Help me buy this house, please

sunshinetours

Catatonia wrote: »

The £285k one was similarly sized. But it was much, much nicer in terms of character, period features, decor. And it's not in the same street, but a few streets away in a better location. I don't think it's set the baseline, but rather the top price.

Similarly, the one which is the same size but on for £220k is not as nice as the one I'm talking about, and not as good location (again, a few streets away).

So, surely the value of the one I'm talking about is somewhere in between £285k and £220k, rather than £285k?

No its worth what someone will pay for it unfortunately. you don;t set that and seller doesn't set that, the whole market (locally) does

As you have been advised already set your own final highest price you wish to pay (its either a forever house or its not, and if it is, £5k or so really won't make any difference over 25 years?)

I know this is a money saving site but I think some people lose the plot when it comes to buying a new home, especially if they have a small search area where not many houses come up for example

sonastin

£285k has set the top price from your perspective, baseline from the vendors perspective. They might see that the period features etc are a plus point, or they might consider them to make the property old-fashioned and in need of more updating than their house. Until you can see things through their eyes, you're blind in this negotiation unfortunately. If you can talk to them on their wavelength, you stand a better chance of bringing them round to seeing it from your point of view.

Catatonia

That makes sense, sonastin.

Theirs needs much more updating. I know sellers will always big up their own house but I can't see how they could possibly think it's better than the other one. I guess people are funny though.

The EA says they have found a house to buy and so are open to 'reasonable offers' so I will speak to them after my other viewings on the weekend to find out what that means.

Jowo_2

Catatonia wrote: »

The £285k one was similarly sized. But it was much, much nicer in terms of character, period features, decor. And it's not in the same street, but a few streets away in a better location. I don't think it's set the baseline, but rather the top price.

To you, its set a top price, to the sellers of the property you are interested in, it may have set their baseline as they have decided to ignore all the factors that made the other property attractive to buyers. In other words, I agree buyers are funny.

Perhaps other buyers in the local area won't have much information available that makes it clear that these properties are of a different standard, they’ll just be aware that a house of that approx size in that approx area go quickly at 285k.

Catatonia wrote: »

The £285k one was similarly sized. But it was much, much nicer in terms of character, period features, decor. And it's not in the same street, but a few streets away in a better location. I don't think it's set the baseline, but rather the top price.

Catatonia wrote: »

Similarly, the one which is the same size but on for £220k is not as nice as the one I'm talking about, and not as good location (again, a few streets away).

So, surely the value of the one I'm talking about is somewhere in between £285k and £220k, rather than £285k?

Not sure why you have chosen the bottom scale of the valuation of your desired property at 220k when you’ve just indicated that this valuation belongs to a property of a comparable size but of a lower standard and poorer location, plus you previously indicated that three bed semis of a similar age are on the market for £230-250k whereas the one you are interested in has been extended to 4 bedrooms with a double storey extension.
So perhaps the value of the one you are talking about is somewhere in the region of 250k to 285k?

Catatonia

Thanks Jowo, I understand your point now. I use £220k as a starting point as that is for a house of the same size. 'My' house is in a better location and more attractive. The £285k one is in a better location than 'my' house and more attractive than that house. I.e., in terms of location and quality, 'my' house is somewhere in the middle of the two (but further towards the pricier one) so the value should be between the two. If that makes sense?

I think you're right that it's value is probably between £250-285k. So I guess although from my pov, I think £266 is a very fair price (as it's slap bang in the middle of that range), they are hoping for the higher end. I just would have thought that several months on the market would have lowered their expectations a bit!

Catatonia

In case anyone is interested, I have moved on from this property, but I've noticed that it's still on, now with two EAs, and offering a £1k buyer's incentive.

It seems like they are indeed hanging on for the asking price!