When you find a property you like in Wandsworth, Newham or any other area of the capital, it is unlikely your first offer will be accepted unless you are willing to meet the current asking price. In the vast majority of cases, some form of negotiation will need to take place. As the experts in guaranteed rent, property investments and management in London, we can advise you on the best ways to move through the process. Here are a few tips that can see you get the most from the negotiations.
The most important thing to remember when negotiating for a property is to set your maximum price and stick to it. If you don’t do this you can find yourself with a higher outlay than you intended, and run the risk of compromising the rest of your budget. When you fall in love with a property you want to do all you can to get it, but you shouldn’t pay over the odds and the valuation to do so. When you set your maximum bid, do so carefully to ensure there is room to go up if you need to, but don’t go over the maximum.
With a negotiation, it is very easy to feel pressured into upping your offer, especially if the seller or estate agent lets you know there has been a lot of interest. Sellers and agents employ many different tactics to encourage people to raise their bids and even start a bidding war if they can to bring the price higher. You need to keep your budget in mind at all times and not feel that you have to increase your offer. If you hold firm you may lose out but you’ll avoid overpaying and the possibility of incurring financial difficulty.
One of the biggest negotiating tools at your disposal is the survey. Getting a comprehensive assessment of the property and an accurate valuation based on the current market is really important. The information gathered in the survey will support you in negotiations, particularly when arguing for reducing the selling price to account for the repairs that are required. You’ll have estimated repair costs to quote so you can argue for a suitable reduction in the price.
When putting in an offer make sure you either confirm it in writing or get an email response to confirm it has been received. Save notes of all counter offers and try to keep lines of communication open so you know how everything is progressing. Make sure you keep calm with the negotiations and take care to stick to your budget. If you need guidance on property purchases in Wandsworth or any other part of the city, or are interested in our innovative guaranteed rent schemes, do not hesitate to contact us and discuss your needs further.
