Although buying a home can be one of the most exciting times in your life, it can also be pretty stressful when things don’t go your way. The property market can be an extremely competitive one, especially if you’re on the hunt for a house in a desirable location. Fortunately, there’s a few ways that you can make yourself stand out from the crowd and increase your ‘buying power’, getting yourself one step closer to securing your dream home.
It’s not unlikely for a seller in a competitive market to get multiple offers on the property they’re selling, and surprisingly it’s not always down to the highest bidder. Here are 6 tips and tricks that you can do to catch a seller’s eye.
1. Form a bond with the sellers
If the property you’re viewing has had a lot of interest and you’ve been one of many viewers, it’s important to try and make yourself memorable (in a positive way!), and form a bond with the sellers if possible.
When you go to viewings, be open and friendly, and give the sellers relevant background information which shows you’re an attractive buyer, for example already having an offer accepted on your property or even better, being chain free. Draw on personal connections if possible, for example is there a particular reason you’ve got your eye on that neighbourhood? You can also reaffirm your interest in the house by including a personal letter with your offer explaining why you want the house.
Now, we’re not saying that you should be begging for the property, however if you really love the house then writing these details of why down in a letter can be a great way to let the seller know how much you want it. There’s no guarantee this will help you secure the house, but when paired with a compelling offer, it’s worth a shot!
2. Go chain free
One of the most attractive factors to buyers is if a potential seller is chain free. Long chains often mean a long home buying experience with risks of sales falling through and potential disappointments for many people involved in the process. Whereas, if you’re chain free then the seller doesn’t have all of this extra stress to worry about.
If you have to sell your property before you buy, one way to do this is to sell first and then rent whilst you look or even move back in with family. This may seem like a lot of hassle as technically you have to move twice, however you’ll be in a much better position as far as sellers are concerned.
3. Sort your paperwork
This one may seem obvious, but making sure you’ve got all of your paperwork in order will show that you’re organised and ready to go. If you’re buying with a mortgage, then having a mortgage in principle will show the sellers that you can afford the home you want to buy and give them confidence in your ability to fund the deal.
In order to get a mortgage in principle you’ll need to provide various details about your earnings, notes on your outgoings and any existing credit agreements, and personal details such as your addresses for the last three years.
4. Make your best offer
Whilst everyone loves a bargain, you may not be able to find one in a competitive property market. Whilst you shouldn’t buy a house that you can’t afford, be aware that desirable properties often sell for more than their listing price when multiple buyers bid on the same property. This means it’s important that you set yourself a budget, so you’re comfortable with your maximum offer, finding the balance between what you can afford and giving it your best shot.
If you’re unsure of how much you can afford, use an online mortgage payment calculator to help you get a true cost of your mortgage.
5. Act quickly
Once you’ve found a property that you really want to buy, make sure not to hang about! Time is of the essence when you’re competing with multiple potential buyers. If you’re not a decisive person by nature, then having a list of all the non-negotiable features of a home beforehand can help you realise when you’ve found the one, and get your offer in as quickly as possible.
6. Work with an estate agent
Having an experienced professional on your side helping you with your house hunt can be a huge help. Ask family and friends for recommendations, especially if they’ve recently bought a property in the area where you’re looking.
Working with an agent who knows the area well means that they can let you know about new properties which come on the market, and advise in terms of a realistic price range and what a competitive offer will look like.
If you’re looking for more friendly advice when buying a home, get in touch with us today to speak to one of our experience Home Mover Advisors – Contact Us – YouConvey – The UK’s first collaborative conveyancing service (you-convey.co.uk)