Important Factors to Consider Before Making an Offer.
Are you looking for a new home? Read this article before you make any offers.
Searching for your new home can be so exciting, making plans, thinking about all the memories you can create in your new home, and imagining what your life will be like.
You'll imagine yourself living there with each property that captures your attention. Does it feel like a home you would like to live in? Is there enough space for everyone in your family? Is it in the right location for you?
Every thought or consideration about each property you come across helps shape your interest until you narrow your search down to a shortlist of properties that should tick all of your boxes. Now it's time to do some viewings.
At the viewing appointment, you can walk around the property, stand in each room, and imagine yourself living there. Visualise waking up in the morning and making your first coffee of the day. Imagine sitting in the garden during summer, hosting BBQs or garden parties with children laughing and playing. Imagine preparing family dinners and catching up around the dining table, each telling the happenings of your day. Getting caught up in the emotion and romanticising this new home is so easy.
Before you go gung-ho with both feet first and start making offers, you need to have a moment of reflection and consideration. You must be sensible and establish the answers to the following questions before negotiating. After all, the property's value to you may change depending on the answers to these questions.
It is essential before embarking on a negotiation for a property, if you intend to negotiate at all that you don't show your hand straight away. Of course, you could just offer the asking price because the property is perfect for you, and you simply have to have it. You may feel that the asking price is fair and reasonable. But, most property purchases do not happen this way. Usually, an offer is made, and a negotiation ensues.
These questions will provide you with a clear view of the status of the property and the seller before you make your offer and will ensure that you are in a strong position to have your offer accepted.
Key things that you should ask about a property before you make an offer!
The timescale of the seller - If the seller needs to be completed before a specific date, but this doesn't work with you, it is better to iron that out now rather than wait until completion dates are being discussed.
Why are they selling? - What is the reason that the current owners are selling? This could reveal lots about the property and the area - perhaps the neighbours are a nightmare! It could be a genuine reason - maybe they are relocating for work, but there is no harm in asking the question.
Amount of interest so far? Any offers? If the seller is being run over by all the people trying to view the property or they are receiving offers, then you know that you don't have much negotiation power. That isn't a problem; you now know that you can't offer a low price if you want to have any chance of buying the property. Likewise, if they have had next to no interest, you may be able to negotiate a little harder.
What is the seller including, if anything, in the sale? Are they hoping to leave large items of furniture? Or are they taking everything and the kitchen sink with them? The sellers might leave the Welsh dresser because it's too heavy to move, meaning you'll have to find a way to get rid of it if you don't want it. Have that discussion as part of your negotiation and get it out there in the open - it could be a positive for you- perhaps you have always wanted a Welsh dresser-but at least you know beforehand!
Are any offers already on the table? You need to know if there is any competition from other buyers. Are the owners negotiating on any other offers? If they are, then there is no point you making a lowball first offer, as you're already outbid before you've even started. This information will save you time and force you to ask yourself if you are really interested in the property enough to bid against another buyer.
With the information gathered from these questions, you can put together your offer proposal with confidence, and hopefully, the seller will accept, and you can begin to plan your move into your dream home.
If you are looking for your next home, contact us to find out what properties are available.