Are you about to make an offer on a house? Finding your dream house can be exciting — and maybe a little bit overwhelming. Submitting an offer on a property is legally binding that includes several details, and this is the time when you have to be extra careful about even the most trivial things. Consult your estate agent or solicitor for help and guidance throughout the process. Making an offer on a property involves some significant paperwork.
In most cases, agents or solicitors use standard forms but you should know what you’re signing.
The asking price is the seller’s wish – don’t be shy to make a lower offer at the start of the negotiation process. Before making an offer on a residential property, make sure to consider the following 7 important things:
1- Things Included In The Offer
Always inquire and note which fittings and fixtures are included in the offer. The property you are considering may have a garden shed or some white goods, etc., you need to confirm whether they are included in the property or not.
2- Survey Market For Property’s Worth
You need to make a comprehensive market survey before making an offer on a property. List down the current price of similar properties in the area and the number of properties up for sale at the moment.
3- Leasehold or Freehold
Do you own the land your property is built on? If you’re living in a house the chances are yes (but not always), you are the freeholder. But if you live in a flat or apartment the chances are you’ll own the property on a leasehold and will have to pay the land owner for basic services and ground rent. Consider the ground rent along with service charges for the property and confirm if these costs will remain unchanged over time or not.
4- Evaluate Your Financial Status
Evaluate your budget and finances for this purchase. Keep an upper limit in mind, above which you will walk away from the deal.
5- Seller’s Circumstances
Get to know about the seller’s circumstances and whether they are part of a chain or not.
6- Share Your Status
Indicate your appeal as a buyer and let the seller know if you are a cash buyer or you have a decision in principle. Also mention if you are an investor or a first-time homebuyer and have no chain.
7- Public Interest In The Property
Find out how many people are interested in this property and if any offers have been made. Only make an offer when you’re prepared and are serious about buying the property. Once an offer is accepted, pulling out of purchase will result in frustration and extra costs for both the seller and you. You can renegotiate your offer at any time up to exchange, but be thoughtful and make sure your reasons are justified. The seller is free to either accept your offer or reject it. The seller can also make a counter- offer to negotiate the terms that are required to be altered or added. But once everything is agreed and you exchange contracts, get ready for your new life in your new home.
