FTB Advice

Jwooly

Hi everyone,

We've finally found the house we want to buy, it's on a big estate which was built in 2005/6. It's priced at £164k, and has been on the market since the start of April. The owners bought it brand new for £178k in 2005.

There's another almost identical house for sale on the same estate for £165k (bought for £168k in 2006, on the market since January, reduced from £170k). In April 2011 another identical house on the estate sold for £155k.

Our max budget is £155k.

Firstly, how would you recommend we go about getting the property for the lowest possible price?

Secondly, thinking ahead, what sort of survey would you recommend for a 7 year old house? Would a homebuyers report even be necessary for a house this old, which would still be covered by the manufacturers warranty?

Thanks for your advice!

nick_

First of all - well done in finding a house.

There isn't really a magical formula i'm afraid to say, it really is what the vendor is willing to accept (and this is subject to a whole host of factors). The property hasn't been on the market for that long so that doesn't really work in your favour.

If it was me i would go in with an offer of £155k, purely on the basis that a similar property went on the estate for that price within the last 12 months (assuming it was a very similar spec). Perhaps pop in to the EA rather than ringing so that you can better explain the rationale behind the offer?

At least then you have a starting platform for subsequent negotiations. At the end of the day though, the house is only "worth" what you're prepared to pay for it....

geoffky

Go 145k then wait and wait....its a game of who blinks first....then 1k increases saying that is the max you can go ect ect..Also tell them you know one has sold for 155k and was better than theirs...its a game! Do you feel lucky and cheeky..