Buying a Home – 7 Tips to get a cheaper price
Posted on Friday, October 6, 2023
The asking price sellers are advertising their properties for has jumped 0.4% over the last month, according to Rightmove data.
However, the property portal also reports that the proportion of sellers lowering their costs is now at its highest level since January 2011.
These are valuable tips for potential property buyers looking to negotiate a better deal on a house or flat. Here's a summary of the seven tips to shave thousands off the property price:
- Research Comparable Sales: Look at the actual selling prices of similar properties in the area to gauge the property's true value. Don't rely solely on the asking price, as it may be inflated.
- Check Listing Duration: If a property has been on the market for a long time, it might indicate that it's overpriced. Consider making a lower offer in such cases.
- Show Your Attractiveness as a Buyer: Demonstrate that you're a serious and attractive buyer by being chain-free (not needing to sell a property first) and having a mortgage agreement in principle (AIP).
- Keep Your Budget Confidential: During negotiations, avoid revealing your budget to the seller or estate agent, as this could weaken your position. Take your time to evaluate the deal.
- Consider a Survey: If you have concerns about the property's condition, consider getting a survey done. Any issues discovered can be used as leverage to negotiate a lower price.
- Beware of 'Sweeteners': Be cautious about offers to include additional items like appliances, as their value may not justify the increase in the property's price.
- Offer Below Asking Price: Many properties have had their asking prices reduced. Consider offering below the asking price, and back your offer with research and valid reasons for not meeting the advertised price.
These tips can help buyers navigate the negotiation process and potentially save money when purchasing a property. Remember that successful negotiation often requires patience and a well-prepared, informed approach.