If you’re wondering how to negotiate house price when it comes to buying a house, then your main aim should be to find a property that you love at the lowest possible price.

It’s easy to feel pressured into offering a higher price just to secure your dream home, but staying in budget and staying in control, will help you secure the property you want, it just takes simple negotiation skills.

Negotiation tips for buying a house

Buying a house is a business deal and when you’re buying a property, you usually have a set budget. If you go over budget, you might not be able to afford all the fees that come with buying a house or make your house feel like a home when you move in.

That’s why, feeling in control of the buying process at all times is essential for securing the house you want, at the price you can afford.

If you have no idea how to negotiate house prices it doesn’t matter. Even If you’re not a keen negotiator, it’s time to fake it using these tips.

First though, you need to know your full current financial situation. That means you need to know all the figures and information about your finances, at all times. If you’re unsure of exactly how much you can spend and where, then you’re more likely to end up paying a higher price than you can actually afford.

To help you determine the best ways to negotiate and when, we’ve compiled a few tips and pointers to consider.

Get the down low on the Housing Market

Before you negotiate anything, get clued up on the current housing market. You want to make sure you’re not negotiating prices unfairly. We recommend doing your research thoroughly before haggling prices. The websites that will come in handy on your search are; Zoopla, Our Property, Gov.uk, Right Move. They will let you know what price houses are selling for in your area and what you should aim for when trying to drive down asking prices.You will then you have a ballpark figure in mind, that will help you negotiate fairly, and in line with your budget.

Fact find about your property

Once you have a figure in mind you can start focusing on the properties you’re most excited about. Start by fact finding. Ask questions like: Why are you selling the property? How long has it been on the market? How many people have viewed it already and are there any more viewings planned? Bare in mind, you might hear a few ‘fibs’ from the estate agent or seller, but at least you’ll have an idea of what’s going on and when to negotiate. Also, if it’s been on the market longer, the seller may be more desperate to sell it. This is an ideal situation, and will allow you to negotiate more successfully.

Are you being fair?

Even if you have an idea of what percentage you’re going to offer in negotiations, it doesn’t hurt to research what percentage off prices, sellers are actually accepting in the current economic climate. If house prices are falling, the seller is generally going to accept a lower price, if it’s stable you’re less likely to see them budge. If you want to find out more about how to negotiate house price and what’s considered a ‘fair’ percentage, you can check out these regularly updated sites; Financial Times, Right Move and Home Track

With that in mind, you can then set yourself a figure that is reasonable for you both. Just make sure, if you are offering a significant amount below the property asking price that you can justify it. That means keeping a detailed list of everything you deem to be wrong with the property like; maintenance issues, insulation, kitchen appliances etc. If you can negotiate a situation where items such as ovens, windows or building work will be replaced or carried out before you buy the house, then offering the asking price, can work in your favour.

Stick to your guns

You might have found your dream home, and tried to negotiate it down, but it’s still way above your budget. You have a budget for a reason and over spending can potentially cause stress financially. Remember, there are plenty of properties available and the right one is out there at the right price for you. It just might take longer than you hoped for. Is going over budget, because you think you won’t find anywhere else, really worth feeling anxious about money for? We don’t think so!

Once you’ve successfully negotiated ( well done! ) it’s important to make sure the property comes off the market. It’s perfectly ok to ask the seller to take the property off sale once you come to an agreement.

Feeling confident about how to negotiate house price? Put these tips into practise and save this article for next time you need it.

NBM Solicitors Partners

WJ Broadhead NP Eason SJ Lacey CR Broadhead V Coggan

Website content authored by Matthew Broadhead

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