| Buying property in the UK can often be a | | | | If there has been a lot of interest in the home |
| complicated process. Once a prospective buyer | | | | then it is less likely that the owner will accept a |
| has identified the home they would like to buy | | | | low bid and so any offer made should take this |
| they need to make an offer. Making an offer can | | | | into account. |
| be the most challenging part of the house buying | | | | When buying and selling a home there are a |
| process. | | | | number of 'hidden' costs. Examples of these |
| If an offer is made that is too low the chances | | | | hidden costs include various legal fees, moving |
| are it will be rejected and there is the risk that | | | | costs and the price of making essential repairs to |
| the property will be lost to another buyer. On the | | | | the property. All of these costs should be taken |
| other hand making an offer that is too high runs | | | | into account when setting a budget for how much |
| the risk of paying more than the property is | | | | a person can afford to pay for the property. This |
| actually worth. Fortunately with some research | | | | budget will obviously need to be set before any |
| and planning the process can be made easier. | | | | offer to buy a property can be made. |
| Before making a bid an interested buyer should | | | | A further cost in property sales is stamp duty |
| do as much research as possible into why the | | | | which is paid by the seller of the property and is |
| property is being sold and how long it has been on | | | | set at a percentage of its selling value. This |
| the market. If the property has been up for sale | | | | percentage varies according to the value of the |
| for a long period of time the owner may be | | | | property and so it may be in the interest of a |
| more willing to accept a lower offer. Similarly if | | | | home seller to accept a reduced offer if it keeps |
| the owner is desperate to secure a sale, they | | | | them below a certain stamp duty threshold. |
| may for example have themselves had an offer | | | | When the offer to buy the property is made it |
| on a property accepted they are likely to be | | | | should usually be done so in writing. Unless |
| more willing to negotiate on price. | | | | submitting a 'best and final' offer the amount of |
| When viewing a house it can be useful to find out | | | | the bid should usually be set at slightly below the |
| how many other people have viewed the | | | | maximum amount that they would be willing to |
| property. This will give an idea on just how much | | | | pay. |
| competition there is from other interested buyers. | | | | |