Hold your Ground – Five Steps to Making an Offer on a House
Once you’ve found a property you want, it’s easy to feel pressurised to make a brash move and put in an ill-thought out offer. So the first step is to stop, breath, and read on for our five step strategy for making a fair offer that could save you big.
Step One – Decide How Much To Offer
The offer you make should be based on a number of factors, including:
- Interest in the property
- Offers already received
- The local property market
- Time spent on the market, and;
- Your own financial situation
Step Two – Consider Whether a Low Offer May Be Called For
There are a few situations where a cheeky low offer may scoop you a saving, namely:
- The house has sat on the market for a while
- The property has received little interest
- The owner wants to sell quickly
- The estate agent wants a quick sale
- The owner is using multiple agents
Step Three – Know the Key Rules of Negotiations
First, start low – between 5-10% is generally a good rule of thumb. Second, be calm, cool and collected – don’t seem too eager, and always wait it out if you receive a counter offer if you know that there’s no other immediate offer on the table. Finally, don’t be swayed by small added extras, such as white goods or furniture – these will only be worth a negligible amount compared to the price you’re paying for the property.
Step Four – Make the Offer, But Play It Cool
It’s time to put the offer in, but always say that you have less to spend than you really do. If the estate agent knows that you have a top-end budget, they may advise their seller to hold out for a better offer from your side. You should also outline any stipulations, such as fixtures, fittings or furniture you’d want in with the deal. Finally, you should add a few inconsequential pounds to your offer, as you may just out pip other potential buyers who’ve offered slightly less (instead of £210,000 offer £210,050).
Offer made and accepted? Mission complete. When you’re ready to make the move, we’ll be able to help there too. Be sure to bookmark our home removals service page. .