If you’ve found the perfect property and are interested in purchasing it, it’s time to make an offer and enter negotiations. Remember to keep in mind your budget and how much you feel the property is actually worth; as the buyer, you are always free to move on and keep searching if the seller won’t budge.
When making an offer there are several things to keep in mind. The first of these should be the price that similar properties in the area have sold for. These give you something to compare with so you can make those important decisions. You should account for the size, number of bedrooms, condition of other properties and how they differ from the one you’re interested in. The comparison lets you argue for adjustments in the price and to see if you are getting a good deal.
Keeping an eye on the market is always wise. Prices in some areas will change more quickly than others, and some sellers will expect you to reflect this in your offer. In fast paced markets, such as those in Bexley and other areas of London, you need to move quickly to avoid facing higher costs because of delays.
It is important to know the length of time the property has spent on the market. There will probably be less room for negotiation on properties new to the market because there is still time for interest to increase. Those that have been on a while you’ll normally find have more room to negotiate. If the time spent on the market has already prompted reductions in the valuation you could be looking at a really good deal or may need to do extra checks to find out why.
One of the key things to keep note of is the condition of the property. If there is lots of work to do, you are well within your rights to negotiate a reduction in the valuation to reflect this. Some sellers may have already taken it into account, but it doesn’t hurt to bring it up and do your own calculations for the repair costs or have a surveyor come in.
Remember you also have an advantage if you are in the position to be able to move quickly with the purchase. Buyers that don’t have to worry about selling their own property first are more attractive because they mean the seller won’t get caught in a chain.
With every offer you need to be realistic and willing to negotiate. In some cases putting in a low offer as a starter is a good idea, but you need to gauge the attitude of the seller. If you need further advice or guidance, we are the property experts and lettings agent in Bexley that you can rely on, so contact us for help.