If you’re about to start searching for your dream home, or you’ve already found it and you’re not sure what to do next, there are certain tactics that you can employ before making an offer. These will give you the upper hand, help you to successfully negotiate, and increase your chances of securing the dream home that you want to buy. At a time when housing stock is low, taking a smart and calculated approach to buying a home is more important than ever.
Arrange your mortgage
Unless you’re a cash buyer, it’s crucial that you secure a great mortgage deal before making an offer on a property. You don’t want to find yourself in the awful situation of setting your heart on a particular home, making an offer that is accepted, and then finding out that you’re unable to complete the purchase. Get all of your financial ducks in a row before taking any steps toward buying a property, then you can start searching for your dream home!
Speak to one of our independent mortgage advisors for impartial help and advice, as well as access to the widest selection of competitive mortgage deals in the UK.
Research the area
With demand far outstripping supply in the UK property market, sellers are in a really strong position. This is why it’s important to have a good understanding of the local market to determine trends and know what you’re up against. If a particular street or neighbourhood is consistently popular, chances are that competition will be high.
Gaining local insight will help you to decide what you can afford to buy and what kind of offer to make. We have connections to a number of local estate agents and can request for up-to-date information and see what is coming on the market.
Play it cool
If you view a property and instantly fall in love with it, put on your best poker face and try to play it cool – at least until you’re out of sight! It’s easy to become overly excited, but this will give the homeowner the upper hand. If it’s obvious that you’re desperately in love with the property, it’s clear to the seller that you’re willing to pay whatever it takes to secure it. This will make it extremely challenging for you during the negotiation process because the seller may refuse offer after offer until you’re paying way above the odds.
Let us do work for you
Before making an offer on your dream home, speak to our helpful staff as we can do all the nerve wrecking negotiations on your behalf. We will find out how long the property has been on the market and liaise with the estate agents to organize the best possible terms for you as a property buyer.
We ask the seller’s agent how much interest there is in the property and if any offers have been made. The agent is not legally permitted to reveal the amount of any offers made, but they may be able to give you some clues and indicate whether these bids are within the range of the offer you plan to make.
We will also be able to assist with timescales. We will find out how quickly the sellers are hoping to move. Have they already found their next home and want or need to sell quickly? Sometimes sellers will choose a slightly lower bid because the buyer can move in quickly or is not in a chain. This type of information is useful and can be of great benefit to help you make the right offer.
Stick to your budget
Prior to searching for your dream home, you should set your budget. Choose the absolute maximum that you can stretch to – and do not go above it. Doing this before setting your heart on a property will help you to avoid making emotional decisions, rather than sensible, financially-savvy choices! Finding the perfect home is great, but it will soon become the bane of your existence if the cost of owning it has a negative impact on your life.
The Mortgage Hub is an independent mortgage advisor serving the greater Glasgow area. Whether you are planning to buy your very first home and need the right first time buyer mortgage, or are looking to re-mortgage due to a house move or to growing family – we understand your journey is so much more than a financial process, it’s a journey to achieve your dreams, improve your lifestyle and achieve your true potential.