What to offer

Janierog

Hello all, This is my first post - I am hoping for some advice. I went to view a house today that ticked almost all our boxes in terms of location - near to work - outside space etc - It has been on the market for well over a year and has been reduced over that time by 50k to now priced at 400k - We would need to modernize it - put in a en suite - update the kitchen and bathroom etc - it is in excellent condition but a bit dated. I know the vendors are looking to downsize - I don,t want to insult them with too low a offer -We have no house to sell and have 200k deposit - what are your thoughts re: a reasonable offer? Thanks

bluedrop

Link to the property please....

Do some research on mouseprice to get an idea of what was paid for houses in that street....then decide on a price tht you re happy to pay....take the work needed into consideration....

No offer is too low in my opinion, offer just tells the vendors wht YOU think the house is worth...so don't worry, just be confident and put in your offer...

more_money_for_me

As has been said, do some research of sold house prices in your area. I would then personally start £20k below the maximum I want to pay on a house of this value, so for example 360 if I felt max was 380. Make a first offer, they will almost certainly reject it, increase it by £5k, and they will likely reject, then ask the estate agent to let you know what the vendor is looking for, they will say for example £390, put in a final offer of £377500, which is half way between your previous offer and what they want. Then leave it.
There is no right way, this is just the way I went with a purchase recently. I am happy with the price and clearly the vendors are happy too. It just depends how much they want to sell, and of course how easily you could find another property that compares.
Someone else will be along shortly to say offer lower, or do it differently, and thats just it, there is no right answer. Good luck.

Janierog

Thanks for your replies

Sorry I didn't attach the link - The site stated as a new user I could not - even though I am now registered ! The house is on "right move " at 399,950 k in the HD3 area - agent Simon Blythe -


Just one other question - if the ad states "Offers over £399,950" In your experience does that really alter what you should be offering ?

The house has been on the market well over a year with a couple of different agents and has reduced by around 50 k from when it was first listed.


A quick research on line has shown other properties in the area that are of simaler size/ bedrooms that vary from 300k - 375k but the garden on this property is much bigger than the others - which would be a definite asset with a 20 month old GSD !!

Again many thanks for your replies.

GDB2222

http://www.rightmove.co.uk/property-for-sale/property-37027241.html?premiumA=true

You really need to value the house by reference to what has sold, rather than what is on the market. Unless there is development potential, a larger than average garden does not add a great deal to the value of a house.

Out of interest, have you looked at this one? http://www.rightmove.co.uk/property-for-sale/property-34052399.html?premiumA=true

Janierog

Thanks GDB - Yes I have seen the link you posted - The first link was in a more suitable area for me.

I have tried looking for sold properties but couldn,t really compare them - there hasn,t been a property sold on that road for the last 10 years - I will take a look at nearby areas to compare - the only problem I have found that even within less than a mile the area can hugely affect the house value - If I could pick that house up and plonk it less than a mile away it would decrease in value - I guess I should just make my mind up and quit dithering

GDB2222

Janierog wrote: »

Thanks GDB - Yes I have seen the link you posted - The first link was in a more suitable area for me.

I have tried looking for sold properties but couldn,t really compare them - there hasn,t been a property sold on that road for the last 10 years - I will take a look at nearby areas to compare - the only problem I have found that even within less than a mile the area can hugely affect the house value - If I could pick that house up and plonk it less than a mile away it would decrease in value - I guess I should just make my mind up and quit dithering

I don't know the area, but I can see lots of houses within 1/2 mile that sold for more like £100k than £400k.

Is this one comparable at all? http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=21620183&sale=43851860&country=england

GDB2222

http://www.rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=POSTCODE%5E369774&searchLocation=HD3+3AL&outcode=HD3&incode=3AL&radius=0.25&year=7&originalIncode=3AL

122 properties sold within the last 7 years within 1/4 mile of the one you are interested in.

Janierog

Hi

That's why I am finding it hard to compare - there are a few streets/ roads that are considered more prestigeous - generally the older house with bigger gardens - the link you showed in your last post is absolutely comparable - in fact it is minutes away from the property I am looking at - hmmmm I actually would have preferred that one I think !!!!

Janierog

Actually I have just looked again at the link - the house is much more modern - has loads more to offer - wouldn't think twice about offering 400k for that one if it was on the Market!!! It is just around the corner from the other too.

Making me think twice now !

GDB2222

I'd just be a little concerned about buying the best road in the area. Is the area as a whole coming up or going down?