What do I need to consider before making an offer on a property?
You have finally found the house of your dreams and you are ready to make an offer. Read this article to ensure you secure your new home and for the best price!
After months (or even years!) of looking at properties online, followed by many viewings, you have finally found the perfect home for you and your family. You may have even begun to picture where your sofa will go or what colour you will paint the bedroom. Or how cosy the sitting room will be with the fire lit at Christmas. But first up, you need to secure your home.
There may be other people viewing the same property or other interested parties. Painting yourself in the best possible light will help put yourself ahead of the game.
The logistics: If you have a mortgage approved in principle or have cash ready for your purchase this will put you in a good position when presenting an offer as you will be in a financially viable position. If you need to sell your property, speaking to your local agent to get the ball rolling will show good intent. You may also wish to speak to a solicitor to find out what legal obligations need to be considered for your purchase. All of this will ensure that the seller can take your offer seriously.
The story: By colouring some detail about yourself and why you are submitting an offer, a seller may be more inclined to lean towards you as a buyer. They may have purchased the home many years ago for their young family to grow into. Knowing you may be doing the same and their home will be filled with many more years of joy and laughter might add weight to your offer.
The research: Do make sure there is logic and thorough research behind your offer! Find out what similar properties have sold for in the area and what any potential works could cost (but be aware this would likely have been accounted for in the listing price). Giving reason to your offer shows your offer is well thought out and not purely based on emotion. This should give you better grounds for a compromise on the price.
By utilising these tools, you are putting yourself in the best position to negotiate and to secure the home of your dreams. Put yourself in the sellers shoes and ensure you apply logic and reason to what can be a very emotional process. Soon enough, you will be relaxing in the garden and starting a new life in your beautiful new home.
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