There's a suitable way to make an offer on a home or commercial property and get it accepted. Once you find the right property for you, you naturally want to secure it as soon as possible. But first comes the bidding process, which is your opportunity to negotiate on the asking price.

You want to make an offer that secures the house, but you don’t want to pay over the odds for it.


How much should I offer for a house or flat?

Before making any offers on a property, work out your budget. The simplest and most accurate way to do this is to apply for your mortgage first.

The maximum mortgage you can comfortably afford, plus your saved deposit, is your budget.

If you do happen to find a cheaper property, you should be able to find a better mortgage deal; if you go for one that’s slightly over budget, you may be able to stretch yourself to afford more, such as by extending your mortgage term. But generally you should aim to stay within your budget.

The asking price on a property is generally a starting point. Often you can secure a lower price, though the final price can also be higher if the sellers receive lots of realistic offers.



Tips for making an offer on a home

- Find out what similar properties in the same area have sold for recently. See how your target property compares, and pitch your offer accordingly.

- Ask the estate agent about the seller’s situation. If they want to move quickly or have had the house on the market for a while, they might be willing to accept a lower offer.

- Look for advantages in your own situation. For instance, if you are chain-free (i.e. a cash buyer), your seller may well ask a lower price for the extra convenience of this. It also helps if you can show that your mortgage is already approved, or that you have a mortgage in principle.

- Haggle. Start by offering a lower price than you can afford, to give yourself some leeway for later bargaining. Don’t always think in chunks of five or ten thousand pounds. A thousand pounds less is still a thousand pounds!

- If the estate agent keeps mentioning other, higher offers to get you to increase your bid, don’t be afraid to ask for confirmation of these. A simple email from the other buyer’s solicitor is enough.

- Be ready to walk away if the bidding goes too high for your budget.




Buying Process