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How to negotiate the price when purchasing a house

House buying is known for being complicated, with pitfalls and traps everywhere you look. Unless you are fully prepared, the process can be a nightmare.

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Fortunately, there are things you can do to make it work for you, and not just with the paperwork such as a homebuyers report Hertfordshire.

Finding the house in which you want to live is the easy bit – it is moving the purchase through to completion that can be tricky.

Eight tips to help you navigate the buying process

1. Know your property well – do your research.
2. Details – make sure you miss nothing out.
3. Review prices in the area – what do similar properties sell for?
4. Understand the EPC.
5. Communicate that you are looking around – there is likely to be more than one property that meets your requirements!
6. Test the seller’s willingness to negotiate.
7. Extras included in the sale – ask for what you want. If you have made an offer, use the results of a homebuyers survey – such as a homebuyers report Hertfordshire – to negotiate the price.
8. Understand the role of the estate agent. They will be the channel for your negotiations, but remember that they work for the seller; therefore you need to do your own research and play your own game. Remember to negotiate for all properties, new-builds included.


History of the property

It is really helpful to know the background of the property; for example, how long has it been on the market? Have there been any prior offers that were accepted or declined? Has the price already been lowered?

The offer

It can be difficult to find the right figure to open your pitch. Some indicators can help you to get this right:

– Look at the property’s real value, not just the sale price. Use research of other properties in the area to help you.
– Look at its condition, age and size.
– Look at its proximity to schools, shops, services, transport etc.

Above all, try to present yourself as an attractive buyer. Can you pay cash, are you chain-free, or can move quickly?

Finally, always put your offer in writing as soon as possible so that no misunderstandings can arise and insist that the property is taken off the market.

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