FTB what to offer?

paradiddle_2

Myself and OH have seen a house we like, up for £184,950, and going to view on Friday. Its been on the market for just over a month (as have others on estate), in a good area, doesn't say 'no chain', and obviously, we're FTB and all ready to go when we decide on The One.

Everyone keeps saying its a buyers market etc, but what should we offer?

Any help appreciated!

thelawnet

what area? How many bedrooms, what kind of property?

charley1965

Am I right in thinking you haven't seen it yet??? I would reserve judgement until then. Think about the offer price after you've seen it.

paradiddle_2

ok;thanks for the input. its a 3 bed link detatched, Tamworth, and the same type of house my OH parents have, in the road around the corner from them. No, we've not been in it yet, but it is owned by decent people, patently in decent nick, and we know exactly what the space is in it from the OH parents house.

We're also going to look at a larger 3 bed for 179,950 on the same estate; Its empty, but needing warm air heating swapping to central heating, most likely new bathroom and kitchen. Had quotes for £3.5-4 for the heating, and from £800+ for the bathroom.

We're not jumping the gun - though my choice of words may have given the impression. We do know the link one is decent, we know we want to live in that part of town, rather than spend slightly less and comprimise the area. We'll not make a decision until after we've viewed, seen inside and had a really good think.

Rover

Depends on two things:
The local market and your intent.

If your local market is sluggish, as is mine, then I suggest you view and consider carefully.
If you view your 'perfect house' then an offer of atleast 5% below asking is the norm.

Considered opinion is that there will be better houses at cheaper prices coming to everyone's area soon !!!!! (The possible exception is the London area).

As you are a FTB, I would strongly recommend you wait for a while and interpret your local market abit better. Bare in mind the BOE are strongly tipped to raise IR's again in July.

The market is feeling pressure on numerous fronts...............

arthur_dent_2

I offered nearly 7.5% below the asking price on the property I am buying and it was accepted. I believe that they say you should be embarassed by your first offer or it isn't worth making.

paradiddle_2

Thank you all - very useful advice, and we'll definitely take it on board. We're in no rush, and want to take time to decide what's right for us. "There'll always be another" if this one isn't right or ends up at the wrong price.

Rover - are you reckoning there'll be a slight fall in prices in mid-July and there'll be a better choice then?