How to avoid being in the two thirds of Londoners who have failed to close a property deal
Have you ever got really close to buying your dream home only to see the deal fall through two days before completion? If that sounds familiar then you are not alone. According to a survey published in City AM, nearly two-thirds of London residents who have had an offer on their choice property accepted in the last 10 years have seen the deal fall through before completion.
The study indicates that most people had the deal collapse due to a breakdown within the chain. As a matter of fact, buying and selling in the UK can be a daunting process of several steps. Our team advises all clients to consult with our essential Property Guides before entering the process or contact us for an initial free consultation on +44 203 888 5555.
Deal sourcing is something to leave in the hands of the experts. However upon entering the house buying process, it’s advisable to know some tips beforehand, this is why we have gathered some essential tips and tricks to avoid being in the two-thirds of Londoners who almost acquired the home of their dreams.
It’s not by chance that honesty is considered the best policy. A property deal should have solid grounds and honesty is the best way to start. Be open about the price expectations with your real estate agent and with the other party. Stick to what you know, which is why you want this deal to go through and remain positive throughout the process.
Never walk into a property deal uninformed because it may cost you time and money. Surround yourself with a team of property experts that are savvy and know the market by heart. Whether you are just starting to climb the property ladder or you’re investing millions of pounds, rookie mistakes can cost a fortune.
It’s not you vs them
Negotiating can be an emotional journey but always remember to stick to your principles. Remain assertive and open to the possibility of understanding the other party’s position. In that way, you position yourself as someone who is a pleasure to do business with. An investor is first and foremost an efficient business person. Your goal is to achieve long-term benefits for both parties and have a great reputation in the market. By this, you ensure the future of your finances and establish your position as a leader.
Negotiations might be included in the essential steps to the buying process but you’d be surprised to know how many investors miss the meaning of them. Negotiating is almost an art that requires flexibility, intelligence, and experience. Let a knowledgeable team handle things for you. Be reminded that there is always more room to negotiate and more parameters to add to the table. Once you have reached a common ground then you are one step closer to securing a deal.
Property in London can be a really tough code to crack, this is why prospective buyers and sellers need experienced advisors on their side to guide them through the process. Copperstones has over 25 years of experience in the London property market with a global presence in the UAE, Pakistan, and Miami.
Please submit your enquiry and a member of our team will get in touch with you soon.