Five Tips for Making an Offer on a Home

You’ve scoured the internet, pored through the property pages and worn out the shoe leather visiting as many open homes as you can. You’ve finally found the home of your dreams and are ready to make an offer. Here’s five tips to help with a happy outcome.

Do your homework: Attend as many open homes and auctions as you can and take notice of what comparable properties are selling for in the local area so you can make informed decisions about value and price. Know your limits and don’t let emotions overrule you. Have a reasonable figure in mind and stay firm to avoid going over budget.  

Get all your ducks in a row: Sellers are looking for the easiest result possible so the advantage will always go to an organised buyer. Have your finance pre-approved so you know precisely what resources you are working with and keep your solicitor or conveyancer informed so they are ready to swing into action for you.

Don’t leave it to chance: Nobody wants to pay more for a home than they need to or can afford. We all want a bargain but the danger with making a low offer is that you can be trumped straightaway with a better offer from another buyer. That’s why it’s important to do your research and open with a fair price from the kick-off. You may not get a second chance.

High is not always mighty: Having said that, not every vendor will base their decision on who offers the most money. Vendors want the best price possible of course, but they also want a smooth and stress free transaction. A lower price could be more appealing, for example, if it were not reliant on finance or the sale of another property. It comes back to getting those ducks in a row.

Be on good terms: Sellers want the transaction tied up in a bow as quickly and efficiently as possible so they can move on. Buyers will gain an advantage if they can offer a quick exchange and short settlement timeframe. A buyer who will take an eternity to get their affairs in order is in danger of missing out.

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