how much to offer

staltimm

thanks everyone.... I am kind of inclined to believing Emmzi's statement....

I did offer a 16%-18% low on 2 properties earlier and the agents said seller will say a NO and asked me go for a better price... i stayed put and the answer was indeed NO..... it was early on in my house hunting experience and I do not regret not having raised the price for those properties as thinking back, i dont think i would have enjoyed living there

the current property - i had this feeling when i viewed the property that i will be happy coming home to this house after work or after a holiday and so do not want to lose out for the only reason being an unrealistic offer from me (though i am in no rush to buy a house immediately)

will spend some more time on all the other useful sites suggested here and see where i go with my offer

staltimm

also... any advice on how much extra value does extra garden space add to a house will be greatly appreciated

the reason is, a very similar property sold for 205k recently... but did have a 80 ft garden as compared to the 40 ft garden space in this one..... it had a detached garage but this one has conservatory.... so for a comparison, what value does an extra 40 feet garden space means to a terraced house?

hazyjo

A lot depends on who's buying it! An 80'+ garden would actually put me off. 40' would be about right. Some families might write off the 40' one against 80'.

Jx

WelshNic

Extra garden space would be nominal TBH and may even put some people off, I wouldn't stress too much about that - a detached garage definitely adds value whereas conservatories are a bit like marmite.

brit1234

ukcarper wrote: »

I'd like a link to selling prices are 33% less than asking prices.

How about one saying its 45% today from the BBC

BBC
Rightmove, the estate agency website that claims to advertise 90% of all homes for sale in the UK, says current asking prices across the country average £236,597.

Selling prices, however, are much lower. The average house price is currently £203,528 (DCLG), £168,205 (Nationwide) or £163,049 (Halifax).

Depending on which survey you favour, this gap could be as much as a whopping 45%.

http://www.bbc.co.uk/news/business-14020457

PS Land registry selling averages are around £160K as well.

sarahevie

I live in a 30s semi with a 40ft garden and it is ideal for my toddler aged children. It also feels proportionate to the size of the house (3 bed).

For me a conservatory would add more than an 80ft garden but it depends. If it was a huge house I would expect a big garden to match.

martinthebandit

Just remember it is a lot easier to increase your offer than it is to lower it, go in low and see what happens :-P

devotee

And it also depends on the condition of the house, if it was a desperate seller, repossession, probate etc. The sold one could have had serious issues which were deducted from the price, everything needed doing to it and so on. Sold prices are there to give you a rough guide but we never know the whole picture.
As a rule, more sq ft of living area, more decent size bedrooms and better condition will guarantee a better price.
If you really like the house and see yourself living in it and being happy then maybe offer around £225-230k and see if you get a counter offer. I agree with Emmzi, it's not about a deal but getting a good home.

devotee

brit1234 wrote: »

How about one saying its 45% today from the BBC

http://www.bbc.co.uk/news/business-14020457

PS Land registry selling averages are around £160K as well.

Ok if the selling prices are that low so how come you still haven't bought that house you wanted for £160k?

toocan

Id try and do as much research on the seller as possible. Ask them where they are going? why they are selling? where they work? has a job loss forced a sale? Search houseprices.co.uk see if you can see when the seller bought the house and what for.. If theve bought the house recently their is a good chance that they wouldnt be able to accept a 'low ball' offer as they dont have that much equity in their house.

Id try not to get to wrapped up into looking at a house as a financial investment I sat back for 3 or 4 years waiting for houses prices to drop "30% as predicted" but in the areas I was looking it never happened.. If anything the opposite and consequently Ive missed out on some lovely homes.

My advice would be if you like it, can comfortably afford it then make a sensible and fair offer based on recently sold prices in that area.

All the best and good luck with it