Making an offer on a property is an exciting but potentially daunting prospect, especially if it’s your first home.
We often get asked, “how much should I offer?” So, our handy guide will help take you through the process to give you the best possible chance of landing your perfect property.
It’s surprising how many buyers begin viewing properties and then make offers based on vague assumptions of what their budget is.
Before you even begin any viewing, it’s important to find out exactly how much you can afford to pay for a property, whether it’s money you have in the bank, with a mortgage or a mixture of both.
Getting a mortgage in principle is one of the most important factors that should be established before making an appointment to view any property. This is commonly known as a decision in principle (DIP) or an agreement in principle (AIP).
It is very doubtful that any offer will be accepted on a property without evidence of how much mortgage is available to you, so it’s worth speaking to a mortgage advisor before you start any viewings. It doesn’t matter if you are a first time buyer or not, you will always be asked to prove how much mortgage you are eligible for because every agent has a duty of care to the seller.
We have mortgage advisors available who will help you establish your budget who have access to the best mortgage rates at any time depending on your status.
Most buyers are normally familiar with the area they are buying in, however, if you are not, it is important to research the area before viewing any properties.
Preparation is key in ensuring where you want to live and the reasons why.
Once you’ve researched the area, worked out your budget and found a property, it’s time to make your offer.
Knowing how much to offer can be a real minefield. On the one hand, you don’t want to pay over the odds, but on the other, you don’t want to make an offer so far under the asking price that the seller may feel that you are not a serious buyer.
There’s no set rule on this as every transaction is different. If you know there’s been a lot of interest in the property then you’re likely to have competition from other buyers, so be mindful of what you believe the property is worth to you.
Remember, if you are buying a home, take a long-term view on value.
Whatever you do though, make sure your offer is realistic to ensure that an offer can be agreed to the satisfaction of both you, the buyer and the seller.
Livermores The Estate Agents are your local property experts for the Dartford and Crayford area. Call us on 01322228090 or 01322 550777 or email firstname.lastname@example.org to find out more about buying in the local areas.