Although it can be very exciting buying property for sale in London, it can also be very nerve-wracking. While there is the positives that come from living in one of the biggest and most culturally and ethnically diverse cities in the UK, there is the negative aspect that there are many pitfalls that people experience every day when searching for property in a big city like London. In the following article we will give you some helpful tips on how you can avoid these pitfalls.
Avoid Offering The Asking Price As Your First Offer
Too many people make the same mistake after viewing a property and coming to the conclusion that they really like it, of offering the asking price as their first offer. Although this tactic makes common sense, it actually means almost always that the estate agent will make more than just the asking price. This is even without having to get involved in a bidding war. Always, as a rule of thumb, offer between 10 to 15% less than the asking price.
Never Come Across Too Keen During A Viewing Or Afterwards
One thing that all successful estate agents are adept at doing is working out what people’s sign language. If you are making obvious signs that you love the property, they then will know that they won’t have to push you very hard or negotiate much on getting you to pay the asking price for the house. It is therefore a good idea to be as aloof as you possibly can when you are viewing properties and try to avoid closing doors as you leave them or turning lights off during a viewing, because this shows an estate agent you are mentally moving in.
Never Make An Offer During Or After Viewing A Property Straight Away
The simple reason for not making an offer until after you have finished viewing a property and to not make it immediately after is that this will show an estate agent you are too keen. If you really are sure you want a property and want to make an offer, or the agent pushes and asks you to make an offer, you need to ask them what the seller is asking for it. The result of this will be that estate agents will just tell you they want the asking price. Avoid interrupting the agent when they answer and might talk themselves down in price. This could be a big sign that the agent is desperate to make a sale.
Never Disclose Your Personal Maximum Budget When Registering With Estate Agents
Statistically, it is thought that 9 out of 10 buyers, who register with estate agents, pay as much as 10% more than their maximum budget. If you want to avoid spending your entire budget, never give away how far you would be willing to push the amount of money you are willing to spend on properties.
Avoid Putting Offers On Properties Over 10 Minutes Away from a Tube or Train Station
This tip is most important if you are looking for looking to buy as an investment. Remember, you can always alter how properties look, but you can’t change where they are located. It is reckoned that up to 90% of all short hold tenants prefer to live within 10 minutes from the local tube or train station, with direct links into central London.