Not sure what to offer for a flat

seabass

I am currently looking to get onto the property ladder, I have seen a flat that I like for £110k on right move. I have about £10k deposit saved (taken a while) and could get access to the addition £1k if I need it.

I have heard most people usually offer less, so was thinking of offering £100k for it, would this be resonable offer or likely to get laughed at for being too low, or should I offer even less, I have no idea.

Also I am looking at applying for new jobs at the moment, would it be advisable to get the mortgage in place before I change jobs? I know a lot of places seem to ask if you have been with your current employer for over 6 months.

hazyjo

Have you done any 'homework' as to current prices? If the flat was up for £150k, would you be offering £140k? Check what others have sold for and what others are up for, and decide if you think it's the higher or lower end of the market.

Also see how long it's been on the market, and whether it's had any price drops/change of agents along the way.

If you decide £110k is a fair enough price and it hasn't just come on the market, I'd be tempted to go in at something like £101,500. I'd not want to go over £105k at the most so go up in small increments. I'm presuming it doesn't say 'fixed price' or 'offers over' or anything...

A lot depends on how long it's sat on the market and whether the price has already been dropped, plus how other flats compare.

Don't sort your mortgage out then change jobs (unless you're going to tell the mortgage company, but probably not worth the hassle). I'd do it before (risky as some will want you in 3-6 months' continuous employment first - not all, mind), or change jobs once you've completed on a purchase.

My opinions, anyway...

Jx

PasturesNew

It sounds to me like you need to wait another year at least. Change your job, get established there, keep savings, look in a year's time. House prices aren't going to be rocketing, you won't miss out.

thewinkshow

buyers market, prices are falling, sellers reducing their prices, lack of FTB,
you have deposit. cuts coming next year will depress things more


with the above in mind I would be going in 10-15% under to offset against the coming falls.

also its a flat, so I would definatley offer less, without seeing it I can say most of the time they are overpriced especially the new builds