Budget buys: How to negotiate when buying your next home

It’s quite possibly going to be the most expensive thing you ever buy, so it stands to reason that an element of negotiation is always going to occur when you buy a house.

Of course, some people find negotiation easier than others. Not only that, but it can become easy for your heart to rule over your head in these situations – and for you to place a higher offer than you should for a house, just because you have fallen in love with it.

Well, this is what today’s article is going to focus on. Particularly with more and more millennials having the aim of climbing onto the property ladder as soon as possible, let’s look at some of the ways they can do this in the cheapest fashion.

Have flexibility on your moving day

Everyone has an ideal time they would like to move, but unfortunately this rarely fits in with the whole house moving chain.

This is where having flexibility can save you money. Sure, you might want to move right away, but holding off for a few months might allow the seller to move into their next proposed house and ultimately offer a bit more leeway on the price. This might mean that you need to investigate local storage options, but this could be all worth it if you can commit to a lower purchase price..

Be careful how you position yourself during the viewings

Again, try not to allow your heart to rule over your head. It’s crucial to speak very carefully whilst buying a house, and not give too much away to the vendor. In other words, if you’re utterly in love with the property, don’t reveal this. You’ll end up showing your complete hand to them, and they’ll have a good inclination that you will pay over the odds when it comes to negotiation.

Find out their situation

While you shouldn’t be giving too much away about yourself, that doesn’t mean to say that you can’t probe about their own situation.

For example, if this is a couple who are now going through a divorce, there is a very good chance that they want a fast sale and are willing to compromise on the price.

It doesn’t always have to be in situations like this either; the sellers in question may need to move quickly for a completely different reason which plays straight into your hands from a cost perspective.

Start low – but be careful

When it comes to making an offer, starting low is generally the only course of action you can follow. After all, most sellers know that this is the process, and their immediate thought is usually to reject such an advance. Furthermore, if you start too high, there really is no going back.

However, if you know that there is something of a bidding war going on, starting low might be out of the question. Again, this is where probing can really help you, and allow you to find the true situation of the vendor and the property.


More Reading

Post navigation

Leave a Comment

Leave a Reply

Your email address will not be published. Required fields are marked *