What should I Offer

g20egg

Hi,

I have viewed a property and me and my partner are planning on putting in an offer tomorrow.

We are unsure of what to Offer??

Property is on the Market for £180k

One house around the corner has just sold for £168k (although no extension and bad condition inside)

The house in question was brought for £168k in 2006 and has scince had an extension and been renavated throughout.

Other houses in the area are on the market for £180-£190k, simlar design.

Ideas on starting offers, i do not want to annoy the vendors with a low offer as i know they have spent a lot of money on the property.

Thanks

Gregg

splurgegun

how big is the extension? what renovations have been carried out?

a new bathroom would only add a grand or two to the value, a new kitchen maybe 5-10k, depending on the quality and what appliances are included.

general painting and decorating doesn't add value, its all part of owning a property, routine maintenance and upkeep

Gromitt

tbh, I'd probably start @ 165 and expect to get it for 170 if I really liked the property, but of course I don't know your budget, what needs spending, etc.

splurgegun wrote: »

general painting and decorating doesn't add value, its all part of owning a property, routine maintenance and upkeep

But poor painting and decorating (or none in the last 20 years or so) can knock thousands off what people will offer.

mandi

It all depends on your position g20egg.

Are you a FTB ? or do you have to sell to proceed ? if so how long is the chain .

If your in a position to offer as in you can proceed with the sale now I would suggest an opening offer of £175 k slightly less if you are a FTB but be open minded about increasing to nearer the asking price .

g20egg

The Exension is quite small on the front of the house adding around 3m2 to the living room.

The whole house has been re plastered and spotlights throughout the property.

Bathroom has been refitted

Kitchen has been refitted to a high standard

Boiler replaced 3 years ago

Fuse Box replaced 3 years ago

We are first time buyers and there is no chain above.

Rudess

g20egg wrote: »

Hi,

I have viewed a property and me and my partner are planning on putting in an offer tomorrow.

We are unsure of what to Offer??

Property is on the Market for £180k

One house around the corner has just sold for £168k (although no extension and bad condition inside)

The house in question was brought for £168k in 2006 and has scince had an extension and been renavated throughout.

Other houses in the area are on the market for £180-£190k, simlar design.

Ideas on starting offers, i do not want to annoy the vendors with a low offer as i know they have spent a lot of money on the property.

Thanks

Gregg

Always offer 10% less than the asking price. In the worst case they will say no, in the best case you will get a better price than the asking one.

richardw

g20egg wrote: »

Property is on the Market for £180k

One house around the corner has just sold for £168k (although no extension and bad condition inside)

The EA and the Vendor know about the house that went for £168k, so they are expecting offers that compare to this.

So add a bit on for

the extension and

the better condition inside.

COLOURBOUNCE

Are you in an area of falling prices ? I would take a real punt here if you are. There is a reason why this has been put on at this price and do you know why there is no chain above ? Lots of things come in play, how long on the market for this one and the others at £180-190 ?

Gromitt

Whatever you offer, remember that if they accept your first offer, could you have got it cheaper?

You can't reduce your offer once made (unless its subject to survey and you and the vendor agree on a discount due to that survey), but you can always increase.

steve1980

What is the house worth to you?

I just don't understand why you would ask complete strangers about how much you should spend on a house. No one knows where it is, what you're budget is, and no one on here has viewed it.

Only you can decide what to offer. Don't listen to people that say "offer 10% below the asking price", offer what YOU want to offer.

Rudess

Don't listen to people that say "offer 10% below the asking price", offer what YOU want to offer.

of course he should and people should learn how to bargain in this country and not to offer close to asking price, as it is always inflated by 10% of what the vendor expects to achieve.