FTB i n Manchester - What to offer?

dkps_2000 wrote:

if anyone has any ideas, what my opening offer should be?

180K

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Hi I am from Manchester myself and once lived in the old tobacco factory (before family!). From my perspective city centre apartments in Manchester do tend to hold their value, but with an increasing number being built it is only a matter of time before supply outstrips demand. That said, if it is beneficial to your lifestyle and convenient to you I wouldnt say it is bad value for money. How close to the actual city centre is it? Can you link the property for us to have a look at?

There is a guide to property negotiations for first time buyers which is a sticky at the top of the board, it is authored by AndrewSmith but the actual thread started off by doozergirl. Have a look through that and if you are still not confident ask your mortgage advisor to put the offer in for you

MM

Ah right, well if you are talking about didsbury then you have no worries. didsbury is a well thought of area and is popular with young and old alike due to the proximity to manchester and the local facilities. There are some nice apartments in didsbury I recently mortgaged one for my cousin and her boyfriend. I don't think your apartment will lose value or appeal as there isnt so much building going on in didsbury at the moment, and that type of apartment will appeal to many young professionals of which there are lots in Manchester.

The apartment itself looks smart and modern, very nice indeed and I see you will have parking as well. If I was offering on that I would put in an initial offer of £206,000 and work upwards if necessary.

Do you know how long its been on the market and the positon of the sellers

Hello DKPS

I was wondering if you were factoring in a rise of interest rates of between 1 and 2 % . A friend of mine has just bought his house and I was talking to him in general about interest rates . When I tried to explain to him that this sort of a rise would leave him ZERO for other expenses he just looked at me and shrugged his shoulders

In my humble opinion house prices might drop 40% over the next 4 - 5 years and if I am correct that could lose you 80K. If you can afford not to rush why not wait 6 months and see what happens . I was in negative equity from the age of 19 - 27 and its not nice , it means you can't go up the ladders very easily if your already maxed out on your mortgage . (family on the way etc etc?) Good luck .. sorry to be negative

Hi DKPS

I've had many a good night out in didsbury fond memories before I had to leave to home turf to live in lancashire. There is a great tapas bar but I cant remember what its called - ever been?

When you put your offer in, just put it in, the estate agents are likely to try and play games and says there have been other offers to push you upwards. Sometimes there will geniunely have been another offer, sometimes not. Make your second offer final...don't say anything about room sizes etc or you will find yourself waffling, just put the offer in and wait.

It would be a good idea if your mortgage broker (if you have one) did this for you, most good brokers are happy to take the reins from their clients at this stage and it tends to work for a variety of reasons, although sometimes the EA will like to hear from you also. If they ask for an agreement in principle to be faxed make sure you blank out the max borrowing if its on it or they will use it to push price up.

Best of luck, I hope you get it