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Before Making an Offer

Buying A Home - The Process TPPUK 21st August 2017

Once you’ve found the property you want to buy, the next stage is to make an offer.

Before making an offer:

  • Look at a few properties to give you’re a “feel” of what you can get for your money and compare prices.  As the market does change if properties are selling quickly, you may need to act quick and it would be best to do so with knowledge.
  • If a property has been on the market for a while it doesn’t automatically indicate the price is wrong.  It may have been on for a higher price and recently reduced when you see it.   It is worth noting that certain properties, for example, those at the higher end of the market, take longer to sell.
  • If it’s the only one in the area, the seller is in a strong position with little competition, meaning they may be less likely to accept a lower offer.
  • If there is work to be done which you have noticed you may want to make a lower offer. But don’t forget some agents may have priced the property to reflect the condition.  You may want to consider a homebuyer’s survey, so if there is something which you have missed or aren’t qualified to spot, this should be flagged up when you commission a survey.
  • Don’t forget to ask what fixtures and fittings are included in the sale. If the kitchen has a large freestanding island full of appliances which aren’t included, you will need to buy those appliances when you move in. The cost of these items can add up and it’s worth considering.
  • Your financial position can also put you at an advantage. If you are a first-time buyer, you aren’t in a chain or have a pre-arranged mortgage you are in a better position and should be sure to make this clear to the estate agent when making an offer.

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