How to offer on a property without feeling like we're pulling a number out of the air

AdrianC

greensalad said:

How long has it been on the market? Viewings started yesterday.
Has it had many viewings? 6 yesterday, we were the first, not sure if it's got more today.
Has it had any offers? EA said yesterday they will not be moving on offers until Monday midday, so I suspect if any viewers over the weekend have offered we'd go up against them.

Then forget offering a penny below asking price. I suspect it'll go above.

steve866

getmore4less said:

my guess is this one.
https://www.rightmove.co.uk/properties/80485488#/

This is the perfect property for me! I am going to offer full asking price tomorrow morning. Thanks

getmore4less

greensalad said:

getmore4less said:

my guess is this one.
https://www.rightmove.co.uk/properties/80485488#/

Excellent detective work, that is the property.

Didn't have time to do research on price decided to watch second half.
There was a recent thread covered that side of Canterbury  a smaller place.

First glance does not look too bad and garden seems go on forever looking at Google.

Check planning for the area lots of fields ripe for development.

badger09

greensalad said:

badger09 said:

How long has it been on the market?
Has it had many viewings?
Has it had any offers?

You are in a very good position, in that you can afford to pay asking price & still be able to spend money on it to bring it up to date & remodel as you wish.
You are not in chain and not in a rush. That should appeal to the vendors.

I honestly think that having considered your likely competition I would offer what you feel comfortable spending. If that is £480k, so be it. But also think about how you would feel if someone else offered say £490k and you didn't get the house. It sounds to be in a good location for you and you're not likely to outgrow it. In 5 or 10 years time, that extra £10k (or whatever you decide) will seem insignificant.

Good luck

How long has it been on the market? Viewings started yesterday.
Has it had many viewings? 6 yesterday, we were the first, not sure if it's got more today.
Has it had any offers? EA said yesterday they will not be moving on offers until Monday midday, so I suspect if any viewers over the weekend have offered we'd go up against them.

"But also think about how you would feel if someone else offered say £490k and you didn't get the house"
This is exactly how I feel. We're a young couple with no kids, who want a large garden we can enjoy for years to come, and are willing to do the work to make it the "dream family home" over time. I guess we also have to balance that with not getting into a bidding war. 

It just feels hard to know "what you feel comfortable spending". I guess we feel comfortable with the mortgage payment we've ascertained we would pay on a £500k property. However needing to do the work and pay for that means we'd want to under-offer. Therefore £485k seemed reasonable to allow us to save a bit of money and do the work and still come out with a great house at the end of it.

I think you've found the answers. Comfortable paying £485k because you can then do the work you want to do.
Will be disappointed if someone else gets it.
Sadly, with that level of interest I think you will be disappointed. I don't know the local market, but it appears to have been priced to attract offers in its current condition. So, you either offer more and delay the work, or look elsewhere.

Good luck

thriftytracey

Crikey, doesn't look that dated to me - seen a lot worse than that.

greensalad

thriftytracey said:

Crikey, doesn't look that dated to me - seen a lot worse than that.

I think it's worse than the photos look. We didn't think it'd be too dated until we got in there, there are definitely some "creative angles". Nothing too much to worry about though, it's more the cost and any surprises that might arise.

thriftytracey

This is dated ...
https://www.rightmove.co.uk/properties/108324464#/
And had offers over and above the asking price.

greensalad

badger09 said:

Sadly, with that level of interest I think you will be disappointed. I don't know the local market, but it appears to have been priced to attract offers in its current condition. So, you either offer more and delay the work, or look elsewhere.

Good luck

Fair, maybe we will be disappointed. However I'm trying to be sensible and instead focus on, as often recommended on MSE, what we are comfortable paying for something and not going above that. Maybe it will go for way above, but we are not really comfortable with offering more than asking so we will just have to offer what we're comfortable with and see. 

md258

I'd say to ask yourself the following:
If you offered £485k and it sold for £490k, would you feel like you should have gone for 5k more or feel that the other person had paid too much. Repeat this for £480k etc and you'll get what it is worth to you. Note that it might be worth more to someone else (in which case they'll get it) or to the vendors (in which case your offer will be declined).
When you have that number, work backwards to give yourself a 10k* buffer and offer that.

* the 10k could be more or less depending on how long it's been on the market, any other buyers and what you are feeling about the vendor

getmore4less

From what you have said it's the garden that's the draw to this particular one, don't need the house space.
How much is that worth to you doubt places like that come on that often.

That row of houses could get targeted to sell off part of their land if the field at the end gets developed.