How to negotiate the price of a property

Write down your needs and wishes

Before entering negotiations, it is important to clarify your needs and wishes. Define the criteria you will use when choosing a property. Make a list of priorities and keep it to hand at all times. Once you find a property that meets your requirements, you can start considering price negotiations. By compromising, you can save money and secure a property on better terms.

Prepare strong arguments

When negotiating a discount, it is important to be well prepared and have objective arguments. Emotions should take a back seat. Excessive emotion, such as excitement or impatience, can weaken your position. This reduces the likelihood of obtaining a discount. If you receive a discount, it will be based on genuine shortcomings of the property. It is helpful to have experts on your side to support your arguments.

Arguments may include, for example, the following facts:

• Age of the property: If the property is old or requires significant repairs, you can argue that the price should reflect the investment needed for refurbishment.

• Long time on the market: If the property has been on the market for a long time, you can point out that there is limited interest in it, which may be a reason to reduce the price.

• Comparison with other properties: If similar properties in the area are being offered at lower prices, you can use this as an argument when negotiating a discount. Comparison with market prices is a strong argument.

• Immediate payment: If you are able to pay quickly or even in cash, this may motivate the seller to offer you a discount, as the transaction will be faster and uncomplicated.

What determines a property's price

The price of a property depends on many factors, such as the location, the condition of the building and of the individual unit, transport accessibility, local amenities, ownership arrangements, materials, size, position within the building, lift, orientation, cellar, balcony, garage and many others.

Negotiating a property price is psychologically demanding

Negotiating a property price is a complex process that requires experience, knowledge and commercial strategy. It is unpredictable: you never know what arguments the other party will put forward. Without the necessary knowledge, it is difficult to respond appropriately,

Ask for help

If you are unsure, do not be afraid to ask for advice. Buying property is not an everyday activity for most of us, so a lack of experience can leave you caught off guard in various situations. At Bohemian Estates, we will be happy to discuss your property selection with you. We can provide technical and legal expertise to help you identify a property's shortcomings, assess its market price or prepare cost estimates for repairs. If you want to save time, we can represent you at viewings, negotiations and meetings, and negotiate the discount on your behalf.