How to negotiate on the asking price

Buying at the right price is top priority in the property game and making an offer is often one of the most nerve-racking stages when youre hoping to buy a new home. Unless youre lucky enough to get an immediate acceptance, chances are that youll have to brush up on your negotiation skills to get the best deal you can.

Stay stress-free throughout the offer stage with our smart guide to negotiation:

1. Decide on your budget

   Know exactly what you can afford to spend before you start the negotiation proceedings- you can set the level of your first offer appropriately and you wont get tempted to pay more than you can afford in a bidding war

2. Get a valuation report

   Negotiate on the asking price using a valuation report from property market experts Hometrack. You will get an immediate value on how much a property is worth and other vital facts about the local market. Armed with this, you may be able to convince the vendor that their price is too high and that a lower offer is more realistic

3. Check property prices

   Use data from the Land Registry to see how much similar property in the area has sold for. If the house you love seems priced over the odds, back up your lower offer with similar recent sale prices. If its in black and white, a vendor will be more likely to think more seriously about your offer

4. Know the market

   Find out exactly whats going on in your area so you know whether your offer stands a chance of being accepted. Are properties selling like hotcakes or are vendors vying for your attention? Consult property price trends and read up on market news before going ahead with your offer

5. Be prepared to barter

   Dont be shy about putting in a lower offer than the asking price. The vendor usually prices their property slightly higher to allow for this, so some flexibility is usually possible.

6. Dont be put off

   If your offer is rejected, it doesnt necessarily mean youre out of the running and immediately accepting the vendors counter offer could be premature. The offer process can often to and fro for a while before a final price is agreed

7. Check out the competition

   Try and find out if there are many people interested in the property. This can dictate the way negotiations go forward, or whether you might be gazumped when the vendor agrees your offer but later accepts a higher price from another buyer. Properties attracting a lot of attention may ask for a sealed bid, which could mean paying over the asking price. Meanwhile, keep your options open youre free to make simultaneous offers on different properties

8. Undercover work

   Use your amateur sleuth skills to try and find out what the vendors own situation is. If you know how long theyve had the property on the market, or if youre aware that theyre keen for a quick sale, it could change the way you approach making an offer and you may find out that theyre more open to lower prices than you first thought

9. Sell yourself

   Make it clear to the vendor or agent that youre serious about your offer, and tell them if youre in an advantageous position for example if youre not in a chain, want a quick sale or are only offering on one property. Even the smallest of details could swing the deal your way if youre up against buyers with more complicated situations

10.  Be realistic

    While its nice to get a bargain, if the price of the property seems reasonable, dont push your luck. You might just miss out if you go in too low with an offer, and it could put the vendors off dealing with you.