House on market £385k, how much to offer?

petitemum

Hello, we found a detached, 4-bedroom house with a listed price of £385,000. We would like to put an offer on it and would appreciate any advice.

The current vendors originally bought the property for £320,000 in 2009 and have since then renovated it. I can't post links as a new user but below are ways to find the links to the listings and compare how the house looked before and after renovations.

Current listing: please google "rightmove 34501585 birkdale" -- top result

2009 listing: please copy paste to browser and remove all in-between spaces "http: // www. zoopla.co. uk / property-history/26-birkdale-close/macclesfield/sk10-2ua/1251751"

The vendors say they have accounted for these improvements within the current listed price. No extensions, new bathroom/s or conservatory have been built.

It has been on the market since June this year and they said they had turned down some offers, including an example mentioned by the vendor as a 'very cheeky' offer of £40,000 under the listed price.

The house is currently valued at £344,314 on Zoopla and other detached houses on the street are selling for between £300,000 and £400,000.

How much would you offer for it? We are first time buyers able to put down a substantial mortgage deposit without needing to sell a home.

Thanks

Fire_Fox

Welcome! There are many threads on this if you run a search. You need to look at recent land registry sold prices for the street and area, not for sale prices nor guesstimate valuations nor purchase price.

http://www.zoopla.co.uk/property-history/26-birkdale-close/macclesfield/sk10-2ua/1251751
http://www.rightmove.co.uk/property-for-sale/property-34501585.html

What renovations? I see a new kitchen that didn't look like it needed doing, what have they done structurally?

cramg

Nice house...... You need to use your position to maximum potential, make it clear you are in no chain, have a mortgage in place, have a deposit and can move along very quickly. What have neighbouring houses sold for and what have similar 4 bed houses sold for within that area. Without knowing this information i think my opening offer to get things moving would be circa £343,000 - regardless of what the agent has said about 'cheeky offers' you are in a very strong position as a buyer.

pmlindyloo

Presumably you have been looking for a while and know what you want and what is available in your price range.


Talking about what you should offer is, in my opinion, somewhat daft.

The sellers want the maximum, you want the minimum.

You should know by now how much you think it is worth in comparison with other properties you have seen. If you don't, then you need to keep viewing.

It goes like this.

You put in a cheeky offer. They refuse. You go back with a counter offer. They refuse. This continues until they are prepared to accept their lowest offer/you reach your highest offer.

You might get a bargain - you might not. Depends on their position. If they are in a hurry and have seen their perfect house they might accept a lowish offer.

Who knows? It's a game and depends on many factors.

If you really really don't want to lose it because it's perfect then you will play the game.

If it's not your perfect dream house then walk away when you want/leave the offer on the table.

Good luck!