Making an Offer

A Guide to Securing Your Dream Home

Introduction:

Buying a new home is an exciting milestone, but making an offer can be one of the most nerve-wracking steps in the process. Ensuring your offer is competitive yet realistic can make all the difference in securing your dream home. At Hartgrove Bros, we understand the complexities of moving and house buying, so we’ve put together this comprehensive guide to help you navigate making an offer with confidence.

If you’re a first time buyer, make sure to read our First Time Buyer Guide here.

1. Understanding the Market Conditions:

Before making an offer, it’s crucial to research the local housing market. Understanding whether you’re in a buyer’s or seller’s market will influence how aggressive your offer should be.

Buyer’s Market: There are more homes for sale than buyers, giving you the upper hand in negotiations. You may be able to offer below the asking price and still secure the property.
Seller’s Market: Homes sell quickly with multiple offers, meaning you may need to offer the asking price or even higher to stand out.
Balanced Market: Supply and demand are relatively equal, so a fair offer close to the asking price is usually expected.

2. Determining Your Budget:

Before you even begin house hunting, have a clear budget in mind. Consider not just the purchase price, but also additional costs such as:

Stamp duty
Legal fees
Survey costs
Moving expenses
Home improvements (if needed)

Getting pre-approved for a mortgage is highly recommended, as it strengthens your position as a buyer and reassures the seller of your financial capability.

3. Researching the Property:

Once you’ve found a property you love, take time to investigate it thoroughly before making an offer. Consider:

The property’s history (previous sales and price trends)
Recent sale prices of similar homes in the area
Any necessary repairs or renovations
Local amenities, transport links, and school catchments
Any issues flagged by the estate agent or in the listing

It may also be worthwhile to arrange a second viewing at a different time of day to check for potential issues such as noise levels, traffic, or natural lighting. For advice on Finding your Ideal Home, click here.

4. Making a Competitive Offer:

Once you’ve done your research, you’re ready to make an offer. Here’s how to approach it:

Start with a Fair Yet Competitive Offer: If the property is newly listed in a competitive market, a low offer might be rejected outright. However, in a slower market, you may have room for negotiation.
Consider Including Conditions: Your offer can be conditional upon things like a satisfactory survey, mortgage approval, or the sale of your existing home. Be mindful that too many conditions can make your offer less appealing to the seller.
Be Ready to Negotiate: Sellers often expect some back-and-forth. Be prepared to adjust your offer if necessary, but always stay within your financial comfort zone.

5. Submitting Your Offer:

When you’re ready to submit your offer, it’s usually done through the estate agent in writing. Clearly outline:

Your offered price
Any conditions or contingencies
Your preferred timescale for exchange and completion
Proof of mortgage pre-approval (if applicable)

It’s important to remain professional and flexible during this stage, as negotiations may follow.

6. Handling Counter Offers & Rejections:

If your offer is rejected or countered by the seller, don’t panic. Consider:

Increasing Your Offer: If the property is highly desirable and within budget, consider raising your bid slightly.
Adjusting Your Conditions: The seller may accept your original price if conditions (such as move-in timeline) are more favorable.
Walking Away: If the seller is unwilling to negotiate and the price is beyond your budget, be prepared to move on. There will always be other homes available.

7. Offer Accepted – What’s Next?

Once your offer is accepted, it’s time to move quickly to avoid any delays or gazumping (where the seller accepts a higher offer from another buyer). Steps include:

Instructing a solicitor to handle the legal work
Arranging a home survey to identify any potential issues
Finalising your mortgage offer
Exchanging contracts and setting a completion date

8. Preparing for the Move:

With your purchase on track, it’s time to start planning your move. At Hartgrove Bros, we specialise in house removals and can help make your transition as smooth as possible. From packing services to transportation, we ensure your move is stress-free.

Final Thoughts:

Making an offer on a home is a crucial step in the home-buying process, and getting it right requires a balance of research, strategy, and flexibility. By understanding the market, setting a realistic budget, and making a well-considered offer, you increase your chances of securing your dream home.

If you need assistance with your house move, Hartgrove Bros is here to help. Get in touch with our team today to discuss your moving needs!