Trying to work out how much to offer ...

Made_Without

Seen two flats in the same block (converted large house - 6 flats in total) in Hillingdon

1st. last sold in March 2004 for 245k
2nd. last sold in Feb 2004 for 192k

Both are in good condition ( not that there has been more work done on them since purchase)

1st is on sale for 325k the 2nd 399,999

Any tips on indexes to use to work out a fair price?
I'm happy for the owners to make a profit on what they bought the property for; but don't want to pay through the roof (no pun intended)

C*F

cattie

Chocolate*fish wrote: »

I'm happy for the owners to make a profit on what they bought the property for; C*F

Well I must say, that's uncommonly kind of you. :rotfl::rotfl::rotfl:

Sorry, I couldn't resist.:p

Made_Without

LoL :rotfl::rotfl:

Just realised how silly that sounds! I didn't mean it with ill intention

I just do not want to pay more than its worth - I have heard even the EAs saying how some people have too high expectations for their property.

I guess in buying / selling you aim for the middle ground, but perhaps it doesn't exist!

C*F

mark5

are the flats the same size and layout?

Made_Without

Nope 1 is - the smaller one of the two

1: 69.48 sqm

2: on two floors - 69.58 sqm + 43.30 sqm


C*F

insanojackson

£399,999 for a flat, makes me feel lucky to live in the north east. Property prices a lot lot lower. Currently in process of buying a large 4 bed detached for 167k.

spatnummad

[FONT=&quot]Very good Elpie. Thanks for the smile. I think the Open Source is my favorite, but all the others are so good also.

[/FONT]

delmar39

You're not in control of how much profit people make! You have to work on the basis that the average of three valuations = the sale price of the house (unless they've put them on for slightly more). You could go in at 10% below the asking price, but that's a lot off at that price.

Someone put a silly first offer in with us, which just wasted everyone's time, as it then took us a week to finally get them to a figure we'd accept. You could ask the estate agent whether they have a figure they are looking for (doubt they'll give you this until you start to make offers) or if the vendor is showing you around on viewings you could ask them whether they are prepared to negotiate at all, that way you'll get a feeling for what they may or may not accept i.e. asking price or lower.

Also, what position are you in. You'll need good reasons for any offers way below the asking price i.e. no chain, cash buyer etc etc.

LilacPixie

simle question. What is each flat worth to you??

delmar39

LilacPixie wrote: »

simle question. What is each flat worth to you??

I think you have to look at this from both sides - what is the flat worth to the buyer and what does the seller need to achieve. If the two are different then a deal will never be done and it's time to start looking elsewhere. First offers rarely reflect what someone will eventually pay, so it's important to have your benchmark figure in mind based on what you're prepared to or can afford to pay. Only experienced and legit Estate Agents can put a true value on what a property is worth in the current market and your gut feel is normally correct. The rest is down to how much you want it and what you are prepared to pay for it.