Buying property can be the start of a great life. Whether the property is based on the outskirts of the city or in the middle, you will have access to one of the busiest and most diverse cities in the country virtually at your doorstep. However, there are many property buying pitfalls that could turn that dream purchase into a nightmare. To help you avoid these, the following article includes some very handy tips when dealing with estate agents.
Never Make Your First Offer The Asking Price
It is quite amazing how many people see a house and then offer the asking price. Because of this, the estate agent will usually be able to make in excess of the asking price without even having any other interested buyers. It is a general rule of thumb that you offer around 10 to 15% lower than the asking price, though you may have to alter it depending on the market.
Never Look Very Keen During And After A Property Viewing
It is part of an estate agent’s job to pick up any signs that you love a property or not. If they figure out that you do, it will be hard to get any money off the asking price. You should always try to be as aloof as possible. Never, during a viewing, start switching the lights off as you go from room to room, as this is a big giveaway that you like and are already moving into it in your head.
Never Make An Offer During Or Immediately After A Viewing
The reason being is that you will sound too keen. If you want to make an offer or the agent wants you to make one, ask how much the sellers want. Around 90% of agents will respond with “the asking price” However, you should not butt in as they may continue talking the price down by thousands. This is a surefire sign that they are under pressure to make a sale.
Never Tell An Agent Your Upper Limit When Registering
The rule that estate agents follow is that around 90% of their registered buyers eventually buy a property that is about 10% over their maximum. So avoid telling them your real upper limit, if you want to save any money on a property.
Never Buy A Property More Than 10 Minutes Away From A Train/Tube Station
This is particularly important if you are buying a property as an investment. Remember that you can change how a property looks, but you can’t change how close or far it is from transport links. As much as 90% of short-term tenants like to live within 10 minutes of a train or tube that has direct links to the center of London. The thought is that if a property is too far away from transport links, it will be much harder to find tenants and even if you do, you might have to accept lower rent than properties close to transport.