If you’ve found the right UK estate agent, chances are that you’ll find multiple homes that fit your needs and preferences. In such cases, it is wise to not let go of opportunities before you’ve sealed the final deal. Making offers on multiple houses is a common practice amongst home buyers since it lets them keep their options open. It is fair from both a legal and commercial standpoint.
But, sometimes having too many choices can be detrimental too. Given how important the decision of buying a house can be, you must avoid excessive confusion and launch into action as soon as you’ve found the perfect bargain. Keep reading to master the art of making multiple offers on different houses!
Things to Keep in Mind When Putting Offers on Multiple Houses in the UK
As the present estate market continues to experience rising demand, the subject of how to make numerous bids on homes smartly is becoming more and more pertinent. Thus, we’ve compiled a list of things to keep in mind while putting multiple offers on houses.
Make your mind up before signing a deal
This is the No.1 tip to keep in mind while making various offers on houses – Do not sign multiple deals. Offers are only proposals and even a verbal agreement, later on, can be nullified if you find a better opportunity, but contracts are legally binding. Before getting into paperwork, be sure of what you’ve picked and only then move forward because backing thereafter can become a tedious process for everyone involved.
If you’re having a hard time being decisive till the last moment, ask your solicitor to add clauses that allow you to overturn an agreement after a few days of purchase as well so that you incur no losses.
Keep a track of all the offers
Buying a home can be a stressful process and a great time to bring out your organisational skills. To make the most out of every offer you make, you need to be in the loop for all the properties involved and track your activity accordingly. Hence, consider having a file containing basic details of your offers so that there are no missed chances.
Shortlist homes based on your needs
One of the downsides of making offers on a lot of houses is that you may start to lose sight of why you started. A great way of knowing what offers to say no or yes to is creating an order of preferences. This will make shortlisting much easier for you once the sellers have provided you with an answer.
In 2021, new homes in both England and Wales remained more expensive than existing homes, according to the UK government. For some people getting the lowest possible price may be the deciding factor, whereas for others owning a brand new home might be a priority. Instead of redirecting every time you get a word back on an offer you’ve made, keep clear goals in mind regarding what you want from your investment.
Stay in sync with your agent/solicitor
Your estate agent is your biggest support system while house hunting, so all the offers you make must go via them. Always stay in touch with your agent if you’ve made multiple offers so that you have the latest updates on all your chosen properties. Letting them know what houses you’re inclined towards can also help them pull the right strings to help you get what you want.
Be transparent about your budgetary constraints with your agent as well so they can negotiate on your part for times when you’re not available.
The average age of the first-time home buyer in the UK was 32 in 2019-2020 according to TIC Finance. With such a young crowd of real-estate enthusiasts flooding the space, enthusiasm must be accompanied by financial acumen. Make multiple offers on houses only when you truly like a property or are hoping for big returns. Take the advice of your estate agent into consideration while signing contracts or quoting numbers. Lastly, go into the process with some fixed criteria that you need to meet to make narrowing down houses much simpler.