Buying an apartment: when and how should you bargain?

How to bargain when buying an apartment? Now there is high competition in the market among those selling real estate. Many houses have been built in the last decade. Due to the economic conditions prevailing in the country, the ability to purchase expensive property, including housing, has decreased. In any case, you need to bargain correctly when buying a home.

Analyze

The first thing to do before buying a property is to decide how much you can pay for it. It doesn’t matter how the payment will be made: you can pay in cash, purchase a mortgage or other types of loans. In each case, you need to decide how much maximum you are willing to give. Set yourself up for the most realistic conditions, as you may come across a seller who refuses to reduce the price when buying an apartment.

Once you have resolved the cost issue, you need to analyze the situation on the real estate market. To do this, you will need to study the advertisements and select from them those that fit your criteria (conveniently located, have a suitable price). Pay attention to whether the advertisement indicates the seller’s willingness to reduce the price. Some do not provide such information.

Important! If you are determined to reduce the price of housing, then when meeting with the owner, do not talk about the fact that you have a high level of income, a prestigious job and expensive property. In this case, the seller will refuse to reduce the price of the living space, since he will be sure that you are a wealthy person.

Be careful with the realtor, because it is in his interests not to reduce the price, but to increase it. His income is directly proportional to the price of the property sold. It is much more profitable to create the image that you are a person from an average family who does not have large sums of money.

How to persuade a discount

Bargaining is always appropriate. Almost everyone wants a discount, and the more expensive the object and the wealthier the buyer, the greater the discount he expects. Another thing is that not every home owner is ready to reduce the cost. But there are circumstances that may force him to give in. Practice shows that absolutely every transaction is individual; it is the personal story of the seller, depending on his life circumstances, character, and attitude to finance.

I want to buy an apartment – where to start?

Which apartment is better to buy – a new building or a resale one?

The owner can reduce the price, for example, when paying in cash, because this will significantly speed up the process of receiving money. A discount is also possible if the buyer is willing to wait some time to move into the apartment or if the owner is in a hurry to sell the home.

If the price set by the owner is fair or even slightly lower than the potential amount that can be obtained for the property, for example, if the apartment is being sold urgently or the demand for it is high, then the bargaining will almost certainly not bring results. But it’s still worth bargaining; this is normal practice in the real estate market.

7 rules for negotiating with an apartment seller

4 main advertising tricks in advertising new buildings

When to bargain

How to bargain correctly when buying an apartment? It's worth choosing the right moment. When the seller is ready to easily reduce the price of an apartment, the discount is already included in the final amount. This can be easily verified by examining advertisements with similar characteristics.

It’s rare now that you encounter homeowners when purchasing a home; this is mostly done by realtors. The likelihood that the owners will bargain is higher than if they are professionals. This is most often due to the fact that the owners do not know the real estate situation well and want to conclude a deal as quickly as possible.

New building from hand

Trading for an apartment of the primary fund is appropriate only if it is sold by an individual or a contractor with whom they have paid in square meters. Legal entities - a bank or a developer - have a certain price list, and there is no point in bargaining with them.

You can safely bargain with the private owner of a brand new apartment: the “human factor” comes into play - the circumstances that prompt the owner to sell the property. In addition, neighbors may compete with the seller if they also decide to put their square meters on the market. But if a buyer wants to purchase a home using mortgage funds, difficulties may arise: banks rarely agree to provide a mortgage for an apartment in a building under construction that is sold second-hand.

Adviсe

When you have chosen an apartment that suits you in all its characteristics, you begin to think about how to reduce the price when purchasing. It is easier to bargain on the secondary market, since houses that were built recently are valued much more.

When we bargain, we need to point out the shortcomings that the apartment has, and in a tactful manner. Your goal is to point out the defects to the owner, but you want to purchase it at a lower price. The disadvantages include:

the living space is located on the lowest or highest floor of the house;
no repairs have been carried out in it for a long time;
There are tracks for trams and railway transport nearby;
there is a road near the house where cars often travel;
the apartment has low ceilings;
poor room lighting;
the main systems (heating, water supply) are in poor condition;
the building in which the apartment is located is dilapidated.

The interests of the seller must be taken into account. Often a person sells one apartment and at the same time is looking for another. After you have negotiated, you need to give the seller time to make another deal and move out of the apartment. If you are willing to make concessions, the likelihood of bargaining increases.

Pay attention to the desires of the seller: sometimes he needs to sell the property as quickly as possible. He will probably agree to complete the transaction promptly, by bargaining. You need to discuss with the seller his intentions and build on them.

How to prepare for trading?

