Too cheeky an offer?

1sttimebuyer94

So me and my husband are first time buyers. We have found 2 houses we like and just looking for advice on how you decide what to offer and what would be considered  cheeky.

The first is a semi detached 4 bedroom house on for 170k. The house has been on the market since February and has had a sale fall through (not sure why but will try to find out). It has been reduced from 175k. Its hard because its on a small estate on the outskirts of town so there are no comparable properties on the market, or from recent years as the other 4 beds the same as this were last sold in the early 2000s. There's no real amenities nearby apart from a shop and a primary school about a 20 minute walk away. The property backs onto fields so has a lovely private garden, the bedrooms and bathroom are fab sizes. However there's a few things that bother me. There is no proper fencing out the back and no secure side gate so there are some security issues there we would need to fix. We have a baby and in part.of the garden there is a squared concrete dip which would need filled and levelled out to prevent accidents as if he fell down it when toddling it could cause a nasty injury. To the left of the kitchen is an inner hallway with 3 small metre wide cupboards which I would rather just knock through to create a utility/store room. The carpets need replacing as they're pink. The energy rating on the property is also only a D, so we would also like to improve. 

There is another property we like is in the town  which is on for OIRO 185k and came on the market last week. This needs 0 work done has been extended and downstairs consists of lounge, kitchen diner, conservatory, family room, utility, downstairs toilet and integrate garage has driveway parking for 2 cars, private garden, but is a 3 bed semi. This really would be the top of our budget though and we didn't really want to go there but it is more or less what we want from a home now we are starting our family. 

The four bed COULD be made into a beautiful home however it does need the structural work to make the downstairs flow better and more spacious.  We would have a lower mortgage and in a few years time my husband will be on a very good wage so I imagine we will be able to afford the works. Or do we buy the 3 bed that needs nothing doing but will result in a higher mortgage and mean scraping by for a few years.  Property also seems to move pretty slow here and we are keen to get going ASAP.

Really wouldn't know where to start with a price offer or what is considered cheeky. We don't want to offend but also dont want to pay more, especially in this current climate! Renting for the time being isn't really an option, its extortionate where we are and wouldn't be able to afford it without dipping into our almost 30k savings (most of which we have in lifetime isas so will be charged to release the money) that we've worked our !!!!!! off to save. 

Crashy_Time

It`s never too cheeky, especially in this climate. Mortgage rates could be heading up so don`t overpay if you don`t need to.

Unicorn_cottage

What are you thinking of offering?

1sttimebuyer94

Well my husband thought 165 but I was thinking of starting 160. But he thinks that's too cheeky 😂

jonners666

All they can say is no - I’d guess that OIRO 185 would mean 180+ but I don’t know the area 

1sttimebuyer94

That's the 4 bed. 

jonesMUFCforever

1sttimebuyer94 said:

Well my husband thought 165 but I was thinking of starting 160. But he thinks that's too cheeky 😂

I agree start at £160k to see how the land lies?
You can always go up to market asking price if you have to.
I always think that the asking price in most cases has been uplifted by 10% - so you offer 10% less the seller gets what they really wanted all along.
One caveat though round here properties are selling within days of going on the market - make sure you have everything in place such as a mortgage before making any offers.

1sttimebuyer94

jonners666 said:

All they can say is no - I’d guess that OIRO 185 would mean 180+ but I don’t know the area 

Ah no sorry the 160/165 would be for the 4 bed as it could do with some work, its also been on a long time and reduced after a sale fell through. The 3 bed we were thinking of offering 180k. We just aren't sure which one to go for yet 😂

theoretica

How likely is the town to expand beyond the 4 bed and lose the nice view?  How easy could the energy rating be improved?  Would you prefer the 4 bed after work to the 3 bed as is?

1sttimebuyer94

jonesMUFCforever said:

1sttimebuyer94 said:

Well my husband thought 165 but I was thinking of starting 160. But he thinks that's too cheeky 😂

I agree start at £160k to see how the land lies?
You can always go up to market asking price if you have to.
I always think that the asking price in most cases has been uplifted by 10% - so you offer 10% less the seller gets what they really wanted all along.
One caveat though round here properties are selling within days of going on the market - make sure you have everything in place such as a mortgage before making any offers.

Thank you, I know they had been renting it out, it was last sold in the early 90s so I guess the mortgage has been paid off and are now selling for the cash. Yeah the next town that we really wanted to buy in was like that, we missed out on houses even offering over asking price and we've now been priced out as house prices have just sky rocketed ☹ that doesn't seem to be happening here, only 8 sales in the last 3 months. We currently live here anyway so we know the area and its not down to crime or anything bad, there just isn't much around so isn't as much of a desirable area 

RelievedSheff

Given that the 4 bed house has been for sale for some time I think your £160k offer would be a decent offer.