Be prepared to move fast
If you want to secure a lower offer on a house, it's important to show the seller that you can move quickly. By being well-organized and having all your paperwork in order, you can stand out as a serious buyer and increase your chances of negotiating a lower price. Make sure to have your ID, proof of deposit, and agreement in principle ready to present to the estate agent. Additionally, getting an agreement in principle certificate from your mortgage broker in advance can speed up the process.
Don't reveal your budget
While it's important to have a maximum budget in mind, it's best to keep this information to yourself. Revealing your true budget to the agent or seller may result in paying more than necessary. Instead, present a sensible range at the beginning of negotiations to maintain flexibility.
Go low at first
When making an offer, it's advisable to start below the asking price. Offering 5-10% less as a first offer is a common strategy, although it ultimately depends on the property. Consulting with your mortgage broker early on can help you understand the situation better and provide guidance. Additionally, you can use any flaws or issues with the property to justify a lower offer, such as roof problems or dampness.
Don't overlook an auction
Although auctions can seem intimidating, they can be an excellent opportunity for first-time buyers to secure a great deal. To make the most of an auction, it's crucial to do thorough research and review the legal pack or seek advice from a solicitor. Additionally, make sure to understand any fees involved and familiarize yourself with the auction process. Having your finances in place before bidding is essential to increase your chances of success.
Check out older properties
Instead of focusing solely on new property listings, consider looking at older properties that have been on the market for a longer time. These properties may be more likely to accept a lower offer, especially if they have been reduced in price recently. Prioritize searching from oldest to newest listings in your desired area to identify potential opportunities for negotiation. Properties that have been on the market for 3+ months may be more open to lower offers compared to those listed for a shorter period.
In conclusion, first-time buyers have a unique opportunity to secure a discount on their dream home in the current buyer's market. By following these five tricks, buyers can increase their chances of negotiating a lower price and ultimately land their ideal property.
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