Do they immediately agree to inspect the proposed option? Do they start haggling from the door? No. Every buyer should prepare for the sale by collecting information about the apartment, the area in which it is located, the owners and the reasons that prompted them to sell.

How long have they been selling it? How to find out all of the above? You can call the owners, ask them about everything you are interested in, and also find out the exact location of the apartment. Knowing the address, you can determine it using Yandex or Google Maps. Using these services you can find out what is nearby. They analyze the situation on the market, looking through the ad databases, noting for themselves apartments in the same area and their prices.

All this information will be useful later, as it will allow you to think through the directions of bargaining and select adequate arguments for it.

Attention! Do not bargain during a telephone conversation with the owner. Why ask for a price reduction if there was no inspection? How can you explain your request? Lack of money? Why then decide on such an expensive purchase?

They do not agree to view the apartment until they answer the following questions:

How much are you willing to pay for real estate, what budget is allocated for its purchase, or what amount will the bank give on credit to purchase an apartment with a mortgage?
How much does the apartment you like in the ad cost? Is it worth the money the owner wants for it?
How much money is missing?

The answer to the first question depends on the buyer’s budget, and the other two are answered by knowing the price of the apartment they like. An online calculator may be useful to calculate the average cost per square meter on the secondary housing market in the selected neighborhood.

The “strongest” arguments that have helped buyers more than once are also learned before viewing the apartment:

Cheaper apartment in a building nearby.
Carefully study the description of the apartment on the website/in the newspaper. It is better to memorize it so that while watching it you can compare the information from it with the realities of life. If discrepancies are identified, there is a reason for bargaining (the kitchen area is 8 square meters instead of 9 from the advertisement; the metro station is not 5 minutes, but a quarter of an hour).
Before viewing, get acquainted with the banks' offers on deposits and interest rates on them. The most favorable conditions are subsequently announced to the seller if he refuses to throw off a couple of tens of rubles, but at the same time mentions that he is not in a hurry for money. On deposit, after a couple of months, the owner will return the amount of the concession in full.
Before watching, learn what unreasoned bargaining is. Sometimes it is more useful than a reasoned one. If you look at some kind of housing in an advertisement, but the price is too high, they think about how much they wouldn’t mind paying for it. Then they calculate the difference, and it is its size that is announced in unreasoned bargaining as the desired concession.

When you like the apartment during inspection, they think through arguments for bargaining. You can refer not only to shortcomings (first or last floor, proximity to tram/railway tracks, problems with natural lighting, etc.).

You can act more cunningly, but this will require a trusting relationship with the owner. After talking with the seller, find out the answers to your questions:

How long does it take for the owner to sell the apartment?
Does the owner have any special “wishes”: receiving the entire amount in cash as soon as possible, quickly completing the transaction due to the need to travel abroad, etc.
Was the redevelopment legalized (what are the risks of buying real estate with illegal redevelopment?).
Are there “natural” encumbrances: debt for electricity, water, light, etc. (read about the consequences of purchasing an apartment with debt on utility bills here).
Has the owner found a suitable option for leaving her ex-husband?

Having analyzed the answers to the questions and found the seller’s “weaknesses,” they form a list of arguments, so that they can then voice them one by one during the bargaining during the next inspection of the apartment.

Read more about what you need to pay attention to when buying an apartment and what to ask the seller about in our article.

You should not immediately agree with the seller to inspect the home. Moreover, it is not recommended to start bargaining right away. The buyer needs to prepare carefully. It is important to collect information on issues such as:

Features of the apartment.
The area where it is located.
Owners.
Reasons for sale.
Date put up for sale.

You can get the bulk of information from the Internet, Yandex and Google Maps. It is necessary to analyze the situation in the real estate market. Only after this can you contact the seller.

Helps reduce costs

You should know what you can offer the seller so that he agrees to negotiate. Often discounts are given when payment is made in cash. It is better if the transaction takes place without an intermediary, as it will take less time and be more profitable for the seller.

Tell the owner that you will handle the paperwork that does not require his presence yourself. You can also offer assistance in organizing the move and finding a new home. Emphasize that you are willing to give the seller the necessary time to find suitable housing.

After the seller has agreed to negotiate and you are satisfied with the final amount, it is better to immediately enter into an agreement. Otherwise, after some time, the owner may reconsider the offer and refuse the discount.

The contract must specify the cost of housing, and if you paid a deposit, indicate in what amount and under what conditions it is transferred. Indicate the period within which all paperwork must be completed when the former owner leaves the apartment. Sanctions are prescribed that will be applied to those who do not follow the rules.

