Buying a property in the Algarve this year?
Well, presumably you wont be happy to pay the asking price for a property s
o you’ll be looking to get the best deal possible, which means negotiation. How can you get the best deal possible, without offending the sellers so much they tell you to take a run and jump? Well quite easily really, two key elements you must have in place / know before hand.
1) How much capital you have now and available for a deposit upon immediate acceptance of the offer
2) Time frame for completion (this means if you need a mortgage then you already have it pre approved)
Also it’s worth mentioning that if you want to put an offer in on a property then do so with the intention of buying it if the offer is accepted, or the negotiating is suitable for you. Putting in offers left right and center doesn’t really help you and in fact can actually make you look less serious than you really are. By all means have a number of properties you wish to, attempt, to buy. But make offer’s on them in turn based on your preference if you’re in hurry then put a time limit on the validity of the proposal so the vendors much revert back with an answer within a time frame, maybe 24 or 48 hours, or you’ll move onto your next option.
Items such a furniture, air conditioning, rental’s already booked for the property are all items that can be negotiated as well but unless they are of a high monetary value the key focus is the price. It’s better to have €20,000 off the price, than a house full of second hand furniture that you’ll be replacing anyway!
2014 will see a slight turn in favour of some seller’s, especially those in prime locations that have less comparable properties so be prepared for a counter offer or make a single and final offer if you don’t want to be drawn into back and forth negotiations.
Also, a tip that can sometimes be hard to avoid. If the seller is there and / or their agent try not to look too keen!
It’s a given that we’ll always work our hardest to negotiate the best price for you as our client, the above information is simple preparation and a quick discussion with your realtor should help ascertain the likely hood of an offer being accepted so use them to the fullest.