came up with this idea from that.
We have our answer, but we’re going to open it up for discussion amongst the readers first. And while we were unable to get our reader to identify the development or the exact amount of the discount (“[I] did so with the personal promise to the sales agent that I would keep it confidential”), he was willing to admit that “it is one of the new high rises.” Yes, high rises.