Our guide to: Making an offer
Having finally found the home you have dreamt about, it is now time to make an offer. Here, we offer our top tips on how to perfect the art of negotiation to secure your new home.
Reaching the decision to sell your home can be an emotional one. You may have then spent months, or years, browsing properties online, checking out different areas, driving past potential homes and, finally, viewing the ones you think would suit your needs best. You have finally found the home you have dreamt of and it is time to secure it. It can be challenging, even for experienced buyers, to know how and what to offer.
When it comes to numbers, you don’t want to come in too high and pay above the odds, or come in too low and not be taken seriously, or even miss out on your dream home. But there is more to it than just the offer level, ensure you have considered how the local property market is performing, and how you present as a buyer. Here, we offer our top tips:
What is your buying position?
Your personal situation can be a key driver as to whether a seller accepts your offer or not. If you have a mortgage approved in principle or have cash ready to go it is certainly worth letting the seller know. Being chain free can again add to your negotiating position. If the seller is motivated or has tight deadlines to meet due to starting schools, a new job or being in a chain, highlighting your position as a buyer can be key to helping get your offer accepted. If you are able to work to their timescales it may be advantageous also.
What is the local property market doing?
Thoroughly research the local property market; what are similar properties selling for, and how quickly? It may be that Sold boards are popping up quickly, which means there may be less opportunity to negotiate on price due to competition in the area. Or properties may be hanging around for a while which could present the opportunity to come in with a lower offer. Showing that you have understood and researched the local property market highlights that your offer is well thought out and based on logic, rather than just emotion.
Why have you chosen this property?
Sometimes, it is personal detail and story that will give you that extra negotiating power. It may be that the sellers bought it many years ago for their young family to grow into. Knowing that you may be doing the same and their home will be filled with many more years of joy and laughter might add weight to your offer.
What should you offer?
Once you have researched what you truly think the property is worth it is time to make an offer. Expect the seller to counter your offer, so it may be sensible to initially come in at a figure slightly below your final offer amount, expecting they will come back with something higher. It is easy to become wrapped up in the excitement and anticipation of the offer process, so it is important to keep in mind what you are willing to pay. You don't want to end up agreeing a figure that is above what you initially wanted to offer and feeling uneasy financially.
By utilising these tools, you are putting yourself in the best position to negotiate and to secure the home of your dreams. Put yourself in the seller’s shoes and ensure you apply logic and reason to the negotiating process. Before you know it, you will have the keys in your hand and will be unlocking the door of your dream home.
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