Negotiating the price of a flat on the secondary market

Flat prices these days are not among the lowest, so once we decide to buy a property, it is worth negotiating the price. If we prepare well, we have a chance of cutting the cost of the flat by as much as 10-15%. So there is something to fight for. But before we start the haggling, let us prepare well.

Preparations

For the negotiations to end in success, we must prepare for them meticulously. First of all, it is worth assessing our own financial capacity and determining the maximum we can pay and how much we would like to pay. If buying our own flat involves taking out a loan, we need to analyse our creditworthiness carefully and calculate the monthly repayments on the potential loan. When working out the final amount, we also have to take into account all additional costs, such as any renovation, tax or notary fees.

After analysing our own financial situation, it is a good idea to study the market for flats in the area that interests us. Let us compare the prices of properties with similar parameters (floor area, condition) and work out the average price per square metre.

Let us also think about looking for an alternative listing for a property of a similar standard, but at a lower price. In this way we will gain an irrefutable argument during the negotiations, and we will also calm our own nerves, knowing that we have an equally interesting alternative up our sleeve.

Negotiations

Prepared in this way, we can begin negotiating. The seller may often start concrete talks about the price as early as the first viewing. It is worth bearing this in mind. Above all, we must not show excessive enthusiasm. If the seller sees that we want it too much, they will quickly push up the price. So when viewing the flat, let us keep its advantages to ourselves and concentrate on finding arguments that will help bring the cost down. What should we look at? The price of a flat can be lowered by factors such as the condition of the staircase and the wiring, the need to renovate or refresh the property, the surroundings of the flat, and the condition of the utility rooms or their absence. We can use each of these pieces of information as a bargaining chip in the negotiations.

The right approach also counts during the haggling. Persistence may prove useful. Let us bear in mind that the owner probably wants a quick and smooth sale of the flat. So there is a chance that, by sticking firmly to our position, we will persuade them to lower the price in order to speed up the completion of the transaction.

What we often forget during negotiations is listening to the other side. We so often fixate on our goal that we do not hear the seller's arguments. That is a mistake. A little empathy can help us achieve our aims. Showing understanding can often effectively soften the other side, making them warm to the listener.

Let us also remember that when buying a flat on the secondary market we should not play for time. Sellers are usually impatient, and our indecision can affect the negotiations unfavourably. So let us opt for factual, concrete talks. The other side will certainly appreciate it.

On our own or with help?

Negotiating flat prices on the secondary market is a fairly rewarding subject. Above all because there are usually many other properties in the area at competitive prices. Even so, the art of negotiation itself can be a challenge if we have never done it before. It requires calm, composure, firmness and self-confidence. We have to know what we expect and be able to use the strength of an argument to achieve it. Not everyone can do that. So if we do not feel up to it, it is best to rely on the professionalism and experience of an estate agent, who will conduct factual and effective negotiations on our behalf.