You should know the difference between concepts such as advance and deposit. In the first case, the amount acts as an advance payment for a transaction that will be concluded in the future, that is, the funds are reserved for you. In the case of a deposit, it serves as evidence that the parties have agreed to enter into an agreement for a purchase and sale transaction.

First conversation with the seller

A viewing of a residential premises should be agreed upon only after information has been received on the following issues:

The amount that can be spent on housing, the budget allocated for this purpose, or the amount of a pre-approved loan;
Is the chosen housing worth the money stated in the ad;
What amount is missing?

Before viewing, it is recommended to use a special online calculator to calculate the average cost of the proposed square meter of secondary housing in the selected area.

Here are some of the most compelling arguments that allow many buyers to reduce costs:

There is a cheaper apartment nearby.
Voicing the shortcomings of housing, information about which was obtained from the advertisement.
It is worth pointing out inconsistencies in the description and in reality, if any were found.

If you like the apartment, but the seller, no matter what, does not agree to give up a small amount, you can put the funds on deposit. If the apartment owner does not need money in a hurry, the accumulated interest will help reimburse the amount of the concession that was denied.

Bargaining does not have to be justified. You can calculate the difference between the billed price and the amount available. The difference is allowed to be announced as the desired discount.

Tricks

When you see that the owner does not intend to bargain, for clarity, you can take a list of your options and inspect the apartment with it, saying that you need to buy it urgently, so choose the one that is cheaper. At this point, you can add that you would buy this particular option if it were a little cheaper. If the seller wants to complete the transaction as soon as possible, he will make concessions.

You can, in the presence of the seller, contact the residents of the building in which the apartment is located and find out what disadvantages it has. This way you will have an advantage in reducing the price.

When you find defects in the apartment that the seller did not point out, ask for a discount. The main thing at this moment is not to “go too far”, otherwise the owner may become defensive and refuse to conclude a deal with you. All negotiations must be conducted in a confident and calm manner. Be sure to check the market situation before purchasing, because the main strength is knowledge.

Provocative questions for the seller

When studying the apartment and the surrounding area, you can appeal to such discovered shortcomings as:

Last and first floor;
There are noisy tram or railway tracks nearby;
Problems with street lighting.

If during the inspection and conversation with the seller a relatively trusting positive relationship has developed, you can try to get answers to the following questions:

Time to sell your home.
Having special requests.
Reasons for selling.
Legality of apartment reconstruction.
Presence of natural encumbrances.
Difficulties in relationships with spouses.

By collecting the answers to these questions, analyzing them and finding weaknesses, you can create a list of good reasons to reduce the cost.

Having established at least some contact with the owner, you can carefully voice the deficiencies you have identified yourself. Negative sides will always be found, if there is a desire. Many buyers are willing to accept them if the price is reduced. Here are the most basic of them:

Disadvantages in the layout - window openings overlook the road, narrow corridors;
Major repairs have not been carried out for a long time;
Problems with heat retention, which is typical for corner living spaces;
Housing is located on the first and last floors;
Troubled neighbors;
Thin walls.

You shouldn't pay attention to things like bad wallpaper color. This is the owner's choice, and mentioning it may be unpleasant.

Approach to the seller

When buying a home, you need to know the nuances that allow you to dictate your terms. There is a reasonable argument for those who doubt the advisability of trading: the seller sells and the buyer buys - they depend on each other.

But sometimes even the “trump cards” up your sleeve don’t help, since there is no trusting relationship with the seller. How to build them?

Bargaining is a process that is based on a dispute and involves confrontation between the parties. If the owner does not want to, he will not give in on the price and refuse to sell the apartment. There is no need to discuss the price until a positive emotional contact has been built with the owner.

You don't have to treat him like a friend. It is better to blindly follow three rules of etiquette:

politeness;
attentiveness;
punctuality.

You must arrive to the screening on time, take off your shoes near the door, and hang your clothes on a hanger if offered.

Important! Any owner loves his apartment to the depths of his soul, since he lived in it, raised children, and experienced turmoil. The buyer's "proprietary" behavior in it is not acceptable. You cannot discuss with him the demolition of walls, methods of dealing with rubbish.

The only thing that can be mentioned (if there is one) is the renovation, but at the same time the owner should be praised for something: for example, for the pattern on the ceiling or for the tiles in the bathroom.

