How much lower could I offer?

Pipjo

Ok seen dream bungalow on Internet, really nice area and culdisac. However the price is 50k more than I can afford and I think they have put it on too high. It's only been for sale for 1 month so not been on long. Semi detached 3 beds go for 180k cheaper in area and seen other detached around 60k cheaper just been sold than they are asking however not finished to same standard!

Would you go in offer 60k less? Is it even worth considering or just forget it?

always_sunny

whats' the asking price and how much do you want to offer?

juniordoc

If it is as overpriced as you say it is then it will still be there in another month, and your low offer may have more chance of being considered.
In the meantime keep saving and looking at other properties, it is unlikely you and the seller will agree on a price for the time being.

DBlenks90

If it's really that far over your budget, and you're ok getting told no, I don't see any reason why you can't at least make the offer. Especially if you see others going cheaper.

I wouldn't go 60k lower though. If this one is finished nicer, you're probably not going to get 60k off the asking price. Pick what you're comfortable spending and offer that.

mysterymurdoch

If it's 800-900k i suspect 60k under might have a tiny chance of being listened to. If it's cheaper you'll be wasting everyone's time as it's quite recently on the market

societys_child

You can offer as little as you want. Depends if you want to buy it or not.
Maybe look at property within your price range?

Cakeguts

When you do a comparison for prices you have to do a comparison to something very similar so there is no point in comparing a detached 3 bed bungalow with a 3 bed detached house because they are not similar enough.

So for this bungalow you have got to compare it to other bungalows in a cul de sac not with bungalows on road that are residential in nature but open at both ends and not with bungalows that are on main roads.

What you have to find out is the price of bungalows that are like the one you are looking at.

Pipjo

Thank you for the points. The detached 3 bed bungalow is 420k finished to lovely standard. A 4 bed detached that could do with new carpets/ lick of paint and new kitchen and bathroom in same area went to 350k (4th bedroom in attic however) other week which was on for 399 then 375 and then offers over 350k and sold after many months.
I could stretch and offer 370k so 50 k under.
Otherwise there is a larger 3 bed with half annex completed but on busy road for 325k and would cost possible 50k to do up over time finish annex add extra room at back new kitchen carpets bathrooms and painting.
Thank you for comments as helps me think of possible options.

Pipjo

Found another bungalow in culdisac 2 streets away 410k maybe not overpriced but out of my financial grasp? Hey hoo! Bungalows are going up in price so fast!

parking_question_chap

Penitent wrote: »

It might be different in your area, but bungalows sell for a premium around here as demand for them outstrips the local supply.

This.

Hardly anybody builds bungalows these days. Demand is greater than supply. You cannot compare to a 2storey property in terms of value.

Bungalows are very good investments imo.

Tiners

If it really is as over priced as you're suggesting then, as a buyer, I wouldn't even entertain it and wouldn't waste my time even viewing it, the vendors are obviously not that serious about selling and are clearly just kite flyers.