s1homes welcomes David Rowand of Cairn Estate Agency in the second of two guest blogs.
You’ve found the perfect home and all you want to do is move in. But first you have to negotiate a price, which can be tricky. While some of us natural hagglers, it can be a worrying prospect for others.
Follow these tips and you’ll stand a good chance of buying your dream home for a price you’re happy with. Remember, the seller will be happy that they’ve found a potential buyer, and may well have the flexibility to slash a significant amount off the advertised price.
Tips to Secure a Great Price
1. Keep your cards close to your chest
When you immediately fall in love with a house, it can be hard not to jump for joy. But there’s a lot to be said for playing it cool. If the seller isn’t sure how keen on the property you are, it won’t come as a shock if you try to negotiate on the price. They may be more willing to accept an offer – so keeping your emotions to yourself could help you to save a substantial amount of cash.
2. Do your homework
Make sure you know your stuff when it comes to the property market – particularly the prices of similar properties to the one you’re interested in. If it turns out that houses in the area are taking years to sell or going for well below the advertised price, this could be a strong basis on which to make a low offer. Having a good knowledge of the local property market will also make it far more difficult for the seller to make any outlandish claims about the value of their home.
3. Find out how long the home has been up for sale
Do a bit of digging and find out exactly how long the house has been on the market. For all you know, the seller has been waiting years, and could well be in a state of anxiety about whether they’ll ever find a buyer. If this is the case, you’re in a good position to make a low offer. Don’t be afraid to put forward an amount which is considerably lower than the listed price. If the owner is desperate to sell, they might surprise you and accept.
4. Set yourself a limit and stick to it
When you’ve found the perfect home, there’s always a danger of getting carried away during the negotiating process. It’s easy to tell yourself that spending a little more than your original budget is no big deal – but remember why you arrived at that figure in the first place. Don’t overspend and cause yourself financial difficulties further down the line.
5. Don’t Hesitate to Ask for Guidance
Even with the best plan in the world, negotiating over the price of a property can be a tricky process. Don’t be afraid to ask for help. Whether it’s a friend who has recently bought a property, or your estate agent, the value of a second opinion shouldn’t be underestimated – and if it saves you a few thousand pounds, it will have been well worth it!
Read David’s advice for first-time landlords here.
About Cairn Estate Agency
Founded in 1999, Cairn is now a team of specialists in residential property investment. Managing Director David Rowand saw that his estate agency clients could benefit from more than sales or purchase advice and help with negotiation. Property assets could deliver more return with the right development, refurbishment, letting management and property maintenance programmes. Cairn began as a property company, developing and selling on existing properties. Now it works mainly with investor clients – sourcing, developing, managing and selling residential investment properties to maximise return for their owners.
Main image credit: www.flickr.com/드림포유