have i overpaid?

mutley74

Looking at 3 bed semi in Tyneside.
Was on the market for £249k for 1 month till my offer accepted.
I offered £238k which was agreed (I am self financed).

Survey picked out some issues such rising damp on one wall, roof repairs and roof verge tiles distortion and other issues.
RICS Valuation was £230k - surveyor said over the years houses in the area have not appreciated as much over 10 yrs (which I am very surprised as I have just seen prices go up and up year on year).

vendor eventually agreed to reduce price to £236,300.

Solicitor told me today I need to formally check a few issues and should consider an electrical inspection check - are these essential as they cost £125?

Solicitor also quizzing me why am I overpaying for the house by more than £6k? He said vendors have agreed reduction for repairs but nothing on valuation.
Vendor has already told me he cannot go any lower (he has made no appreciation over 11yrs).
Is it too late to ask for a reduction? if possible, what is best way to ask?
(it is a house I like and I know the area well and not many houses come up for sale).

societys_child

electrical inspection check - are these essential as they cost £125?

No, it's your choice.

it is a house I like and I know the area well and not many houses come up for sale

Do you want the house at the price you offered? If not you can always walk away and find something else, but if nothing else is available . . .

Typhoon2000

If you say the vendors won't/ can't go lower then it sound like you done the negotiating already. Nothing more to duisscus - buy or move on.

mutley74

Typhoon2000 wrote: »

If you say the vendors won't/ can't go lower then it sound like you done the negotiating already. Nothing more to duisscus - buy or move on.

solicitor was concerned (in my favour) I have agreed a reduction for repairs/works but nothing with regards to valuation. He kept asking me are you happyto be paying £6k more for he house, saying nothing wrong with doing so, but means harder for me to recover my money when I sell if market is not growing.

is it worth asking the vendors for £500 further off? (if I don't buy this nothing else around on the market suitable).

[Deleted User]

mutley74 wrote: »

is it worth asking the vendors for £500 further off? (if I don't but this nothing else around on the market suitable).

For a mere £500, I wouldn't risk annoying them.

Go big or go home, as I am led to believe the youngsters say.

ScorpiondeRooftrouser

As ever, can you find another house that you like more for about the same price? If not, you are not overpaying.

Yazmina

mutley74 wrote: »

(it is a house I like and I know the area well and not many houses come up for sale).

Is it worth it to you? How long do you plan to live in it?

walwyn1978

Yazmina wrote: »

Is it worth it to you? How long do you plan to live in it?

Very much this. If you're happy and plan to stay there for a good few years, £500 is neither here nor there.

davidmcn

You're "overpaying" by only 2.7%, which is within the normal margin of error for valuations. The valuation takes into account the current state of repair.

Crashy_Time

mutley74 wrote: »

solicitor was concerned (in my favour) I have agreed a reduction for repairs/works but nothing with regards to valuation. He kept asking me are you happyto be paying £6k more for he house, saying nothing wrong with doing so, but means harder for me to recover my money when I sell if market is not growing.

is it worth asking the vendors for £500 further off? (if I don't buy this nothing else around on the market suitable).

How can the EA be so precise in how much you are overpaying?

Ozzuk

Crashy_Time wrote: »

How can the EA be so precise in how much you are overpaying?

RICS valued at 230k, he's paying 236k.

I wouldn't be arguing or risking sale for £500. If you've done your research you'll have a gut feeling if the price you are paying is okay based on area, condition, potential etc. As others have said, are you buying a home or an investment as that will also drive the decision.

You are paying cash, you could always get a small mortgage and spread the risk. That obviously depends on another set of variables but could be worth considering.

If you need to sell in the next few years you might see a loss (or not), especially as a cash buyer (mortgage valuations are all over the place at the moment), but again, does this matter to you?