When it comes to keeping within a strict budget and ‘thinking with your head’, it seems that we often throw the rulebook out the window when looking to buy a property. In the current property market, buyers are thinking with their hearts over their heads and are willing to pay over and above the asking price to secure the property of their dreams.
One of the many factors fuelling this trend is the lack of properties on the market and the abundance of buyers. Buying a property is a significant financial commitment, probably your biggest, so it’s no wonder that buyers want to find a home that they love and this is understandably a process often fraught with emotion.
We would never encourage any buyer to spend over their budget. A home is a financial commitment and you need to look at the long-term pressure of paying your mortgage. It is essential that you seek advice from a mortgage provider before you commit to purchasing a property so that you know your figures and maximum budget.
So why are buyers wishing to spend more at the moment? The most common reason is that they simply fell in love with a property. We are certainly seeing that buyers in Bath are looking at buying a property for the long-term future, whereas in the past they may have been thinking of just the next step on the ladder. This focus on the longer term means that buyers are seeking an apartment that will provide them with what they need for many years to come, for example, the space they’ll need when they start a family. It’s therefore essential that your apartment appeals to buyers’ hearts and is beautifully presented.
We are lucky that our properties in Bath are full of period features, with spacious rooms and attractive locations. The key features that buyers are seeking are fireplaces, a space to work, nice neighbours, beautiful décor and original features. Buyers don’t just want to know about your property but also about your neighbours and what is happening in your local community.
We operate differently when it comes to valuing a property for sale. An asking price is not an exact figure, which is why we offer our vendors a price range strategy. This strategy alone is not effective without the work of our experienced negotiators, so it’s important that we build a relationship with each vendor to understand their situation and needs moving forward. With this knowledge, we are able to negotiate the best possible price for them and their property.
If you are looking to achieve the best possible purchase price for your apartment, it’s essential that you present every area of your home beautifully, not forgetting your outside or communal spaces. For advice and guidance on selling your home, we’re always here to help.