It is probably going to be the most expensive thing that you ever purchase, so any amount that you can shave off the house you are buying is going to make a great stride of difference.
Unfortunately, far few of us do this. The art of haggling appears reserved for a select few people in the world – and many of us just chicken out.
While you do need a spoon of confidence before throwing yourself into negotiations, today’s guide will also showcase a few hard and fast tricks to help you get there. Let’s take a look at some of the methods in-detail.
Know the area like the back of your hand
If there is just one tip to take into account through today’s guide, it is knowing the local area like the back of your hand.
Once you understand the rough price that most properties sell for, you’ll be in a much better position to make your offer. You’ll know if you are paying a fair price, or if there is room to move. Fortunately, we have umpteen property sites to help us perform this research – from the comfort of our own desk.
It might not just be about nearby property values, though. Something else to take into account are any potential dangers. For example, was the house constructed on an old mine? Is it an in area which is susceptible to earthquakes? All of this can be used as heavy bargaining power.
Understand every little detail of the house
As well as the area, make sure you know every inch of the house.
Do the windows need replacing? What about the roof? Anything structural can be hugely expensive to rectify – and the last thing you need is to pay for this once you have completed the purchase. Invest in a survey of the property, so any possible defects can be knocked off the house’s value.
Can any items be included in the sale?
Sometimes, sellers are desperate to receive their asking price and won’t take a cent less.
However, there are other avenues in which you can bargain with.
For example, what about if they have particular furniture that takes your fancy and fits perfectly in the property? In these cases, you can ask for it to be included. You’ll be surprised at how many times this is reacted upon favorably; sometimes it saves valuable moving fee costs for the seller.
Be as attractive (but not needy) as possible
There are two items that can make you an attractive buyer:
- You’re a cash only buyer
- You’re free from dreaded chains
If you fit into either category (or both preferably) you are as attractive as they come. Buyers know that delays and unexpected surprises are far less likely, and this will usually be of huge relief.
At the same time, something that you must stay away from is being overly needy. Don’t appear desperate during negotiations, as it’s only going to result in the seller’s realizing how much you love the house, and not backing down from their original price.