To get it right, it’s important to understand the local market. This is what you need to consider:
1. The Golden Rule
Stay within your budget! It’s that simple… and it can be very difficult. You might have to negotiate hard.
2. Market Value
It’s pointless offering €180,000 for an apartment if every other similar property in that area is over €200,000. So do your research. Look at what else is on the market and how much it costs. Keep the seller’s asking price in mind. They will want to get as close to it as possible, but you should leave yourself negotiating room.
3. Time on Market
If the seller has only just listed the place, they probably won’t accept a lowball offer – at least not right away. If you are desperate to buy the place, you’ll need to be closer to the asking price. However, if the property has been sat on the market for a while, there might be more wriggle room.
4. The Competition
This is notoriously tricky territory, because you can never be 100% sure whether the seller really has other genuine offers in hand. However, in sought-after areas, there’s a good chance that several buyers will be interested. Be very careful that you don’t get into a bidding war that takes you outside of your budget. There will be other houses…. we promise!
5. Inside Info
Try to find out what you can from the seller. Why are they selling? Are they keen to move quickly? Are they about to close on a purchase themselves? How many offers have they received? All of this will help you to pitch the perfect price and also to understand the sellers’ situation and their frame of mind. The more urgent the sale is for them, the easier it will be to negotiate on the price.
6. Waiting Game
If your offer isn’t accepted, don’t despair. Sometimes, a seller will come back to you later. A competing offer might not materialise into a sale, or the konvenju on a sale might fall through. If you can bear to wait it out, you might get a good deal.
