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Negotiating a Price is One of the Most Important Steps Towards Buying a Property in Edinburgh

By KateForbes Subscribe to RSS | February 22nd 2012 | Views:
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One of the biggest investments you will ever make is buying a home. So it is essential that you take into account all the factors, deal with the estate agent or landlord in a proper manner so as to get the right figure. For this purpose, many expert negotiators think that you should be aware of the facts, be conscious of the competition and have confidence to make the right deal. Being aware of the facts mean that you should find out where everybody involved stands. You should also research and inspect the property/area carefully for any flaws as it is likely to affect the asking price in your favor.

You should try and engage in polite conversations with the landlord in order to gather information about the seller’s situation, as you can take advantage of this. If you access that they are in a hurry to sell the property then you might end up paying less. On the other hand if they have plans of staying in the property for a while then this could affect your offer.

Simply put, it’s just a matter of testing the wind and pitching your approach accordingly.

Negotiating a price

Haggling is the name of the game. The seller will definitely have priced the property higher because he is aware of this phenomenon. You inform of your offer to the estate agent, who will then take it to the seller. Contract will only be concluded if you both reach a common ground.

You should make an estimate of the maximum price you can afford to pay. Your initial offer must be less than the maximum price. This will give you some room to maneuver. You should only offer the maximum if the seller fails all other offers. It is important also that you make your position clear. For example, you might not be in the chain or have your mortgage sorted. This will put you in a better position.

You should check for the sold prices in the market for similar properties and use this information to negotiate. Also find out about the other potential buyers of the property. Any bids which they have made? You can increase your offer accordingly. Acting intelligent around the estate agent and seller will also help you.

If you really want the property, don’t let it come on your face. Stay cool and pretend as if you are looking for other properties as well.

Lastly, whenever you make an offer in writing, make sure that it ‘subject to contract’

KateForbes - About Author:
Kate_Forbes is a marketing officer for Greenlet, property lettings website in Edinburgh. If you want more information on property in edinburgh, please visit edinburgh flats to rent.

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