Buying a new home will probably be the most expensive purchase you ever make. While it is unlikely you’ll buy outright, instead getting a mortgage and paying it off over time, getting the best possible price is still going to be desirable as house prices continue to rise.
There are a number of techniques used when negotiating house price that can lower the agreed amount. It may save a few thousand pounds, which considering you are likely to be paying in the hundreds of thousands may not seem much, but it still makes a good difference.
If you want to know how to negotiate house price before making an offer on a porperty then the following steps will help.
If you’re looking at houses and buying through an estate agent, always remember that they are working for the seller and will have their best interests in mind.
At the start of your search inform the estate agent that your budget is around £20,000 less than it actually is, which will help in later negotiations as they’re likely to show you homes above that amount.
Don’t make it obvious if you need to buy quickly as this strengthens their house price negotiation position. Instead, say that value is your main focus and if you come across a property you love keep calm, giving away that you want it will let them know you’re willing to pay more. The estate agent will know how to negotiate a price best for the seller.
Once you’ve found your dream home there are a few key areas to research that will help with negotiating house price when you make an offer. Things to research are:
Having a professional inspect the property before making your first offer is vital for successfully negotiating house price after the survey is completed. This could bring up certain areas that need improvement and provide great bargaining points where extra work needs doing.
The money spent on organising a professional to conduct a survey can save you thousands, or if it brings up many faults put you off buying. You then need to be aware of how to negotiate the house price after the survey using these points to reduce the price.
Use all the results of your research, surveys and any other information to make a well calculated first offer. Always start a lot lower than you’re willing to pay and the seller is asking. Provide all the evidence for your offer and if they refuse it at least when you up the offer it will still be within budget.If they are unwilling to budge on their listed price at all ask for cover of extras such as the survey, valuation, legal and other fees. These should all make negotiating house price a successful operation
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