The 5 Steps To Successful Negotiations On Your Purchase

Negotiating the price for a house is a MUST when buying, let us show you how to do it!

We can all do with a little extra money when moving home but negotiating the price of your new home can be a daunting experience!

Follow these 5 steps to negotiate a fair price for your new home without being taken advantage of:

Step 1 - Do your research

Before you start negotiating, research the selling prices of similar properties in the area. Consider any differences, such as the condition of the property, the location, and any additional features. This information will give you a better idea of the fair market value of the property and help you make an informed decision.

Step 2 - Identify the seller's motivations

Knowing the seller's motivations can give you an advantage in the negotiation process. For example, if the seller is in a hurry to sell, they may be more willing to negotiate on price. Conversely, if the seller has received multiple offers, they may be less likely to accept a lower offer. You can usually find this information out from the Estate Agent or asking the Seller directly when you are viewing the property.

Step 3 - Consider other factors

Price isn't the only factor to consider when negotiating. You can also negotiate on other factors, such as the completion date, repairs or improvements that need to be made, or any items you would like them to leave when your complete. Consider what's important to you and be prepared to negotiate on those points.

Step 4 - Be confident

Confidence is key when negotiating. Be prepared to walk away if the seller isn't willing to meet your price. Don't be afraid to make a lower offer, but make sure it's within a reasonable range of the fair market value of the property.

Step 5 - Leave the negotiations to one person

If you are buying with a friend or partner make sure that one person does the negotiations. This will avoid any miss-communication between multiple people and allows one person to build a relationship which can impact the willingness of the seller to reduce the price.

There will always be an element of making a decision 'in the moment' and sometimes you will need to go with your gut! Once you have the price agreed there are many other ways to save money when buying your new home and prevent spending money unnecessarily to help give you a little more wiggle room to own your dream home!