Mortgages

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By Melissa Porter

Our home continues to be one of the biggest investments that most of us will make and it is here that I urge everyone considering a purchase to brush up on their haggling, bartering and negotiating skills. It's important to remember that the estate agent is working on behalf of the vendor therefore he doesn't have your best interests at heart. The more money the estate agent can persuade you to part with earns them a higher commission and ultimately will line the vendor's pockets.

The property market typically tends to slow down between the months of mid October until late January. Generally during this period, people are low on cash, having just overspent on summer holidays and Christmas festivities and the dreary weather means that properties aren't able to be shown at their best. For me this indicates a good time to buy as bargains may be had. Here are ten points that I look out for to enable me to negotiate a further discount off the selling price.

Boundaries
If the property doesn't have decent fencing or hedges, and in your opinion will need replacing/fixing then negotiate a discount off the selling price. Us Brits tend to be terribly polite and prefer to have established boundaries so as to avoid any possible conflict with neighbours.

Rubbish
If the house requires complete refurbishment or is being sold by probate it may contain furniture from the previous occupant. Negotiate a discount off the selling price based on the fact that you will have to arrange for either skips or a specialist rubbish removal company.

Subsidence
This could affect whether you are eligible for a mortgage on a property so before making an offer on a property with subsidence check this fact. More often than not the costs for rectifying subsidence will be covered by the insurance company although negotiating a discount off the selling price would cover the costs for your time in resolving the matter to your complete satisfaction.

Soundproofing
If you're considering buying a flat and are able to hear your potential new neighbours either above or below, consider requesting a discount off the selling price to allow for sound proofing to be laid underneath the floorboards. We all need our privacy!

Prehistoric fixtures and fittings
Although the estate agent should have adjusted the selling price to take into account the required renovations I would suggest negotiating a discount off the selling price and explain to the agent/vendor that ALL the demolition work may unearth hidden costs that you haven't been able to put any money aside for.

Original plumbing and electrics
Surface mounted electric cables and pipes could suggest that the entire property requires rewiring and re plumbing which may also include the installation of a new central heating system. Explain to the agent/vendor that in order to carry out a top-notch job you'll require a further discount off the selling price.

Old windows
Windows that are beyond repair may need replacement and can be a time consuming and costly process. A property that has been fitted with windows that are completely out of character may also require replacing e.g. a period property with UPVC windows. On occasions wooden sash windows may be restrung and renovated but this is also a costly and time-consuming process and I would suggest negotiating a discount of the selling price to reflect the required work.

Overgrown garden
Landscaping and garden refuse removal and collection is not a cheap business. Explain this to the vendor/agent and negotiate a discount off the selling price.

Damp proof problems
Damp is often a word that strikes fear into any potential homebuyers. The reality is that the situation can be resolved by getting a specialist damp proof company in to eliminate the problem. The cost could run into thousands of pounds so I would suggest negotiating a discount off the selling price.

Outdoor swimming pools
Swimming pools require cleaning and maintenance that could cost up to £600 per year. The traditional British summer means that you'll probably only get 5 days use per year and open water poses a safety threat to young children.