Tips For Negotiating With Confidence On Your Next Property Purchase

Property Purchase

Purchasing a new property is a huge decision, no matter which way you look at it. Whether you are putting a deposit down and mortgaging the rest or buying a property outright, it’s a lot of money!

The good news is, however; that you may be able to save some money on your next property purchase with the following negotiation tips.

1. Do some market research

market research

It’s boring and nobody wants to spend weeks reading about real estate, however, if you do your due diligence and invest some time in learning about the local property market—which in this case is Thailand—then you’ll be in a much better position to negotiate. As the saying goes: “Knowledge is power.”

  • What is the area like?
  • Are there any problems or defects with the property?
  • Are there any environmental issues that may affect your property?
  • What is the local economic climate looking like?

For example: if you are looking to invest in a property in Lumpini Township Rangsit-Klong 1, you won’t be able to use “location” or “local amenities” as a negotiating tool, as it is already in such a superior position. However, other, less strategically located condominiums may provide you with more bargaining power.

2. Take your time

Even if you are in a desperate rush to make your purchase and build your property portfolio, it is information that you’ll want to keep to yourself. By telling everyone involved that you are in a rush to purchase your next property and get moved in, you’ll be giving the vendor an enhanced negotiating position. Instead, put it this way:

  • You are financially ready
  • You are happy to negotiate a quick settlement
  • Your most important consideration is being under budget

And if you are in a rush, ask yourself why. Is there a reason why you need to move so quickly on this and is there anything that can be done to buy yourself more time?

If you wish to find a suitable property at an exceptional price, you’ll need time on your side. Rushing the process is one of the top house-hunting mistakes to avoid!

3. Ask all of the right questions

Again, the more information you have the greater bargaining power you will possess:

  • Why are they selling the property?
  • How many people have lived in it before?
  • How long has it been on the market?
  • How many times has the price been reduced since it was initially listed?
  • Etc.

If you know that the seller has been struggling to shift the property and you understand why, it could put you in a position to secure a cheaper deal on the property – thus finally taking it off their hands, while scoring you an attractive investment.

Conclusion

The above points will put you in a more confident position to negotiate, but you must understand that in some cases, you may not be able to get the perfect price.

Some people simply will not be able or willing to move on the price and if it’s a property that you really love, you should be prepared to back down and settle.

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