Are you contemplating a new home on the vibrant Costa Blanca or entertaining the possibility of buying a villa in Javea, Moraira, Calpe, Altea, and other popular picturesque areas? If you would like to purchase a property in Spain but want to make certain you will be purchasing at the best price, here are a few ways to successfully reduce the asking price:
1. Be reasonable when making an offer.
If you intend to negotiate, do so sensibly. Speak to local estate agents and residents alike to get an idea on what percentage below the asking price is usual for people to offer. This can vary throughout the Spanish regions, and therefore familiarity with the local real estate and property market will help you greatly before you submit your offer to purchase.
2. Set a deadline for the seller to accept your offer.
While you are interested in the property, you want the seller to understand that you most likely have other options and that you will not be waiting on their decision for an excessive period of time. Remember that successful real estate negotiations are usually completed in short durations. So, give the seller enough time to accept your proposal but set a limit. Three to five days is ample time for the seller to make a decision.
3. Be flexible with your proposal.
Another key factor in successfully negotiating your price is getting to know the seller and learning as much as you can about them. Some information that can help you improve your negotiating stance is their reasons for listing the property on the market. Perhaps they are moving to a new region in Spain, and need to start work within a certain time frame. You can include an early occupation date into the contracts you propose or adjust the terms as necessary. Trying to accommodate the seller will help to persuade the seller that you are making a reasonable offer that is beneficial to both parties.
4. Twice is enough.
You might have fallen in love with the property but try not to visit the property with the agent too many times before negotiating a lower price. Visiting several times, even if you only want to be a hundred percent sure about what you're buying, can be interpreted as being too keen. The seller may assume by your frequent visits that you would be willing to purchase the property at the price they set. This could make negotiating at your desired price a lot more challenging.
Aside from fewer visits to the property, you can give them the impression that you are entertaining other options. Convey your interest in buying their property, but don’t sound desperate. Simply explain why your offer is the best option for the seller. If the seller rejects your offer, move on to plan B.
