Property price negotiations

Q. I am currently looking for a property but need help with negotiating the property price with the seller. Are there any tips or tricks that can help me get the best price?

A. Many home buyers do rush in as they are keen to buy the property, but often end up making mistakes as they haven’t taken the time to prepare and do their homework. 

Firstly, you will need to research other similar properties in the market to see what they are selling for. This will give you an idea of whether the property is overpriced and worth making an offer on. 

Secondly, you need to be careful if you are putting everything towards one property. Those who only have one property in mind can often become desperate and will do anything to get that property, even if it means overpaying. Having a few properties on your wish list will help you stay level headed. 

Thirdly, even though you don’t want to look desperate, it is also important not to act too disinterested. If the real estate agent thinks you are not interested, they won’t want to waste their time and could move onto another buyer who has expressed their interest. 

Finally, when negotiating the purchase price, don’t forget to include other terms. There are certain things on the property that you may assume will come with the house, but it is important to clarify before signing the contract. For example, if the house has an in ground pool, you may think that all of the cleaning and maintenance gear will stay at the house, but the owner may end up taking it with them.