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How do you negotiate the best price?

Developers will be open to negotiation at the beginning and the end of the development; at the beginning because after securing some reservations for the first few they can go to the bank for lending to start the project and at the end they are already thinking of moving on and they are most motivated.  Before you start your negotiation, see an independent mortgage broker and get your finance in place – and this means getting approval for your lending figure. Tell the developer you have finance in place and that you can go to exchange in 4 weeks. This will differentiate you from the average customer who will be buying to live and can string them along for 12 weeks and then bail out of the sale for innocuous reasons like a leaky tap. You should check the valuation is genuine by seeking a RICS evaluation and a comparable – check also that you are not competing with lots of other investors on completion for tenants. Once you know this information ask for a discount.

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