Help with making an offer

Monkeysocks42

We accepted an offer on our house yesterday and have seen something we'd like to buy. It's not perfect, but it ticks the most boxes out of everything we've viewed. It's been on the market since early June, price reduced from £375k to guide price of £365k mid August. The agents have advised that it's not had any offers yet.

https://www.rightmove.co.uk/property-for-sale/property-72158986.html

I've had a look at sold prices and found the following:
Completed June 2019 - £310k - same style but without the loft conversion and off road parking
Completed August 2019 - £307,500k - same style, better kitchen, sunroom/utility room extension, no loft conversion or garage

For sale nearby are:
4 bed mid terrace - no off road parking or garage, one less bathroom but bigger kitchen and a small conservatory - offers in excess of £350k
3 bed semi - no parking or garage, 3 reception rooms, 2 baths - guide price £375k
3 bed semi - garage and off road parking - guide price £379,500

So, ideally, I'd like to pay no more than £350k. Does this seem a reasonable price given sold prices and what else is available? And where do I start? I thought perhaps £340k but on one hand think that's quite low compared to the guide price but also wondering if it's too close to my end goal of £350k.

Any advice is appreciated

-taff

And in the same street in 2018 were two similar properties [ both 4 beds as the advert above] that sold for 400,000.

Niv

Hi. Depends if you want to play games or not. I went in with my final offer first - I knocked 10k off asking in the same price range as you. It was accepted. Could I have got an extra couple of k off by starting 10k lower still? Maybe, but I don't like playing the games and I wanted the house as my 'forever' house.

Monkeysocks42

The other 4 beds at circa £400k are very different houses. They're a different style, either semi or end of terrace and are much bigger inside. The 4 beds are all on the first floor so the ground floor accommodation is much more extensive than on this one. I wasn't sure they made a good comparison given how different they are.

Hers1357

You can always raise your offer, but you can't lower it, so i would go in low. However, i would submit the offer in writing with a list of reasons - e.g. the cost of the works, as then it has more weight. They've reduced the price by £10k in 2 months, which is a lot of money - they could have reduced it by £5k, and also a short space of time, so I would say they are pretty motivated to sell quickly! Submit £340k as you say and send through your solicitor details at the same time and an outline of your situation with a copy of your DIP and they will know you're serious

Cakeguts

It feels very overpriced to me when you consider that the 4th bedroom is described as a nursery. I am not convinced that you could get a single bed in there and be able to shut the door. I think they have it set up as an office but that might mean that you can't actually use it as a bedroom. I think you need to decide if you want to pay a 4 bed price for a 3 1/2 bed house?

Slinky

Cakeguts wrote: »

It feels very overpriced to me when you consider that the 4th bedroom is described as a nursery. I am not convinced that you could get a single bed in there and be able to shut the door. I think they have it set up as an office but that might mean that you can't actually use it as a bedroom. I think you need to decide if you want to pay a 4 bed price for a 3 1/2 bed house?

6ft 11 by 4ft 11 is pushing it a bit for a standard single bed.

Skiddaw1

Hers1357 wrote: »

They've reduced the price by £10k in 2 months, which is a lot of money -

Not sure it is such a huge reduction really. Don't they always say that if you're going to reduce the price, it's more or less pointless to reduce by less than 10k?


Otherwise I agree- put in a low offer and see where it goes. They've been on the market since June with no offers and it may well be that they'll be prepared to compromise.

-taff

Slinky wrote: »

6ft 11 by 4ft 11 is pushing it a bit for a standard single bed.

I'm not sure that's right anyway, since it's the same width as the bathroom on the same floor but the bathroom is wider. According to the floor plan anyway.

lincroft1710

That is one real ugly second floor extension from the rear view! Kitchen is very dated.

jimbog

lincroft1710 wrote: »

That is one real ugly second floor extension from the rear view!

It wouldn't bother me - those loft versions are all over the country now. It will be only a matter of time before the neighbours have them too - and you won't have the hassle!

I would start at £340