How to make a perfect deal on a house and make sure that it’s accepted
- 0.1 Do your due research
- 0.2 Hire professionals
- 0.3 Know your budget, but don’t announce it
- 0.4 Make an offer they cannot refuse
- 0.5 Price it right
- 0.6 Add some incentives
While finding the perfect house sounds easy on paper, making an offer and hoping that your offer gets accepted so that you may actually own your perfect home isn’t as easy as it seems. As per estate agents in Oakwood, making the right offer with the right price point is essential to close a property deal. If the offer is too low, the homeowner might reject it completely whereas if the offer is too high, you might end up paying more than what the property is worth. And, more often than not, even if you offer the right price at the right time, a seller might just reject your offer in the hopes that something better comes along. So, if you are in the middle of looking for potential new properties, here are some tips to make the perfect deal on a house and how to make sure that your offer is accepted.
Do your due research
Before you make an offer on a potential property, make sure to do your research. Understand the buying and selling trends of the area, figure out how much similar homes have been sold for in the area in the past few months, look at the change in price points in the past and make an offer based on local data. When you are finding out about the local market trends, be sure to find out how much similar properties are selling for in the area and how quickly such properties are selling. If such properties are being sold within weeks of getting listed on the market, then you might need to speed up your offer.
There is a reason estate agents are better negotiators than most buyers and sellers, and that is because estate agents negotiate for a living! If you are not sure of how much you should offer or how you should negotiate to close the deal, it is always a good idea to get a professional on board. For one, you can hire a property evaluator or a property surveyor to help you determine the value of the property. Then, based on the selling price of similar properties in the area as well as the asking price mentioned for the listing, you can come up with an offer that will be acceptable for you and the seller. A good estate agent will help you come up with the offer and will even help you negotiate a little while ensuring that the deal goes through!
Know your budget, but don’t announce it
As a buyer, you need to know exactly how much you can afford to spend on your new home without burning a hole in your pockets. While it is very important to know your budget, it is equally important to not announce your budget to the whole world! If you make an offer that is lower than your intended budget, and you let the seller know exactly how much your budget is, then the seller will push you to the limits of your budget. Hence, it is always a good idea to keep your budget to yourself.
Make an offer they cannot refuse
To make a good offer; you need to understand why the homeowner is selling. For instance, if a homeowner is selling his property because he got a new job in another country, then he is probably looking to close the sale quickly. On the other hand, if a homeowner is selling because she wants to downsize or move into a bigger place, then she probably isn’t looking to rush the sale. Once you understand the reason for a sale, you will be able to make a better offer.
Price it right
As a rule of thumb, most estate agents recommend making an offer that is 5 or 10 per cent lower than the asking price and then you start negotiating from that point onward. However, if you are looking at properties in a competitive market, then it might be a good idea to make a quick offer that is higher than the asking price. If a seller is making a distress sale or is looking to get rid of the property quickly, then you can make an offer that is lower than the asking price. And, if you are absolutely and totally in love with the property and feel that it is perfect for you, then you can offer the exact asking price. Essentially, you need to understand the local market trends, know the reason for sale and figure out the value of the property, based on which you should make an offer.
Add some incentives
Who doesn’t love a good incentive? If you add some good incentives to your offer, the seller might be convinced to close to deal. For instance, if you make a full cash offer, even if it is lower than the asking price, the seller might agree because he or she will earn money quickly. Similarly, you can offer to pay 50 per cent of the deposit upfront. Usually, a potential buyer makes an offer that is rounded off. So, instead of offering £178,000 or £180,000, why not offer £181,500? For one, an additional £1500 is a good incentive. Also, making an offer with such an exact figure might make a seller feel that you have done your due research and hence you are offering the exact value of the property.
Always be flexible
When it comes to negotiating, the key is to be flexible. If you are offering £200,000 for your potential new home and the seller is not willing to accept anything less than £210,000, then you might just want to meet halfway. Or, you could always offer the full £210,000. Basically, when it comes to negotiating, you need to be flexible, you need to be willing to change course and you cannot be stuck on one figure. Also, being flexible means that you need to know when to call it a day and move on. So, if you have made the best possible offer and the seller is unwilling to agree, then you need to know when to lay your cards on the table and move on.