Put Your Money Where Your House Is III
Knock Down the Asking Price
Are you clued-up on the things that can devalue a property and help you knock money off an asking price? Put Your Money Where Your House Is star Melissa Porter takes you through the top 10.
1. Boundaries
"If the property doesn't have decent fencing or hedges and you think they'll need replacing or fixing, then negotiate a discount."
2. 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 either for skips to be delivered, or for a specialist rubbish removal company to visit."
3. Subsidence
"This could affect whether you are eligible for a mortgage, so check this fact before making an offer on a property with subsidence."
4. Soundproofing
"If you're considering buying a flat and you can 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 under the floorboards."
5. Old 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 and explain to the agent/vendor that the work may unearth hidden costs that you haven't been able to put any money aside for."
6. Original Plumbing and Electrics
"Surface-mounted electric cables and pipes could suggest that the entire property requires re-wiring 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 this job, you'll require a further discount off the selling price."
7. Old Windows
"Windows that are beyond repair may need replacing and this can prove to be a time-consuming and costly process. For example, dilapidated wooden sash windows can be restrung and renovated but this can be costly. Therefore, I would suggest negotiating a discount to reflect the required work. Also, windows that are completely out of character with a property may also need to be replaced: e.g. UPVC windows in a period house."
8. Overgrown Garden
"Landscaping and garden refuse removal and collection is not cheap. Explain this to the vendor/agent and negotiate a discount."
9. Damp Proof Problems
"Damp is often a word that strikes fear into potential homebuyers. The reality is that the situation can be resolved by getting a specialist damp-proofing company in to eliminate the problem. However, the cost can run into thousands of pounds so I would suggest negotiating a discount off the selling price."
10. Outdoor Swimming Pools
"Pools require cleaning and maintenance that could cost you up to £600 per year. The traditional British summer means that you might only get five days' use per year. It is worth taking this into account when negotiating."
For more advice, take a look at Viewing a House, What To Spot and Take a Good Look Inside.
"If the property doesn't have decent fencing or hedges and you think they'll need replacing or fixing, then negotiate a discount."
2. 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 either for skips to be delivered, or for a specialist rubbish removal company to visit."
3. Subsidence
"This could affect whether you are eligible for a mortgage, so check this fact before making an offer on a property with subsidence."
4. Soundproofing
"If you're considering buying a flat and you can 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 under the floorboards."
5. Old 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 and explain to the agent/vendor that the work may unearth hidden costs that you haven't been able to put any money aside for."
6. Original Plumbing and Electrics
"Surface-mounted electric cables and pipes could suggest that the entire property requires re-wiring 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 this job, you'll require a further discount off the selling price."
7. Old Windows
"Windows that are beyond repair may need replacing and this can prove to be a time-consuming and costly process. For example, dilapidated wooden sash windows can be restrung and renovated but this can be costly. Therefore, I would suggest negotiating a discount to reflect the required work. Also, windows that are completely out of character with a property may also need to be replaced: e.g. UPVC windows in a period house."
8. Overgrown Garden
"Landscaping and garden refuse removal and collection is not cheap. Explain this to the vendor/agent and negotiate a discount."
9. Damp Proof Problems
"Damp is often a word that strikes fear into potential homebuyers. The reality is that the situation can be resolved by getting a specialist damp-proofing company in to eliminate the problem. However, the cost can run into thousands of pounds so I would suggest negotiating a discount off the selling price."
10. Outdoor Swimming Pools
"Pools require cleaning and maintenance that could cost you up to £600 per year. The traditional British summer means that you might only get five days' use per year. It is worth taking this into account when negotiating."
For more advice, take a look at Viewing a House, What To Spot and Take a Good Look Inside.
When is it on?
- Put Your Money Where Your House Is is currently off air. Remind me when it is next on.
