Find out how to negotiate the best price on a house in our latest blog post – from knowing your stuff to negotiating like a pro…
Learning how to best negotiate a house sale is an important skill when it comes to buying property. Make sure you are getting the best deal possible with our negotiation guide – from knowing your stuff and sticking to your budget, to tried and tested negotiation tactics. If you’re wondering how much to offer on a house, read on for our expert advice…
Do Your Research
Thoroughly research the market to see what comparable properties have sold for in the area. This will give you a good idea of how much to offer on a house. You can do this by using house price tools and market trend tools, or by simply looking in local estate agent’s windows. With online estate agencies, doing research online is easier than ever.
Know About the Property
Are there any problems with the property?
Any problems or damages to the property will have been flagged up in the survey. Now is the time to consider how these problems will affect you, and adjust your offer accordingly. If relevant, find out how much the problems will cost to fix and mention this as reasoning for your lower offer.
Has it been on the market for a long time?
If the property has been on the market for a long time, the sellers may be keener to sell. Take advantage of this by slightly lowering your offer. If the sellers are eager to get the house off their hands, they may accept a lower offer.
Do the sellers want to sell quickly?
Get to know the sellers and find out what their situation is. Much like if the property has been on the market for a long time, if the sellers want to sell quickly, they are more likely to accept a lower offer.
Are you in a chain?
If you are not in a chain you have a major advantage. Selling a house is a long and often stressful process – if you can make the process easier for the sellers, they are more likely to accept your offer.
- Start with an offer lower than what you’re prepared to pay – it is likely that this will trigger a back-and-forth bargaining process and will give you the flexibility to increase your offer if needed.
- Always remain polite and friendly – although buying property is a stressful process, it is important to try and remove emotion from the negotiation. Remain calm and polite at all times and you will have a better chance of getting your offer accepted.
- Don’t be tempted by free white goods – Sellers will often try to throw in white goods to sweeten the deal. If they do, try not let this sway your offer. White goods are often worth very little and are a pain to remove and replace.
Stick to Your Budget
Throughout the negotiation process, it is vital to make sure you stick to your budget and do not overspend. Your dream home getting away is incredibly frustrating, however, you will be paying the house off for a very long time. It is important to take emotion out of the equation and remember your budget when putting in your final offer on a house.