Whot to offer?

housebuyer?

Hi All,

I have been reading these pages everyday for the last 2 weeks so get the idea that now is not a good time to buy unless you can get a bargin.

We have seen a house we like, initally it was on the market for £300k (back in February) this was then dropped to £265K, they had an offer of £250k which was accepted but fell through. We went in with an offer of £235K which got refused, they wanted us to go to £245k, we refused saying we would only go to £242,500. This was before Alistair Darling spoke!

First thing on Monday morning the EA called and said they would accept £242,500 but by this time we had reconsidered and want to hold back. We are planning on going back to the EA and are thinking of explaining our situation again (FTB with a mortgage promise) but saying that due to the current situation and the fact that the house has be done up so there is no way to add value we would like to leave an offer of £225k on the table until we find somewhere else or they sell. Is this a reasonable offer or still too high?

We love this house and it is a one off so very difficult to find similar (a cottage in a small hamlet) but on the other hand we don't need to move, we live in rent and bill free accommodation and are saving.

Please can I have some advice??

Thanks!

Errata

Do you want it? Do you need it? Can you afford it? Do you see it as a financial investment or a home? If you can figure out why you want to buy a house then it's worth what it's worth TO YOU and nobody else.

pawpurrs

If you have been reading for the last few weeks you will know that most people here will advise you to wait.

They have allready told you what they will accept, its down to you to either agree a price at the price they have said they will accept or walk away.

Ask yourself if you will regret not buying it, if its a one off, would you be peed off if someone else beat you to it?

Or would you be happy to walk away, carry on saving and seeing how the market pans out?

Rent and bill free accomodation as opposed to a large mortgage and bills but a house you love, which would you prefer.

PS. Can I move in to this FREE accomadation?

bluejake

Errata wrote: »

Do you want it? Do you need it? Can you afford it? Do you see it as a financial investment or a home? If you can figure out why you want to buy a house then it's worth what it's worth TO YOU and nobody else.

This is crackers. Whether it is a home or an investment - and I would guess most people are buying a home - why pay more than you need to you. You would be buying not far off the top of the biggest house price bubble in history and will paying off the debt for decades.

What it is worth (and what it will be worth) to other people i.e the market value is what is important and not some notional made up value in your head. Use your brain as you would when buying anything other than a house and not emotional nonsense.