Top-Tips to get property at the best price



One of the biggest purchases most people will make in their lifetime is a house, so if we could show you how a very small percentage off the price could save you thousands you’d be interested right? Here are 5 top tips on negotiating the best price for a property you want to buy:

Research

Check with the estate agent how long it has been on the market and if there have been any offers made on the property. If the property has been up for sale for a few months and there hasn’t been much interest you should feel comfortable offering a lower bid when negotiations begin. If the property had had a lot of viewings but no offers made try and find out why and what the feedback has been on the property, you may be able to use this to your advantage. It’s also worth researching the price of similar properties in the area to see how they compare. If you think the property is overpriced feed this back to the estate agent, they may mention this to the owners who could then decide to drop the price.

More than one viewing

Most people say they have a feeling when they view a property that is right, however, you should view a property at least twice before making any decisions. You should inspect the property both inside and out looking for flaws or work that needs doing. Estimating the cost of the work could be an ideal opportunity to negotiate a lower price. Never view a property alone as you will usually be accompanied by just the estate agent who will do their best to only highlight the positives of the property. Take a couple of friends as they could spot something you may miss.

Sell yourself

First-time buyers, cash buyers and those who are not in a chain will always be more of interest to a seller than those who are waiting to sell a property. If this is you then use this to your advantage as it will carry a lot more weight when haggling over the price.

Say you are considering others too

Even if you haven’t seen any other homes indicate there are a couple of others you are considering too. Letting an estate agent know you have other options can mean they are more likely to reduce the asking price.

Start low

You really won’t know how flexible the seller is until you make an offer so we would advise putting in an offer which is lower than what you are actually willing to pay. The chances are you will need to raise your offer but when you do it will seem a lot more attractive to the seller.

You should explain your offer stating exactly what work the house needs and the cost of this. If you have details of similar or better standard homes that sold for less than they were asking mention these so the seller knows you are basing your offer on hard facts, not fresh air! This will show how serious you are about buying the property.