How Low Can You Go (When You Offer On That House?)

Buying a house is a rollercoaster of emotions. One moment you’re up with the excitement of possibility. The next, you’re most definitely down from all the stress and anxiety which comes with the whole process.

Still, it’s worth it for that moment when you step into a potential new home and know it’s the one for you. As you walk around those empty rooms, you can already see yourself living there. You may even start thinking about where you could fit your furniture.

At this stage, it may be fair to assume that it’s up, up and away. Sadly, though, there is one last emotional dip before you can call that house yours. We are, of course, talking about how much you offer. Given that this is likely the most significant sum of cash you’ll ever part with, the offering aspect of buying is sure to be fraught with worry. Throughout, you’ll ask yourself one pressing question; how much should I offer?

Any homeowner has been there, and getting this right is never easy. That’s why we have some questions to help you decide on the magic number.

How much is the house worth?

It’s easy to get caught up in the moment and offer over the odds for a house, but this is a lot of money. Try, if you can, to be pragmatic. You don’t want to jump in with an offer which is far more than that property is worth. Equally, you don’t want to miss out with an offer which is way below the bar. As such, you should do what you can to get a good feel for the real value of the house. By far the best way to do this would be to invest in a home inspection before you offer. That way, you’ll get an idea of the quality and condition of the house itself. You may also want to do a fair amount of research into the cost of other houses in the area to build a picture of worth.

Are there other interested parties

It’s also crucial to ask your realtor whether any other parties are interested in the property. Like it or not, this has a significant sway on how much you may need to pay. If you get into a bidding war, you’ll need to outbid your competitors no matter what. If you know someone else is interested, then, you may well have to offer over what you would otherwise to see success.

How much do you like it?

It’s also worth asking yourself how much you actually like that house. With all the technicalities aside, you’ll be willing to offer more for a home you love. If you can’t stand the idea of seeing that abode slip between your fingers, offering the asking price or a few grand below is your best shot. If you’re more willing to take a chance to get a good deal, you’ll have a whole lot more leeway for bagging a bargain.

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