5 handy haggling tips for home buyers
Many homeowners didn’t negotiate on property price – but giving it a go could result in substantial savings. By Vicky Shaw.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Many people feel nervous about the idea of haggling – and for some it could be preventing them from getting money off what is likely to be their biggest ever expense: their home.
Three in 10 homeowners did not try to negotiate any money off their current property, missing out on huge potential savings, according to Barclays.
A fear of losing the property, not wanting to upset the seller, and the desire to get the notoriously stressful buying process over and done with are among common reasons why buyers are put off haggling, the research found.
Rob Smith, head of behavioural finance at Barclays, says first-time buyers in particular may find the idea of haggling difficult.
“Buying your first home is a particularly emotionally-laden experience, and combined with having no prior experience of the process, it’s unsurprising that younger homeowners find it tough,” says Smith. “However, if your aim is paying the lowest price possible, then there are a couple of top tips which could help you along the way.”
Curious to know what they are? Here are some home-buying haggling tips from Barclays…
1. Do your research
Nowadays, there are many tools that provide you with a lot of information – so do extensive research. Check out the surrounding area and what the houses are like, look at the local schools, shops and facilities, and the crime rate. Check how long the property has been on the market for. Be armed with information, as well as questions or issues you want to raise.
2. Understand your competition
Potential interest from any other buyers may affect the dynamics between buyers and sellers. Try and understand the mindset and emotions of the seller, and perhaps how keen they are to sell.
3. Be realistic
Perhaps that kitchen island or bi-folding doors might tempt you to stretch your budget a little bit more, but know your financial limits.
4. Communicate well
Face-to-face meetings are an easy way to communicate – but in the current pandemic, these are not easy to arrange, unless they are done virtually.
Not meeting face-to-face may have advantages though, as it may help you disconnect emotionally from the transaction and reduce feelings of confrontation. You could keep notes of conversations to keep on top of where you’re at.
5. Be patient
If you can, allow yourself the time you need to feel happy with your offer – you don’t want to feel pressured or ultimately regret anything. Remember, no matter how much you love this property, if you miss out this time, there may be another you’ll love even more.