Expert tips on how to negotiate a cheaper price when buying a property

make an offer on Property The hardest part of getting on or moving on to the property ladder is getting started.

Finding your dream home can be exciting but you won’t want to overpay, plus you may need to budget for a property makeover or major renovation.

Deciding what to offer on a property has also become more complicated due to the slow rise in house prices A large supply of properties for sale on the market. Although this technically makes it a buyer’s market – because sellers need to work harder to attract demand and sell their home amid a high level of competition.

bearing this in mind, Independent Ask experts for tips on how to get the cheapest price when buying a property.

Research the local market

A homeowner will naturally want to get the highest price when selling their property and everyone thinks their home is the best on the street.

In many cases a estate agent The seller will have given a market valuation on the property, which is their own estimate of how much they think they can sell it for.

This does not mean the property is worth the price it is listed for and you should do your own research of the local market by checking the prices of similar properties nearby as well as land registry data on sold homes.

Nigel Bishop, founder of buying agency Recoco Property Search, said: “It is important to know the local property market And how much are nearby properties being sold for and why.

“This is where the services of a local estate agent or buying agent are particularly helpful as they have their finger on the pulse of the market and know what to look for to get the best result for their client.”

Know the seller’s circumstances

Sellers have steps in place for a variety of situations and some of these may work in the buyer’s favor.

Paula Higgins, Chief Executive Officer homeowners The Alliance said: ,An eager salesperson is your greatest bargaining characteristic. Ask why they’re moving, how quickly they need to sell and whether they’ve already found somewhere. Divorce, relocation/school deadlines or a stalled series may make them more open to a lower offer.”

Sam Fox, founder of the UK Mortgage Centre, suggests gathering as much information as possible about the condition of the property and the seller.

He said: “Ask the estate agent how long the property has been on the market, why the seller is moving, and whether there are any chains involved. If the property has been listed for a while or the seller is under time pressure, this may give you additional leverage.

“Also see how much interest there is. If the viewership is high and there are offers lined up, you know demand is high, but you don’t need to rush out or pay over the odds.”

Make strategic use of property viewing

It can be exciting to look at a property and imagine yourself in the new home.

But pay attention to the negatives when you’re looking as this may determine how much you offer.

Fox said: “When viewing a property, note any repairs or replacements needed, such as windows, boilers, kitchens or bathrooms.

“Get quotes for these so you fully understand what additional expenses you will need. This information allows you to make a sensible offer and state your price if it is lower than the asking figure. Compare the condition and amenities with other properties in the area that may have sold for a lower price.”

Don’t be afraid to make a low offer

Properties rarely sell for the exact asking price, so don’t be afraid to make a low offer, especially in the current market where there is an oversupply of homes available.

According to the Homeowners Alliance, it’s quite common to open at five to 10 percent less than the asking price.

But Higgins says you need to support this with evidence like recent sold prices, the condition of the property or a slow local market because you don’t want to offend a seller.

If the survey reveals structural issues, damp, roof problems or urgent repairs, Higgins says it’s within your rights to request a price reduction, and adds: “Provide quotes or surveyor estimates to support your figure.”

be ready to move

You also need to sell yourself as a forward-looking and serious buyer so that a seller will consider your offer, especially if it is lower than others.

Theoretically, getting a mortgage approved and mortgage-free can make you a more attractive buyer to negotiate with.

Higgins said: “Sellers will often take a lower offer from a buyer who can move faster.

First time buyers, cash buyers or those who have already sold and have finance in place should consider this first. Have an AIP (Agreement in Principle) ready to prove that you are serious.

“If the seller senses momentum and commitment, they are more likely to negotiate. If you can show flexibility, such as with the time scale, it may make you a more attractive buyer and result in you getting a lower offer accepted.”

Bishop said sellers prefer buyers who are able to act quickly. But Fox warns that you should keep your cards close to your chest.

She said: “Don’t reveal how much you’re interested in or how much you can borrow when you first arrive. Sellers and their agents may assume you’ll pay more if they know it’s your dream home.”

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