Many of us want our own homes. A house to well and truly call ours. The security, the comfort, the ability to do to it what you want. For so many years we may have been paying someone else's mortgage by renting. Perhaps we have walked by our dream house over and over again throughout the years. It could be that we've made offers on houses before but never been able to secure one. It can be deflating and make you wonder if it will ever happen. In this post, we are going to look at how to haggle house price.
Research house prices in the area
One of the first things you need to do is look into the house prices in the area. These aren't just the prices that houses are put on the market at, it is also the prices at which houses have been sold. You need to arm yourself with this knowledge so you can see if the price of the house you are after is actually justified. It also means you have a ballpark figure that like-for-like houses have been selling at, to build your finances around. When you have that information you can figure out how much you can push your finances, or perhaps even cut back on the offer you were initially going to make. This is important when you are looking at how to haggle house price.
Know your financial position inside out
Your financial position is important. If it comes down to quick decisions and having to think on your feet when you are on the phone with an estate agent, you must know what bids you are happy to put in. There is little point in saying you'll pay a certain amount of money to get the house, only to be unable to get the finance to buy it. The sale will just fall through and everyone will have wasted their time. Knowing how much you can actually borrow is key. This will allow you to put a bid in that you are comfortable with. When haggling, we often start low and raise our bids slightly once or twice. Giving yourself space to be able to do that is important, especially if you are looking at what could be your forever home. Your financial position is what is going to make or break this sale. Know it inside out.
Judge the situation accordingly
When you are looking at how to haggle house price, you need to judge the situation accordingly. No house sale is the same as another. If the house has been on the market for a while, you can probably get away with a low offer. If it has just gone up for sale and you visit it, knowing full well there is lots of interest, a low offer might be pushed aside and you could potentially lose the house. You never want to annoy or alienate the seller, as this could mean you lose the property. The last thing you want to do is put in a bid over and above the odds, get it accepted and know you could be paying off a smaller mortgage if you hadn't gone in quite as high. However, if it is your dream house, adding an extra thousand might say the odds in your favour and it might not actually impact your finances too much. Try and get a feel for the situation and judge it accordingly.
Emphasise your plus points and position
You need to really push why the owner should sell to you. Emphasise the key points and your overall position. Maybe you have no chain, perhaps you can move quickly. First time buyers can be appealing to sellers as there are often fewer hoops to jump through. If you are a cash buyer, this can work in your favour too. Keeping communications open and sharp can help sellers see that you are genuinely interested and everyone can get to where they want to be quicker. Push those key points as to what makes you the best person to sell that property to.
If you are worried or confused, you can work with a buying agent who has experience in this. Whilst it will cost you, it can take some stress off your shoulders as you instruct them as to what you are abe to go to price-wise. Knowing how to haggle house price to get the property you want for the perfect price is a skill. But one that could soon have that new set of front door keys in your hands!
