How to negotiate the price of a flat on the secondary market?

Have you decided to invest in property? Price is a factor that very often influences our decision. That is normal! Are you wondering how to negotiate the price on the secondary market to reach your goal? Learn the proven methods used by estate agents.

Prepare in advance

You need to prepare properly for negotiating a property price. Haste is a bad adviser here. Nor is it wise to let emotions guide you. First, determine your financial means. This step will definitely make it easier for you to make decisions at later stages of the negotiations. If you are interested in a mortgage, also check your creditworthiness and roughly calculate the monthly instalment. When setting the maximum amount you can put into the investment, take into account the additional costs (tax, notary fees, renovation). The next, but equally important, stage is getting to know the current situation on the secondary property market. Pay particular attention to flats in the area you have chosen. A preliminary survey will let you work out the average price per square metre. You will also find out what prices other sellers are asking, what condition the other flats are in and what characterises the area you have chosen.

Factors affecting the price

Sometimes the first price negotiations take place at the first meeting with the seller. Even then you should take a firm position. We must not show excessive enthusiasm. Even at the first viewing of the property, it is worth gathering arguments that will help you bring the price down. Arguments may include:

• the condition of the staircase in the tenement house
• the condition of the wiring
• the need for a major renovation or a refresh
• the surroundings of the property
• the condition of the storage rooms, or their absence

How to negotiate the price of a flat on the secondary market? – tips

Remember that price negotiations on the secondary market are easier. There really are quite a lot of flats in competing locations within a similar area. We can discuss the price ourselves or through an estate agent. Contrary to appearances, it is not that simple. Sellers want to get as much as possible, so our arguments must be irrefutable. We also recommend quoting specific figures. Data on the secondary property market show that successful negotiations lower the price by 10 to 15% on average. Remember that a negotiator should be confident in their position and their findings. Try to be firm, but calm and composed. Give the impression of being unyielding and sure of your case. Negotiations are not a fight: try to reach a compromise with the seller, but give them the feeling that you are taking their arguments into account.

Do not rush to finalise the transaction. Some talks about property prices on the secondary market can take a little longer. This works in the buyer's favour.

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