How do you work out what to offer

keeleyuk

I have seen a house that I would like to put an offer on. From the other houses on the road it seems a little bit over the asking price of the other houses but it has a bigger garden. The house is really outdated though. Really old kitchen, bathroom, old fitted cabinets in bedrooms. No double glazing. Everything would have to be redone. The asking price is 175,000. I think that a fair offer would be 155,000. I don't know why I have come to this conclusion but don't feel I would pay any more. I have heard that people knock around 10% off without works needing doing?

Can anyone help.

cattie

You won't know untill you make the offer. If it's refused & you really want the house then you can increase your offer.

Often houses that need a lot of work & updating get a lot of interest & can fetch the asking price.

I don't know about people knocking 10% off asking prices, but I've never been willing or had to knock more than £5k off asking price of properties I've sold. Thats in London mind where the market has been healthy for some time. I'm intending on selling next year & it'll still be the 5k limit for me.

bs0u0128

i always go with what my gut tells me the place is worth to me, ignore the asking, then try that, they can only say no and its a good starting point to start from, or they surprise you, say yes, and on you go if your mind is saying 155 id go with that first, and decide whats the max u would go to before you just think its not worth anymore

you never know just how desperate/nondesperate they are to offload

abaxas

I'll have to agree with everyone here!

Define your MAX price and do NOT go over it.

Offer 10% less then asking then move up to MAX price.

If you get it great, if not move on. Plenty more fish in the sea.

uglybug

On the flip side, when we sold our house our agent was very keen on pricing it for exactly what it was worth. We priced ourselves £10k below everything else on the street and sold 1.5 weeks later for full asking price. We would not have accepted anything below. I hate all this haggling as all it ends up with is people deliberately asking over the odds knowing that they then have a haggling buffer.