It can pay to haggle when home buying
Many people feel nervous about haggling - and for some it could prevent them from getting money off what is likely to be their biggest ever expense: their home.
Three in 10 homeowners did not try to negotiate any money off their current property, missing out on huge potential savings, according to Barclays.
A fear of losing the property, not wanting to upset the seller, and the desire to get the stressful buying process over and done with are common reasons buyers are put off haggling, the research found.
Rob Smith, head of behavioural finance at Barclays, says: “If your aim is paying the lowest price possible, then there are a couple of top tips which could help you along the way.”
■ Do your research: There are many tools that provide you with a lot of information. Check out the surrounding area and what the houses are like, look at local schools, shops and facilities, and the crime rate. Check how long the property has been on the market and be armed with information as well as questions.
■ Understand the competition: Potential interest from any other buyers may affect the dynamics between buyers and sellers. Try to understand the mindset and emotions of the seller, and perhaps how keen they are to sell.
■ Be realistic: Perhaps that kitchen island or bi-folding doors might tempt you to stretch your budget a little, but know your financial limits.
■ Communicate: Meetings are not easy to arrange unless done virtually, but not meeting faceto-face may help you disconnect emotionally and reduce feelings of confrontation. Make notes of conversations to keep on top of where you’re at.
■ Be patient: Allow yourself the time you need to feel happy with your offer – you don’t want to feel pressured or ultimately regret anything.
No matter how much you love this property, if you miss out, there may be another you’ll love even more.