Negotiating the selling price of a home is always a complex process with pros and cons for either party. Usually, we think the seller has a better position; however, that's not always the case. The buyer can get a good deal if he knows how to play his cards.
How to negotiate the price of a house
1. The first step, analyze the market
Generally, the seller sets a price slightly higher than the real one to negotiate and not lose profits. Therefore, evaluating the real estate market and comparing similar properties would be a good idea.
The statistics section of Spainhouses allows you to check the daily updated price of the square meter by provinces, cities and, in some cases, also by neighbourhoods. That makes it easier to negotiate the home price based on the reality of the market.
2. Aspects that may help when negotiating the sales price
In addition to having a market valuation, there are particular issues that the buyer can use to improve his negotiating position. For example, a home that has been on the market for a long time may not have a realistic price, which the buyer can use in his favour.
Another aspect would be the urgency to sell, either because it is an inheritance because the owner moves for work or needs liquidity to buy another home. Or, on the contrary, the seller may set the condition to leave the property after a specific time and not sooner.
Apart from all that, it is the financial capacity. Proving solvency, both by paying in cash and with a mortgage pre-agreement, gives the seller assurance. In this way, he will be more willing to negotiate the terms of sale.
3. Argue your offer
If you are very interested in the property, you should make an offer immediately, even if it doesn't match the opening price. This move will give you an advantage over other buyers.
But it is essential to offer compelling reasons to support the offer presented: maybe the sale price doesn't conform to the location, the property needs renovations, there may be previous charges, or we could even allude to the uncertainty of the market.
4. Demonstrate flexibility
Negotiating the price of a house needs more than a good reason to get the seller to adjust the price as much as possible. It is also essential to show some flexibility because reaching an agreement can take time.
Logically, the property owner will reject the offer in the first place when it's lower than the opening price. Showing willingness to negotiate some points can give you some benefit.
That predisposition, sometimes, will not have to do so much with the price as with the conditions. In certain circumstances, the seller may be willing to negotiate the price if, for example, he gets offered a long time to leave the property or if a significant reservation deposit gets done.
With Spainhouses.net, it will be easy to find your dream home, your second residence or a profitable investment. Follow these negotiating tips to enjoy it for a fair price.
2 thoughts on “What to Consider When Negotiating the Price of a Home in Spain”
I am interested in buying a house in Spain. I currently rent in Barcelona and own property in the USA. I have EU citizenship as well. In order to buy a home I will need a mortgage. However I am 67 years old and I have been told that I would not qualify for a mortgage based upon my age. Is this true?
Yes it is true.