How much to offer on a dream house outside our budget?

tootsmyboots

Hi - only dreaming at the moment as we are waiting for two properties to sell - one just on the market (my probate sale) and one going on next week.

We have seen a dream house some way above our probable budget (we also have a substantial deposit and will be keeping a much smaller mortgage than we have now). Our final budget depends on the prices we get for our sales.

The dream house is on at £470 - was on the market for most of last year at about 100K more than this new price. It has never been sold in the years where property prices are available to see. What would be a reasonable price to get it for? And what would be a reasonable first offer?

All this is just me dreaming for now, but I know it would be my other half's dream house and I am quite keen too. We have been looking at houses within our budget and this one falls just a bit too far above at the guide price. I think we will probably go for one within our budget, but just wondered. To be honest I would rather not be in this position at all, given the circumstances around which I have inherited a property, but we are upsizing to our more permanant (children to grow up in) home.

Thanks.
TMB

theartfullodger

How much to offer on a dream house outside our budget?

£365.3k

Cheers!

Lodger

stolt

hi, we were in a similar situation as this. We loved a house back in 2007 and it was on the market at £475k and upto 2009 it hadnt dropped at all. The EA said he didnt think they were bothered abut moving. We went to view the house and loved it still. offered £408k rejected, vendors wanted 425k. offered 413k and the EA said nearly there i think they will take 420k. I offered 418,600k and it was finally accepted and we will own the house on the 28th of this month.

I guess it al depends on how motivated on selling and they have dropped the price already since last year so it may be they cant take any further hit. You dont say how much you can afford?

tootsmyboots

Our final budget depends on how much we get for our sales (and indeed how long it may take to sell them in these difficult times!). We are in no rush right now and are just waiting to see what (if any) offers we get. We are looking at 4 bedroomed houses - which are not seeing much movement round our way. It seems a good time to upsize while prices are lower and we have taken a realistic view of what we would get for ours too. The FTB houses seem to be going SSTC though. So if and when we sell there are quite a few to pick from. We are looking at 300-400k depending on how much work needs doing. So if somewhere needs nothing much doing to it we would pay more and if somewhere needed lots of decoration / new kitchen or bathroom we would look at a lower priced property if you see what I mean. We have seen details and driven past the ones we like the look of and this one house is so lovely, but on for too much as it stands. If we could get it for 400 or less it would bring it into our budget. Just dreaming at the moment.

shirlgirl2004

Personally I think it unlikely that you'd get it for £400. However once you've got good offers on both properties then you'll be in a better position so depending how long that takes it would be worth a go.

Good luck and there's nothing wrong with dreaming.

geoffky

375k is about right..

Gwhiz

TBH I would not entertain any offers from someone who could not proceed with a purchase until their property sold and had only just put the property on the market.

davsidipp

if some one offered 375 i would tell them to do one .what you offer depends on areas i live in south east london and houses are still reaching fair prices at the moment.also houses are selling pretty quick at the moment so hope to get mine on soon,if someone put an offer in like that they can dream on sorry to sound rude but i think its rude to offer 100 grand under value unless it was not worth that in the first place.

tootsmyboots

Thanks for replies. I am not viewing any properties until we are procedable, let alone making offers. I was just wondering. I'm not a rude person in any sense of the word and would never plan to insult or offend anyone, I was just asking advice on a house price above our possible budget as the estate agent told us to take the details on it when we asked for houses within our budget (which they gave us plenty of as well as there are a lot of 4 bedroomed houses sitting on the market here).

Gwhiz

tootsmyboots wrote: »

I am not viewing any properties until we are procedable, let alone making offers.

In that case ask us the same question when you are in a position to proceed! If you can't sell yours for 12 months it's all academic as the market will have changed!

tootsmyboots

My apologies for asking. I thought I had explained in my first post that I wasnt in a position to procede and was just wondering at the moment, but I cant have expressed myself properly, again apologies. I was just wondering how asking prices related to offer prices at this stage and thought it was a good place to ask. I wont post a similar question again unless we have sold.