How to Haggle on Property Prices
A great property investment will be dictated by what you pay for it. This is why getting the right property for the right price is so very important.
And, only a great property investor will have perfected the art of ‘haggling’. This is basically the process of bartering on the price, going back and forth with the seller to arrive at a suitable figure to suit all.
Below, we provide a few tips to those looking to haggle on a property price.
The figure you start the haggling process at is important. While it is important to start low, starting too low can make you seem unattractive from the seller’s point of view. Going 10-15% under the asking price is low enough, giving you room to increase slightly and still bag the property for a great rate.
Make your position known
If you are in a good position (a first-time or cash buyer) make your position known. This can have a big impact on what offer the seller accepts. For instance, if you are chain free you can move a lot quicker than someone in a chain. And, if the seller is looking for a quick sale, they could look at your lower offer favourably.
Don’t make counter offers too quickly
Property is a game; fact. And, in order to win at it, you have to play the game. So, when you do have an offer rejected, do not quickly return with the next. By leaving your seller for 24 hours while you think, you could evoke a sense of panic in them, seeing them accept your new offer quickly to avoid losing out on your purchase.
Gain an idea of different offers being made on the property
Having the full picture of the property and those interested in it always pays off. By digging into other offers that have been made and different people’s positions, you can tailor your offer accordingly.
Property investment avenues
If you are looking to invest in property then you would benefit from contacting us at the Sandhu Group. This is because we have various opportunities available to both new and experienced investors.