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Black Homeowners Paying The Most For Home Improvements? Shocking Reasons Why
Although blacks have made great strides in home ownership, they still lag behind other races in home ownership. However, another area at the top of the list is black homeowners. According to the latest HUD (US Housing and Urban Development) study, black homeowners pay the most for home improvements and repairs.
They pay 36% more than whites and 23% more than Latinos for the same or similar repairs or improvements.
This article will suggest ways to overcome this problem. Although discrimination, racial bias and redlining still exist, there are specific steps black homeowners can take to ensure they are getting the lowest possible price for home improvements and repairs.
President Bush pledged $50 million to fight abuse. In that speech, he revealed a 2002 study by the Department of Housing and Urban Development that found all minorities receive less information, less assistance and less favorable terms.
Here are tips to help you get the lowest price on home improvements and repairs
Many black homeowners hate to negotiate.
Black homeowners are less likely to negotiate, bargain or comparison-shop for a number of reasons. Failing to negotiate and comparison shop is the recipe for paying the highest price when purchasing home improvements and repairs.
According to the study, black homeowners who lived in high-priced homes wanted to get things done as quickly, conveniently, and affordably as possible.
Additionally, costs resulted in higher prices for home improvements and/or repairs.
Another factor is that many homeowners assume that all contractors and renovators have the same prices.
This causes many black homeowners to settle for the first one that gives them a reasonably affordable estimate. Especially, if the repair is accidental, such as a busted pipe, blocked toilet, faulty wiring.
That’s why it’s a good idea to think ahead, keeping in mind the cost of various home repairs, mainly plumbing and electrical. For example, hourly fees? Free estimate or not? Overtime for weekends or after PM or not?
It’s a good idea to have at least 3 plumbers, 3 electricians, and 3 carpenters and any other repair or home improvement services on file where you can reach them quickly when you need them.
Added tip There is a need to check rates and prices first, list each price on the card so you can see it at a glance. You’ll thank yourself for doing this at your next repair emergency. You will save time and money.
Talk: The difference between paying more and saving money.
Many people dread the idea of negotiation. They find it scary, confusing and cruel to take part in it. It’s an attitude that real estate agents, loan officers, car salesmen, and insurance salespeople use to line their pockets.
Because many black homeowners are afraid or unwilling to negotiate, they often pay higher prices than whites, Latinos, and Asians. Why? Because they are willing to negotiate, bargain and comparison shop before making a purchase decision according to research.
Here are 7 steps black homeowners can use to negotiate down the price of home repairs and improvements:
1. To become a confident negotiator, you must do your homework. What is the labor rate for home repairs or improvements? What is the cost of goods or materials (wholesale and retail)? Advance preparation is key.
2. Remember to Negotiate Effectively You should always be willing to walk away if the price is too high. If you have it now, your negotiating power is greatly reduced.
3. Generally speaking, the higher the price of the home improvement or repair, the higher the matching price.
4. Price is not the only factor when negotiating. Size, color, material, quantity, service, warranty length and other similar items may also be included or traded.
5. Always make sure that the person you are negotiating with has the final decision-making power. Negotiating with a worker or salesperson who does not have the authority to change prices, terms, or services is a major beginner’s mistake. As a result time is wasted.
6. Always try other options. The more options you have, the better and more effective your conversation will be. Always have a Plan B and a Plan C.
7. If you are still wary of having a conversation after reading the previous 6 steps, find a relative, friend or colleague who is good at conversation to help you. And continue to learn how to negotiate. This is the key to getting the lowest price.
Now you’ve read why black homeowners pay higher prices for home repairs and some key factors to use to find better deals on home improvements.
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