Finance Fox

Money Saving Tips

Pitfalls You Need To Avoid When Looking At Property In London

March 15, 2014 by Financefox in Money Saving Tips, Tips

Looking At Property In LondonIt is not an exaggeration to suggest that buying property for sale London is both an exciting and scary thing to do.  On one hand you would be potentially living in close proximity to the biggest and most culturally diverse city in the United Kingdom.  However, in order to get that dream property, you have to navigate carefully past the many pitfalls that exist in the market.  In the following article we will help you deal with estate agents better by giving you our top tips for avoiding those pitfalls.

Avoid Offering The Asking Price

Although this may seem like common sense to many people, other buyers still make the mistake of offering the asking price of a property they liked after a viewing.  This means that the agent in charge of the transaction will easily make much more than the asking price without even having to rely on any bidding war.  If you want to make an offer on a property, you should offer between 10% and 15% lower than the market asking price.

Never Appear Overly Keen After And While Viewing A Property

Estate agents are very good at reading sign language and know how to spot whether a buyer likes a property or not.  If you show too many signs of being in love with a property, they know that they don’t have to negotiate too much lower than the asking price.  You should aim to be as aloof as you can.  Another little tip is that you should avoid switching off lights and closing doors when you are looking at rooms throughout a property as this indicates that you do love it and are already picturing yourself living there.

Never Make An Offer At Or After A Property Viewing

Following on from the above paragraph, doing this will make you appear too keen.  If you do want to make an offer, or the estate agents asks or pushes you for one, ask them what the vendor wants for the property.  Even though the vast majority of estate agents will answer with “the asking price” be careful not to interrupt as they may continue speaking and talk the price down.  By doing this they are showing how desperate they are to sell.

Never Give Away Your Absolute Maximum When Registering With Estate Agents

Estate agents know that 9 out of 10 of their registered buyers will buy a property at some point that is around 10% above the maximum they stated when they registered.  So if you want to avoid spending your entire budget, do not tell them about the most you would be willing to pay.

Avoid Buying A Property That’s Over 10 Minutes From A Tube Or Train Station

This tip is important to bear in mind if you are looking to buy as an investment.  Although you can change how a property looks and how it is presented, you can’t change where it is located with regards to local public transport.  It is estimated that around 90% of all short hold tenants prefer to live 10 minutes or less away from a local tube or train station that has direct links to central London.