How to negotiate the price of your next home

Once you have found the property of your dreams, the next step is to make an offer. If you have never negotiated the price of a substantial item such as a house or flat, this can be daunting; however, here are a few tips and tricks to make this part of the home buying process a little easier.

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Get informed

Knowledge of local house prices and especially property in the same street is essential when negotiating, so doing your research is vital. It also pays to stay calm and think of the purchase as an investment, as getting emotional and too attached to a particular property may mean you end up paying more than you should.

Find out everything you can about the marketing history of the property you are considering. Looking at online property portals will enable you to find out whether the property has been for sale for some time. You may be able to see if the price has been reduced and what similar properties go for.

Use the faults

Look at the condition of the property with critical eyes. Note anything that doesn’t look up to par or may need repairs, such as an ancient boiler or a leaky roof. These can be useful tools for negotiating a better price. Bringing these things up is not an attack on the vendor – it is simply common sense.

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It is a good idea to get a home buyers survey, as this will flag up any potentially serious issues and could be very useful for negotiating the price down. If you instruct conveyancing solicitors Rugby and issues are identified, you can go back to the vendor with your findings. The Guardian has more information on how you can use a survey and its findings to reduce your offer.

If you are looking for conveyancing solicitors Rugby, it is a good idea to shop around and examine offerings from companies such as Sam Conveyancing.

Ultimately, negotiating the price is about being fair and looking at the price the market supports. You are free to offer whatever you want for a property, but most people look at the price similar properties are realising and base their offer on this. If you need a mortgage, your lender will also want to ensure you are paying a fair price.

 

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