We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First time buyer in NW London - Help pls!
geekinheels
Posts: 7 Forumite
Hello there
My husband and I are first timer buyers. We have been renting in Brondesbury / Kilburn / Queens Park area. We like this area and so we are trying to buy a place around here. We found a place on Priory Park Road that we both really liked. The asking price is ~370k. 2 BR flat. Share of freehold. (South facing) private garden. Nice decorations with period features.
We just made our first offer at 332k, based on the general suggestion to offer below 5-10% of the asking price. The offer has been rejected and the EA suggested that he got the feeling the vendor would want 350k upwards at least.
However I just did a bit more research (and really kicking myself for not doing more research before the offer) and I feel like maybe even the first offer was too high? The research I did is as followed:
- The vendor purchased the property in April 1998 at £99k (so cheap!)
- If the property has not been renovated, the Nationwide property calculator suggest that the property should be worth about £269k today
- Problem is that I'm sure it has been renovated, but I have no idea how much money they have spent on the property.
- According to zoopla.com the property is estimated to be around £300k. If I estimate the revonation happened in early 2000s and costs about £15k, then it gives me a valuation range between £278k and £340k.
- mouseprice.com estimate the price of the property to be about £334
In addition to that
- The vendor is expecting their third child and so keen to sell quickly
- We are first time buyer with no chain and a decent deposit (25%+) and 1-month notice for renting.
Overall I feel like the real value of this property should be £340k max and given that the vendor is keen to sell and we're attractice buyers, we really shouldn't pay more than £335 for it. But since my first offer is already at 332 there might be too little negotiating room.
We've seen the place twice. The first time just me and the second time my husband who was so obviously so excited about the place, so I'm worried that the vendor might think that we really fell in love with the place (which we did, a bit, obviously, but not end of the world if we don't get it). Also the property hasn't been on the market for too long (only since Feb), so I wonder if the vendor feel like they can hold on for another month or two.
What's everyone's thoughts? What do you think is the real value of the flat? How much should I offer next? I've read lots of negotiation strategy etc on this forum and elsewhere, but when it comes to the real thing it's much appreciated to get second opinion, especially from experts! :A
Lots of thanks in advance
Geekinheels
My husband and I are first timer buyers. We have been renting in Brondesbury / Kilburn / Queens Park area. We like this area and so we are trying to buy a place around here. We found a place on Priory Park Road that we both really liked. The asking price is ~370k. 2 BR flat. Share of freehold. (South facing) private garden. Nice decorations with period features.
We just made our first offer at 332k, based on the general suggestion to offer below 5-10% of the asking price. The offer has been rejected and the EA suggested that he got the feeling the vendor would want 350k upwards at least.
However I just did a bit more research (and really kicking myself for not doing more research before the offer) and I feel like maybe even the first offer was too high? The research I did is as followed:
- The vendor purchased the property in April 1998 at £99k (so cheap!)
- If the property has not been renovated, the Nationwide property calculator suggest that the property should be worth about £269k today
- Problem is that I'm sure it has been renovated, but I have no idea how much money they have spent on the property.
- According to zoopla.com the property is estimated to be around £300k. If I estimate the revonation happened in early 2000s and costs about £15k, then it gives me a valuation range between £278k and £340k.
- mouseprice.com estimate the price of the property to be about £334
In addition to that
- The vendor is expecting their third child and so keen to sell quickly
- We are first time buyer with no chain and a decent deposit (25%+) and 1-month notice for renting.
Overall I feel like the real value of this property should be £340k max and given that the vendor is keen to sell and we're attractice buyers, we really shouldn't pay more than £335 for it. But since my first offer is already at 332 there might be too little negotiating room.
We've seen the place twice. The first time just me and the second time my husband who was so obviously so excited about the place, so I'm worried that the vendor might think that we really fell in love with the place (which we did, a bit, obviously, but not end of the world if we don't get it). Also the property hasn't been on the market for too long (only since Feb), so I wonder if the vendor feel like they can hold on for another month or two.
What's everyone's thoughts? What do you think is the real value of the flat? How much should I offer next? I've read lots of negotiation strategy etc on this forum and elsewhere, but when it comes to the real thing it's much appreciated to get second opinion, especially from experts! :A
Lots of thanks in advance
Geekinheels
0
Comments
-
Quote: What do you think is the real value of the flat?
Only the lender's valuer/surveyor will be able to answer that.............0 -
House prices there have fallen a lot in the past 2 years in that area if you look at houseprices.co.uk. What are comparable places selling for? How long has this place been on the market for? How many other flats have you seen in the area? There are a lot for sale on rightmove in that area for that price range.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.6K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.6K Work, Benefits & Business
- 600K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards