How to get a good deal when buying a house?
- Thread starter SkyTerran
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I'm no expert on the matter, just generally what I've observed over the years with a few moves:
Getting a good one really is research, research, research - surveys to find out things like flooding potential, common issues with houses/designs of that build era (often you can get a good idea from looking at similar houses in the area which have sold previously and comparing where it is possible to see it the work which has been done) and even looking at Google street view if there is coverage over a longer time period i.e. my brother in law's old house and the similar build ones around it you can see the fascia rots out and needs replacing over the period from 2008 to 2018. Getting an idea of any longer term developments in the area that might be disruptive like new housing estates, new roads, etc. (you can also use this to your advantage if it is something which doesn't bother you but might compel some people to move out because it bothers them i.e. new estate build near houses which were previously in a quiet area).
Negotiating a good price is more difficult - unless the house has been on the market for awhile, or they are desperate to move, most people won't want to go below asking price - being in a position to offer a minimal chain and/or having the money ready to go can make a difference there as some people will value the convenience factor over getting the best possible price for themselves - keep an eye on stuff which has previously been up for sale very recently and/or STC and pops up again as likely the buyer has pulled out leaving people hanging and more likely to accept a keen offer.
Getting a good one really is research, research, research - surveys to find out things like flooding potential, common issues with houses/designs of that build era (often you can get a good idea from looking at similar houses in the area which have sold previously and comparing where it is possible to see it the work which has been done) and even looking at Google street view if there is coverage over a longer time period i.e. my brother in law's old house and the similar build ones around it you can see the fascia rots out and needs replacing over the period from 2008 to 2018. Getting an idea of any longer term developments in the area that might be disruptive like new housing estates, new roads, etc. (you can also use this to your advantage if it is something which doesn't bother you but might compel some people to move out because it bothers them i.e. new estate build near houses which were previously in a quiet area).
Negotiating a good price is more difficult - unless the house has been on the market for awhile, or they are desperate to move, most people won't want to go below asking price - being in a position to offer a minimal chain and/or having the money ready to go can make a difference there as some people will value the convenience factor over getting the best possible price for themselves - keep an eye on stuff which has previously been up for sale very recently and/or STC and pops up again as likely the buyer has pulled out leaving people hanging and more likely to accept a keen offer.
You certainly won't be "negotiating a good price", gone is the generation where you'd have typically offered less than the asking price.
If you're buying in a desirable area and it's a nice looking house with all the sought after features then you're almost guaranteed to have people offering asking or above. If you go in with a low-ball offer you may not be taken as a serious buyer and miss out on the chance for making follow-up offers.
All you can do is get to know the market you're buying in and determine if it's a comparative price to other houses on the market in the same areas (including recent historical sales). Armed with your max budget only then can you decide how much a property may be worth.
If you're buying in a desirable area and it's a nice looking house with all the sought after features then you're almost guaranteed to have people offering asking or above. If you go in with a low-ball offer you may not be taken as a serious buyer and miss out on the chance for making follow-up offers.
All you can do is get to know the market you're buying in and determine if it's a comparative price to other houses on the market in the same areas (including recent historical sales). Armed with your max budget only then can you decide how much a property may be worth.
Associate
1. Avoid buying off a seller who says "I need £x amount to buy my next house"
Complete waste of time dealing with these delusionals.
2. Scan the "Births, Marriages & Deaths" section of local papers in the area you are thinking of buying in and look out for a death of an older person where the family might wish to dispose of a property.
This might get you in first on a property in a desirable area.
Complete waste of time dealing with these delusionals.
2. Scan the "Births, Marriages & Deaths" section of local papers in the area you are thinking of buying in and look out for a death of an older person where the family might wish to dispose of a property.
This might get you in first on a property in a desirable area.
Soldato
Define "good deal"? If it meets your requirements and isn't very obviously over market value, I'd say that's a good deal for you. Saving a couple of grand on the purchase price over a 25 year mortgage is pretty much meaningless. If you want it and can afford it, buy it.