Buying your first home is both an exciting and daunting prospect, and making an offer can be particularly nerve-wracking if you’ve never done it before.
5 Tips For When You Put an Offer on a House
Getting your offer spot-on can be the difference between getting a great deal versus paying far more than you would like. If you’re a first-time buyer, then read on for our top tips on making an offer.
You may also benefit from reading our Guide to Buying
1. Get a Mortgage In Principle
Before you even think about making an offer on a property, it’s vital that you know what your budget actually is.
Many would-be buyers make an offer on a property assuming they’ll be able to borrow the amount they need, but in reality, they might come up short. On the other hand, you may be able to borrow more than you actually think, so you’re viewing properties that are much lower than your real budget. Use our mortgage calculator here.
Therefore, it’s a good idea to consult a mortgage broker before making an offer so they can tell you exactly how much you can borrow.
Having a mortgage in principle will also help you when it comes to making your offer, as it shows that you’re a serious buyer and that you’re well prepared.
Read 10 Essential Tips for First-Time Buyers
2. Do Your Research
It’s worth bearing in mind that often the listed property price may be open to negotiation.
Find out what other properties in the area have sold for recently, and determine how long the property you’re interested in has been up for sale.
Has the price been reduced, or has it remained the same? Getting these valuable pieces of information will help you to put in an offer that’s more likely to be accepted.
Read 3 First-Time Buyer Mistakes – And How To Avoid Them!
3. Play To Your Strengths
As a first time buyer, you’re in a relatively strong position when it comes to negotiating, particularly if the seller is motivated and looking to move quickly.
First-time buyers are generally very attractive to sellers because there’s no lengthy chain to consider, which means a faster buying process and potentially more flexibility on exchange and completion dates.
Therefore, your first time buyer status can be advantageous.
If time is an issue for them, sellers may be willing to accept a slightly lower offer from a first-time buyer than a higher offer from someone who’s part of a chain.
Read 8 Essential Questions You Should Ask When Buying A Property
4. Don’t Worry If Your First Offer Is Rejected
Making an offer can be a bit of a balancing act. On the one hand, you want to secure the property for the best price, but on the other, you don’t want to make an offer so low that it frustrates the seller and leaves them not wanting to enter into negotiations.
As long as your initial offer isn’t ridiculously low then don’t be worried if the seller rejects it. Remember, it’s all just a natural part of the negotiating process, as the seller will want to achieve the worth of the property, and rejecting an offer isn’t anything personal against you or a sign that they’re offended.
There’s no set rule on how much to offer or how much you can expect to negotiate off the asking price, but if you’re in two minds about making a cheeky offer, then don’t rush in!
5. Keep An Open Mind After The Survey
A property viewing is usually completed in under 30 minutes. Sometimes it can be less than 15, so of course, you’re not going to spot every detail that you might need to know before making an offer.
Once your offer is accepted, your solicitor will start detailed searches on the property, sometimes uncovering things that might have been missed during a quick viewing. This step can be really beneficial, as it gives you a fuller picture of your potential new home.
If the survey reveals something like an overdue boiler service or a conservatory that’s been reinforced, don’t worry – this is normal and just part of the process. Use this opportunity to discuss any concerns with the team at City Realtor. We can help you navigate next steps and, if needed, adjust your offer to ensure you feel confident about your investment.
Chat With City Realtor – Your Local Estate Agents
If you are a first-time buyer and you have questions about the buying process, give us a call for help and advice. City Realtor are your local estate agents in Tower Hamlets. Call us on 0207 790 7702 or email admin@cityrealtor.co.uk.
Frequently Asked Questions About Making an Offer on a House
How much should I offer for a house?
Research recent property sales in the area to get a sense of market prices. Consider the property’s condition, location, and any unique features. Start with a reasonable offer, but be prepared to negotiate.
When should I make an offer on a house?
The ideal time to make an offer depends on various factors, such as the property’s condition, the market conditions, and your personal circumstances. If you’re a first-time buyer, you may have an advantage in terms of speed and flexibility.
How can I increase my chances of having an offer accepted?
To increase your chances of having an offer accepted, demonstrate that you’re a serious buyer by having your mortgage in place and being ready to move quickly. Highlight any unique selling points that make you an attractive buyer, such as being a first-time buyer or having a strong financial position.
What should I do if my offer is rejected?
If your offer is rejected, don’t be discouraged. Consider negotiating with the seller or submitting a revised offer. You may also want to explore other properties that meet your criteria.
What Next?
Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.
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Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.
