Did I offer too much? (Buying)

SunnyCat

seebeeess wrote: »

This didn't work for us as we don't want to move until February / March next year so that we can use our HTB ISAs

Do you mean LISAs? You can use HTB ISAs within three months of opening (once you have 1.6k in it).

Vestra

So it was sitting at £425k unsold for 3 months? Prices have dropped in London during that time so suggest you have hugely overpaid sorry.

Lokolo

I can only assume its this one https://www.rightmove.co.uk/property-for-sale/property-83442845.html

When comparing it to another https://www.rightmove.co.uk/property-for-sale/property-82801928.html

You have overpaid, but I have no idea how much the second one sold for.

But if you have, does it matter? Are you planning on only living there for 5 years or so? If it's a 10 year house, after 10 years, its unlikely to bother you that much having overpaid by £10-20k (which is 5%!).

Get the survey done first. Then go from there.

shortcrust

You found a house you want and you’ve offered an amount that’s broadly in line with nearby house prices, and an amount that’s well within your budget. Might you be overthinking things?

No one ever knows if they’d got the best possible deal they could have struck. I suspect I could have got my house for 10k less, but as I sit of an evening in my garden watching the sunset with a glass of wine in my hand I’ve never once regretted paying the price I paid.

ReadingTim

You got a house you are happy with, to move into on a timetable you are happy with, at a price you are happy to pay. You might have been able to save yourself £10-15k, but at the cost of the timetable, or even the property completely, which seems somewhat foolish given it represents less than 3.5% of the purchase price, and you'd be back to square one.

So yes, this small premium is probably worth it for the convenience factor.

Also, would you be so worried if prices had risen, and you felt you'd offered too little. Would you revise your offer upwards? Thought not.

Crashy_Time

https://www.rightmove.co.uk/property-for-sale/property-72883591.html

75k price drop so far and still insanely over-priced...Oh my Lordy what are some people thinking?!!

Lokolo

Crashy_Time wrote: »

https://www.rightmove.co.uk/property-for-sale/property-72883591.html

75k price drop so far and still insanely over-priced...Oh my Lordy what are some people thinking?!!

That they need a house to live in and they don't want to rent? :money:

Crashy_Time

Lokolo wrote: »

That they need a house to live in and they don't want to rent? :money:

So they are happy to drop the price because they know the price of their next purchase is also dropping, is that what you mean?

System

Crashy_Time wrote: »

So they are happy to drop the price because they know the price of their next purchase is also dropping, is that what you mean?

I wonder what most neighbours think of sellers who drop their prices. Are they considered realists, or traitors? I find the dynamics fascinating. I read about one street that threw a party when someone hugely overpaid for a house (much to the dismay of the buyer). Conversely, would they throw a lynching for a seller in the street who dropped their price?

shortcrust

Diocletian_II wrote: »

I wonder what most neighbours think of sellers who drop their prices. Are they considered realists, or traitors? I find the dynamics fascinating. I read about one street that threw a party when someone hugely overpaid for a house (much to the dismay of the buyer). Conversely, would they throw a lynching for a seller in the street who dropped their price?

Of course you did.