House price - how do you know what something is worth?

wiggly

thanks for that I've done some more research and I think £100k is a bit on the cheap side for this house, esp given what others have said about there being an increase this year still

If we could get it between 105 and 110 I'd be happy I think and we could afford the mortgage without any major change to our current situation

HammersFan

You also have to remember that the LL may not actually want to sell - hence he will keep the price strong. If you take the bait he will be happy (good price, so he sells), but if you walk away he might be happy too. So try not to get sucked in to paying over the odds.

wiggly

yeah thanks we've kinda come to the decision that we won't pay £115 for it, its just not worth it. If they want to play silly !!!!!!s then they can take the risk on their own

we now know at least what kind of money we can afford and so this saturday we're going to pop along to the local agents and see whats on their books, I think I've read the whole of rightmove.co.uk

I am a firm believer in things happen for a reason, I'm not about to get lost into "needing" this house

just need our LL to ring now with their ideas so keep your fingers crossed they use sense rather than greed and that I don't have to get my partner to pack his stuff up

Phirefly

wiggly wrote:

yeah thanks we've kinda come to the decision that we won't pay £115 for it, its just not worth it. If they want to play silly !!!!!!s then they can take the risk on their own

Good plan. Thats what we did. Our LL made noises about £145 but we were thinking nearer £136. We resolved not to offer over £140 no matter what happened and try not to get too emotional over it, and that approach worked for us in the end. If he wanted to be greedy and try his luck on the open market for more he was welcome, fortunately, he saw sense.

wiggly wrote:

I am a firm believer in things happen for a reason, I'm not about to get lost into "needing" this house

Couldn't agree more. When we were in the dark days of negotiations on our rented place (all 6 months of them) we made offers on other houses and things kept knocking us back. At the time it was very much 'why us' but now I'm so glad we didn't end up with any of those other houses. Either way, you'll be ok

wiggly

thanks phirefly we just won't go over £110, I think we're going to be cheeky and initially offer £100k and say we've done lots of our own research and valuations and take onboard maybe saying we spoke to the valuers when they came etc with a view of going above that but no higher than £110 ideally agreeing on £105

will let you know if it all goes tits up then it just wasn't meant to be

wiggly

meep!

the LL has said the average was £112k, that he'd sell it to us for £110k after taking into account lack of EA fees and lack of rental income, I've said we can afford £105k ideally, so he's off to chat to the wife but he doesn't think he can go that low

but it was worth a shot

thanks everyone for your support

Phirefly

You'll get it for £109 you will you WILL!!!! eeeeeeeeee!

wiggly

you reckon?

It's all a bit exciting I have to say

Phirefly

Yeah, and if not £110 is still a result for you, thats the price you had in mind, and to make yourself feel better about going over the £105k, do some calculations on the variation in monthly repayments and it won't make all that much difference.

If he's anything like our LL he'll keep you dangling. When he said he'd let us have it for 140, after we offered 136 there was loads of backwards and forwardsing before we all arrived at 139. Sit tight, fingers crossed for you!

wiggly

I can't sit tight I'm too much of a control freak

I would ideally like to meet in the middle, then I'd feel I got a fair deal all things considered but we'll see!