How to negotiate the right price for your dream house
Oracle’s independent mortgage brokers can help you to find the perfect mortgage deal, but to save even more money, you’ll need to know how to negotiate the price of your dream house.
Here are the top tips on negotiating a house price from our independent mortgage broker.
As the saying goes, knowledge is power. The same is true when it comes to buying your dream house for the best price. There are some really important pieces of information you should learn, such as how long the property has been on the market – the longer it’s been on the market, the more likely the seller will be to take a lower offer in order to sell it.
Also try to find out why they’re selling the property – their reason for selling could mean they will be more willing to sell for a lower price.
One of the most important pieces of information needed to get the best offer is how much similar properties have sold for. This will give you an idea of your dream home’s true value.
As with all negotiations, you need to start low
There’s no point in trying to negotiate the best price for your dream home if you start with a high offer – you’ll have less wiggle room, and the price isn’t going to go any lower than your first offer.
Try going around 5-10% lower than the asking price when you make your first offer.
Of course, it’s a different story if you know that other people have also made offers. In this situation, it could be that the best price you’re going to get is above the asking price, so change your offer accordingly.
Tell your estate agent your budget is lower than it actually is
Estate agents earn their money through commission, so they often show you properties that are slightly higher than your budget. A good way to get around this, and be shown properties that are within your budget, is to give a slightly lower figure when an estate agent asks how big your budget is.
Don’t get overexcited when you see your dream property
You might have to look at a lot of properties before you find one that could be your dream home. It’s important that you don’t appear too excited when it happens, as the seller will see how keen you are to buy it, and so will not accept a lower offer from you.
Get the perfect mortgage for your dream home with Oracle’s independent mortgage brokers
Finding your dream home is one thing, but it’s another to get the right finance to buy it. Oracle’s independent mortgage brokers will quickly find you the perfect mortgage deal. And because our mortgage brokers are independent, we are not tied to any lenders, but can look across the whole market to find the best mortgage deal.
Call us now on 020 7112 8842 or request a callback.