BUYING A PROPERTY

Negotiating the price

Once you have decided you want to put in an offer on a property you will need to be ready for some tough negotiations. If you are armed with the knowledge of what other properties have sold for in the same street, it will certainly give you the upper hand. The most important thing is to know the maximum you have available to spend and stick to that limit.

The price you should offer will be determined by a number of factors, including whether the house has any major faults which will need rectifying, how long the property has been on the market and whether the vendor has found a property to move into. Our advice is to find out as much about the position of the Vendor as possible, as they may be willing to drop the asking price for a quick and easy sale.

It is always worth testing the water with an offer which is lower than the asking price. The vendor can always say no and, unless you're in a bidding war with another prospective buyer, you'll have another chance to make a slightly improved offer.

The Vendor may try all sorts of psychological tactics and give you the impression another prospective buyer is about to make an offer for the full asking price. In the end this is all a bit of a game and the winner is the one who can hold their nerve the longest.

For more advice on buying click through the other pages in this section.

• How to buy better
• Arranging a mortgage
• Valuing the property
• Make the best of viewings
• Instructing a solicitor
• Building Surveys
• Home Information Packs
• Buying Advice