How to pay less for a property

May 30, 2017 by Brendan O'Neill

Advice & Tips

Buying a property is one of the most expensive purchases you will make during your lifetime, which is why it is important to get professional advice. Rather than paying the price which is being asked for, consider trying to reduce the asking price, so that you save a little.

Do some research before viewing a property. Check whether the house has been previously viewed and how many. You could also find out whether any offers have been made. If there hasn’t been any or few offers on the property, you may be able to offer a lower amount. However, make sure that you find out whether there is a reason for there being no offers. If there has been lots of viewings with no offers, there may be a very good reason, one that you need to know about before making an offer.

Look at other similar properties in the area and check the going rate for them. If similar properties are selling for less within the same time period, you may be able to justify offering a lower amount. The Land Registry website will help you find the average price of homes in the area.

When viewing the property, be thorough so that you find faults or work which needs to be done. You may be able to offer a lower price which takes into account the amount which needs to be spent on it in the future. However, check whether any other offers have been made, as you may not be considered. CeMAP qualified mortgage advisors can also help you to find a good value mortgage deal, to save more on your house purchase.