News

21

Aug

Buying Your Home: Tips For Negotiating Your Offer

There’s no rulebook for negotiating an offer for a home.

However these tips might help! 

If you’ve found a great property that’s well within budget and is priced completely in line with similar property prices, there’s nothing wrong with offering the asking price.

But if this isn’t the case, it’s important to stay in control, stay on budget and don’t get too disheartened if you can’t reach agreement on the home you’ve got your heart set on.

There are plenty more properties out there. Remember what we said earlier about being in a hurry?

Your goal is to get the property you want at the lowest possible price.

Here are some points to bear in mind when negotiating your offer:

  • Don’t jump in. If you’re keen on a property, now’s the time to make enquiries that could help with negotiations. Ask about why it’s being sold and if there are any other viewings planned. You may not get entirely accurate answers, but you may pick up some useful information.
  • Do your homework. Check the asking prices for properties on that road and the ones nearby. Also, check on Net House Prices and Zoopla websites for details of sale prices of other properties in the area.
  • How long has it been on the market? The longer a property has been on the market, the easier it may be to negotiate on price.
  • Check the bigger picture. There are a number of websites you can check for up-to-date information on the percentage of asking price sellers are typically achieving at any particular time. Good sources are HomeTrackThe Advisory and Financial Times.
  • If putting forward a lower offer, give concrete reasons. Point to specific issues with the property itself – such as poor maintenance, windows that need replacing, or high noise levels – and/or compare to similar, lower-priced locally situated properties to justify your offer.
  • Don’t be tempted to overspend. If the seller refuses to come down to a figure within your budget, don’t be tempted to overstretch yourself financially.
  • Get it off the market!Once you’ve reached agreement, ask the seller to take the property off the market.

 

Previous post: Step 2 – Finding Your New Home

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