How to negotiate property prices like a pro
Buying a property is one of the biggest financial commitments you’re likely to make. That brings with it some pressure to get a good deal and overcome our natural hesitance to haggle or talk openly about money. However, it’s something you have to do if you want to get the home of your dreams at a price you can afford.
With that in mind, let’s talk about how to negotiate a property deal.
Treat it like business
While the property in question may become your home, you have to think of it in business terms. That means leaving emotion behind and only thinking about the price and value. However much you might love the property, if you can’t get it at the right price, you may have to let it go.
Estate agents can use a range of tricks to get you to make an offer, such as telling you there is other interest or lots of other viewings booked. Ignore them and concentrate on your own circumstances. If it’s meant to be, it will be.
Get yourself into a good position
As a buyer, make sure you’re in a position to proceed. That means having a home loan agreement in principle, the deposit, an accepted offer on your existing house if you’re moving, and all your arrangements made. If you’re all ready to go, your buying position is strengthened accordingly.
Research the seller
When talking to your estate agent, find out about the seller. Do they need a quick sale? Can they take their time? Do they have other properties? Has their property been on the market long? All these things will influence how receptive a seller will be to an offer.
Buying property is about haggling. An asking price is never the full and final price, so don’t be afraid to make an offer. If you want to be taken seriously, make sure it is a reasonable one though. If you’re offering under the asking price, back it up with reasons why. The more acceptable your reasons, the more likely they are to be considered.
Know when to walk away
While it is a tough proposition, there may be the possibility that the property you’re making an offer on isn’t for you. The seller might not budge on price, the property may be overvalued or it might have problems that come up on the checks. If any of these issues arise, you may have to consider moving on.
Follow these tips to give yourself the best possible chance of securing your dream property. If you need help or want to discuss a home loan, contact us today. We’re here to help.