Minimising the cost of your property purchase
Even before you begin the process of purchasing the ideal property, you need to try to consider essential variables such as the home’s valuation.
Negotiating a bid on your desired property is tricky enough under the circumstances. Conversely, 2021 proved to be difficult for home buyers to negotiate, with more purchasers than available properties, leading to increased house prices in several places. This pattern is projected to continue much beyond 2022. As per the latest Halifax home price index, the average UK property value rose by 10.8 percent this year last February 2022, hitting a new high of £278,123. Consumers have been rethinking what they want in their houses in the aftermath of the pandemic, so they are seeking bigger rooms and gardens. It has led to a sellers’ market with intense competition for properties.
So how would you minimise the cost of your property purchase amid tight competition in the marketplace?
Timing is everything in minimising the cost. How long a property has been on the market is a key indicator of if it is priced correctly. Usually, the longer a property has been on the list, the more likely a reduced bid would be offered. Moreover, even though the developer or the leaseholder may have given you the home value, it is critical that you get a second opinion as there could be something the realtor must’ve overlooked. Also, if you ‘re feeling overwhelmed, or if you are struggling to lessen your asking price with your realtor, or if you have a closing deadline approaching and simply couldn’t afford to do so, asking what more might be done to secure that sale besides cutting your asking price to your realtor could help you identify ways to minimise cost.
Remember, you really shouldn’t get locked in the bargaining process; because, this is about your decision in the end, it could be your house, plus it will be your life that would be tied to the contract.
