Negotiating when buying a flat

Are you planning to invest in a new flat? Have you already defined the features of the property you are interested in, drawn up a preliminary plan of action and a cost estimate, but still have the most crucial and at the same time most problematic step ahead of you? Negotiating when buying a flat is a problem for many people. Learn a few rules that will help you reach your goal.

Negotiating with the developer – is it possible?

When we choose to buy a flat in developer's standard (stan deweloperski), we often assume that negotiations are not possible. That is a huge mistake. The key to achieving the price you have set yourself is belief in your own assumptions. Prices given in listings are often inflated so that the developer has room to negotiate with a potential client. The stage of construction and of the development also affects the price in this case. If you are taking out a mortgage, a price reduction is especially beneficial. By reducing the price of the property we also lower the cost of the loan, so we save a much larger amount than the one the developer takes off. Negotiating pays off most in prestigious locations. It is precisely in such locations that developers apply the highest margins on flats.

Negotiating when buying a flat – conditions

It is worth having a thorough conversation with the seller. We will be able to reach an understanding with them and also learn details that allow us to prepare the ground for negotiation. Also analyse a few additional factors. How long ago the first listings were posted affects how far the price of the property can be brought down. If the listing has been available for a long time, negotiations should be easier. Find out what properties in the area are worth, and you will see which price range deserves your attention. The following are also important:

• the average price per square metre
• additional amenities – parking spaces, garages, underground parking
• access to a cellar, attic, pushchair room, storage units
• plans for the building and the surrounding area
• the condition of the flat (needing renovation, renovated or requiring touch-ups)

READ ALSO – HOW TO CHECK A DEVELOPER BEFORE BUYING A FLAT?

Have an alternative

First of all – do not rush. Negotiations do not have to end at one meeting. You can play for time. You and the seller will have more time to think and to analyse your priorities, or the advantages and disadvantages of the property that is the subject of the transaction. In the meantime, find a few alternatives – this may give you the upper hand. Compare listings and show the seller what the situation on the market looks like and which ones, in your opinion, offer better value. The last point is thoroughness. Pay attention to every detail. Look at aspects that the other party to the transaction may have overlooked. Point out noisy neighbours, draw attention to the cost of renovation or the need to replace the wiring.

The most important rule is: do not give up! Self-confidence matters during negotiations. You must be sure of your arguments and pursue your goal.

SEE PROPERTY LISTINGS IN CHORZÓW