They always talk about shortcomings carefully so that the owner does not get offended. Resentment will blind him and become the primary reason for refusing to reduce the price of housing. You can find flaws in everything if you want, but some buyers put up with them provided the owner reconsiders the price. The following disadvantages are carefully mentioned:

poor layout: narrow corridors, windows facing the roadway, not the courtyard;
lack of major repairs;
problems with heat supply due to the fact that the apartment is corner;
first/last floor;
alcoholic and rowdy neighbors;
insufficient wall thickness, etc.

They don’t go too far when talking about them; they remember common sense and a sense of proportion. Didn't like the faded wallpaper in the living room? This argument is bad, since the owner may like them.

Adequate behavior of the buyer when identifying shortcomings: calm discussion with the owner without anger, curses, shouting and bickering. When a person is calm, he will always be heard; and when he shouts, they will never listen.

Every major transaction, like the sale of real estate, is accompanied by bargaining. It is considered a mutually beneficial process. In other words, the buyer must offer something to the seller in order for him to make a discount.

Arguments are thought out in advance, and the entire list is never announced to the owner. They are real “trump cards”, which are best placed on the table one at a time. This approach will allow you to reduce the price as much as possible.

Sellers always meet buyers halfway with arguments:

Fast buy. You don't have to sell anything to buy the option offered. Owners really appreciate the desire to complete a real estate purchase and sale transaction quickly.
Cash. If the buyer says that the required amount (taking into account the discount) is in the bank account, and the deposit is in his pocket, the owner “melts” (you will learn about what a deposit is, how it differs from an advance and a deposit and who benefits from it, here ). The conversation about a discount becomes more intense if the buyer wants to take out a loan from a bank or borrow the missing amount from relatives. In this case, it depends on the circumstances, and, therefore, the deal may fall through.
Willingness to wait to move because the owner has not completed the renovations in his new apartment or the boss has not signed an application for transfer to work in another city.
Willingness to take on the hassle of completing the transaction. This argument is left for last, and is given only when the seller has almost agreed to a discount.

More active methods of persuasion help if negotiations to reduce the price are at an impasse. What are they doing to change the situation in their favor?

Firstly, you can come to the apartment you like with a piece of paper on which to write down the pros/cons of all the apartments inspected.
Seeing her would make any salesperson nervous. The main thing is for the buyer to behave correctly and not to rejoice ahead of time. He must put on the mask of a bored person who is more concerned not with the details, but with the view from the window. Only occasionally should he glance at the piece of paper with addresses. You can complain about fatigue and throw out the phrase, as if by chance: “It’s better to buy something cheaper.”
If the owner does not have a crowd at the door of those wishing to purchase living space, he will retain the client by lowering the price.
Secondly, you can cheat.
If the buyer is not inspecting the apartment for the first time, he knows about its location. When the owner is at work, he can come and talk with the neighbors. You can arrange a surprise visit when the buyer comes for an inspection. If they say “bad things” about her, the seller will get nervous and give up a couple of tens of thousands of rubles.

Trading is an emotional process. Usually they speak first and think later, succumbing to their emotions. The owner of the living space agrees to a discount today, but changes his mind the next day.

Why? The main reasons: immediately after the preliminary agreement, another buyer may come to the owner and offer more or negotiate a smaller discount. To avoid such an outcome, it is better not to go too far with the discount: it should be reasoned and reasonable, and not prohibitive.

The presence of “trump cards” is not enough for successful trading. It is worth trying to build the greatest possible trusting relationship with the seller. How to achieve this goal? The following tips should be followed:

It is important to follow the three main rules of etiquette - extreme attentiveness to the interlocutor, punctuality and politeness;
You must arrive to the meeting on time;
You should appreciate the cleanliness and arrangement of the apartment. The owner, even during the period of sale, treats it very carefully;
A “proprietary” attitude towards housing is unacceptable. Demolition of walls and methods of eliminating rubbish must be decided independently, after purchase;
A win-win option would be to express praise to the owner - for repairs, purchased furniture, and so on.

Bargaining during a major transaction is a mutually beneficial process. Any competent buyer offers the seller conditions for providing a discount to him.

As the practice of buying and selling housing has shown, sellers are much more willing to meet those buyers who present the following advantages:

Fast buy. Preference is given to those buyers who are ready to buy as quickly as possible and who do not need to sell anything first.
Payment in cash. It is much more difficult to gain the seller’s favor if the buyer is talking about a bank loan or the need to borrow the missing amount. All this, under certain circumstances, can lead to the failure of the deal.
Agree to wait a little while moving. This often happens if the seller, for example, has not completed renovations in a new apartment or has not resolved issues with his previous place of work when moving.
Willingness to take on the hassle associated with completing the transaction. This factor should be presented last, when the seller has already agreed to provide a discount.