Buying a house with a 50 percent deposit, how much to offer?

RichyP77

thats the one (its actually been on since feb not dec) no worries

Crashy_Time

Looks OK, overpriced of course, you shouldn`t go above 250k IMO, and probably will still lose money on that in future due to the absolute political mess going on at the moment, which seems to be deepening instead of getting clearer, and bigger global trends of course.

JimmyTheWig

AnotherJoe wrote: »

OK, I give up. What has your deposit amount got to do with how much you'd offer ?

I think they mean that they're in the envious situation of having a 50% deposit and so can afford to offer more than they would otherwise have done. How much more do you think they can get away with offering?

AnotherJoe

RichyP77 wrote: »

" A 4 bed detached though on the same street went for £278k 2 months ago "

I meant where does it say you are looking at a 3 bed ! You should be able to edit your OP.

quantumlobster

4 bed sold 1 Feb 2019 for £278K

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=72753038&sale=56057441&country=england

4 bed has a worse kitchen and bathroom, by the looks of it (and is a bit tired overall by comparison). But it has a garage. 3 bed rear garden looks better.

Seems fair to me.

Crashy_Time

https://www.rics.org/uk/news-insight/research/market-surveys/uk-residential-market-survey/march-2019/

Less people interested in buying month after month, but VI`s still saying we need more supply? Interesting dilemma. Don`t pay too much for this house.

RichyP77

Crashy_Time wrote: »

Less people interested in buying month after month, but VI`s still saying we need more supply? Interesting dilemma. Don`t pay too much for this house.

yeah definitely wary of the price they are asking

Crashy_Time

50% deposit is nice and comfortable for you, maybe keep saving and look at more houses? The political mess we are in is only going to weaken property prices going forward IMO, if not the actual social fabric of the country.

[Deleted User]

The three bed does look more updated than the 4 bed. Plus the garden is much nicer.

But the 4 bed has the extra bedroom and a garage.

I'd definitely go in lower on the 3 bed. How much though i'm not sure, depends how 'hot' the area is for property.

saajan_12

RichyP77 wrote: »

Hi Guys hope your well im new here so excuse the newbie questions.

We are looking at houses in Cardiff, ones we are looking at at are on for 275k to 285k. We are in a fortunate position to have a 50 percent deposit. - well done Mortgage adviser and financials are all in place, with a chosen solicitor. - that's saved you about half a day once you get an offer accepted. Also we are first time buyers so no chain and ready to go. - but you could also be a nervous FTB, have a notice period / fixed term with your LL..

Im just wondering if anyone had any thoughts on how to proceed with an offer on a home we like. Its on for £275k detached and been on since December. - so not long A 4 bed detached though on the same street went for £278k 2 months ago. - so about the same.. So its confused me a little as to why its on for that much. - which one is 'that much'? The prices are about the same and you seem to be looking for that size for £275k so why are you that surprised? I know they bought it in 2013 for 212k. - 2013! Irrelevant!

Using your wisdom guys how would you proceed with an offer? - by looking at comparables, how you would use space, etc and working out how much its worth to me. obviously we know we have a great position and want our offer to reflect that. - no.. you need a mortgage, FTBs are unpredictable.. Im thinking start off 256k ish and take it from there. - ok if thats what its worth to you, but that should ahve nothing to do with your 'great position'


Cheers
Rich

You need a mortage like most buyers. The size of your deposit affects the rate and type of mortgage you'd get. Nothing else. The vendor is still getting the full price, upon completion. Most buyers need a mortgage, and if their LTV is high making it harder to get acceptance, this can be checked within days by gettign a mortgage in principle.

As a FTB, you have no further chain yes, but you could be inexperienced (clearly), ask unnecessary questions, be jittery and unwilling to take normal risks.
Nothing you have outlined puts you in a "great position", really just the same as the average.

RichyP77 wrote: »

because a 3 bed detached is on for near enough the same amount as a 4 bed detached

RichyP77 wrote: »

I posted part of the link which is a 3 bed
property-for-sale/property-60301494

RichyP77 wrote: »

6 lines down, sorry for the confusion just asking a question thats all

Why does that take 3 posts? Your OP was vague, just edit it to say IN WORDS not a link that you are looking for a 3-bed detached. Without that you're jsut failing to give the necessary info upfront.
Besides if you're looking for a 3-bed around £275-285k then maybe its surprising that the 4-bed sold cheaply, not that the 3-bed was marketed higher (but then you actually think further.. maybe the 4-bed was sold to a relative or in poor condtion / poor layout / small rooms / small outdoor space / overlooked / etc etc)