First Time Buyer - how much/when to offer?

rachael084

Hello! Any advice would be nice

As first time buyers, I'd love to know how to get the most out of buying a home.
The husband and I have found a house that we really like, it's only just come on the market a couple of days ago. It needs a bit of work which the sellers have been open about.
As it's new to the market is it best to get straight in with an offer? And how much should you really offer? I know that we're in a good position, though I'd like that to go in our favour, rather than the EA.
We'd like to get it, though leave enough to fix it up. We've previously offered more for a house that was ready to move into, so I think they may try to get more out of us and take advantage.
I'd just like it to be all over now!!

dj1471

You don't want to appear too keen, but if you want it then get an offer in.

You should offer what you think it's worth... If you're in a good position (FTB with mortgage AIP) then you can try to knock a bit extra off.

rachael084 wrote: »

I'd just like it to be all over now!!

Over? You're barely at the beginning!

rachael084

yeah I'm starting to see that it may be a long process!
The house is advertised at £169,950 guide price. Would offering 160k be a reasonable offer? It's difficult to play the game when you're not sure of the rules!

dj1471

Offers are typically 5-10% below asking but it depends on how the property is priced in the first place.

How much have similar properties sold for recently (try Zoopla)? What's your budget?

If you're looking to spend around £165k then £160k is probably a reasonable first offer.