Top Tips for Making an Offer on a House or Flat

There’s an art to making an offer on a house or flat. For example, you could pay too much for a property if you haggle too low, but you could lose your dream home if you offer too little. However, with our top tips, you can give yourself the best possible chance of receiving the best deal for your bank balance.

Speak to Your Estate Agent

An estate agent cannot legally tell you how much another person has offered on your desired property. However, they can hint if the figure was close to the asking price, which could determine your own offer.

Make an Informed Decision

You don’t want to go in too high for a property, which is why you should compare the home against other properties in the local area. Consider room sizes, property dimensions and the property’s condition to identify if you should go lower or go in at the asking price.

Does the home require any renovations? Has the property been on the market for a while and no-one has snapped it up? Is the seller looking for a quick deal? All these things should be considered when you make your offer.

Go Below the Asking Price

A homeowner will not expect you to meet the asking price. They will expect you to go low. In fact, they probably went a little higher than the property’s worth knowing you would do just that. Always offer a lower asking price unless you have your heart completely set on a property and are too scared to lose it.

Don’t Upset the Seller

Most sellers are emotionally attached to their properties, so it is important you don’t offend the homeowner by going too low with your offer. If you are more than a little cheeky, you could risk upsetting the seller to the point that they won’t consider any other offer from you. Don’t take the risk if this really is your dream property.

When to Offer the Asking Price

If a home doesn’t seem to have any problems and doesn’t seem overpriced, it might well be worth going in at the asking price or you could risk losing it forever. Good homes will be snapped up, so you could be one of many bidders. If you believe the home is a bargain but someone else has offered the asking price, you could always think about boosting your offer to ensure you are the chosen bidder.

Once you have decided on your offer, it’s time to take it to your estate agent who can telephone the person with the amount or can tell them in person. You can also put your offer in writing and agree on a transfer timescale. It’s then time to start searching for conveyancing quotes online. You can then simply exchange the contracts with the help of a solicitor and the keys will soon be yours.