Have I paid too much?

clg86

How long has the property been on the market?
Has there been any other interest do you know?

We were FTB, had a home buyers survey done which wasn't worth the money we paid for it. We have moved in and already had to spend £1000's on work that wasn't brought up on the survey.

I love our house even though we've had to pay on things we planned on budgeting for months down the line, but from experience, I would always get individual quotes from electricions, plumbers, plasterers, damp proof etc

Eric1

dreamalive wrote: »

We only had a basic valuation/survey done it said that houses of this type are valued between £120,000 - £140,000.

I'd ignore this completely.
In fact, it was you who set a new benchmark for the area by agreeing to pay £130,000. The surveyor simply says that as long as you borrow less than £120,000, your mortgage lender is reasonably safe.

john_white

Every property 'requires maintenance' upgrade is subjective and repair is accepted. Just 'cos the electrics are olddoesn't mean they have to be replaced.

poppy10_2

lilac_lady wrote: »

If you really love the house then you've not paid to much for it.

Precisely the kind of girlie thinking that got us into this mess.

No matter how much the OP likes the house, if its market value was significantly less than the purchase price, then he has overpaid. He paid £10k over his initial offer, and ended up negotiating less than 4% off the asking price. Plus it sounds like they have done next to no research on the local market conditions or even done a proper survey on the house. This is the biggest purchase the OP will ever have made, to say 'if you like it just buy it, whatever the cost' is dangerously stupid.

betmunch

Your not going to pay for it if you can agree with the Vondor on how much you should pay. The vendor would not agree at 128K so I dont see theres a lot you can do if you've agreed at 130K is it really worth upsetting the Vendors over such a small amount.

I think a lot of people forget that it takes two parties to agree on these things and just because in general it is a buyers market it doesnt mean that the buyer can just decide what they want and everyone will go along with it.

Personally I would leave the price alone

poppysarah

Offer the lower end.
Point out the cost of rewiring and redec after. etc

Buyers are getting rarer...

jozbo

Perhaps you could have got it for less.
You tried, but the vendor wouldn't accept.
Negotiating down the price without good reason will aggrevate the vendor. But if you are concerned you should get some builders quotes and see how much the house is going to cost you, and try and reduce the price if those quotes are a surprise.

surreybased

How many houses did you see beforehand your offer? Go back to see the house and review what work you need to do and consider a full survey. A full survey is likely to be cheaper than the cost of a new sofa.

If you haven't exchanged then take some time to think this through.

Jackinbox99

Sounds to me like you got a bargain.

Squish_21

Only you can decide if its worth the hassle of re-negotiating at this late stage. It may be worth a try, least you can say you tried then!

Do you think the sellers are able to accept less? i.e have they lived there many many year or bought within the last few years? Obviously this can only give a rought guesstimate.