When searching across a large geographical area, focus and priorities need to be established. This is especially true when a client wishes the property to have excellent re-sale potential.
This client came to Garrington in need of help in the search and acquisition of a good sized family home in the ‘perfect’ country setting. Proximity to a quintessential village that had local amenities with an easy commute to London was their priority, whilst the property also had to offer secondary accommodation for the client’s parents. As the desired property was not destined to be a long-term home it must have excellent resale potential, value for money was a must!
The budget was set at £3M and spanned Berkshire, Oxfordshire and Buckinghamshire, with a focus on a location’s attributes rather than a particular town or village. The client was open to suggestion in terms of architectural style and age, only specifying that the house had to provide light interiors with a real sense of space and flow.
As the search area covered three counties, it was the type of house that drove the search. The initial tour provided the Consultant with the understanding that the client wanted a statement house, not necessarily the biggest their budget could buy but a property to provide a certain lifestyle for a period of time. With the limits of the search prescribed by a one hour commute from London and a newly increased budget of £4M, the Consultant sourced an excellently presented and thought-out property. With views over the Pang Valley, the property also offered the desired proximity to village amenities and secondary accommodation in the form of a self contained flat. With potential to extend the flat the house also provided the ability to add value, adding to its resale potential. An offer was put forward, however the vendor did not provide any standard information for the transaction and the sale did not proceed.
The search continued, with location now set as the top priority. A house which provided the desired internal factors was discounted due to its distance from London and from the local village. The search area was broadened at the client’s request to include Surrey. Although the area was increased, it became apparent that Oxfordshire was a preferred location, offering many beautiful villages and market towns all within a reasonable distance of London.
With the market becoming increasingly quiet, the Consultant made direct approaches to houses that they felt suited the client’s needs, whilst maintaining contact with all local agents. A property was sourced, with easy access to the M40 in Oxfordshire; a former rectory offering a separate two bedroom cottage, large gardens and light and well proportioned interiors. Although in need of some redecoration, the property was a clear favourite and a verbal offer was initially made.
The house was attracting a lot of attention, even on its first day of marketing. The client’s were happy to stick to their verbal offer of the asking price £2.35M, which when formalised was rejected. The Consultant advised the client that as the property had just come to the market it would be beneficial to see if more viewings occurred and let the situation evolve. This strategy allowed the Consultant to gauge the vendor’s and other parties’ sentiment. In close contact with the agents the Consultant discovered the vendor was keen to secure a deal. With a competing offer of £2.4M which was raised to £2.55M, the Consultant advised the client that it was now the time to strike, an offer was put in at £2.6M to which the other party raised their offer to £2.65M. In order to break the pattern of £50,000 increments Garrington advised that an offer of £2.75M should be put forward to avoid having to offer £2.8M.
The strategy proved successful and the offer was accepted and the property secured!
Despite the breadth of the search area, the specific requirements and lack of stock on the market made opportunities hard to come by. Using representation enabled the client to see properties as soon as they came to market and have access to those that aren’t.
The popularity of the chosen property meant that a bidding war was inevitable. By using Garrington’s expertise and negotiation skills, the overspend was limited and the deal secured successfully.