HELP! - How much to offer for this property?!?!

Hi all,

I'm a first time buyer and I'm wondering what would be a reasonable offer for this property - of course I want to start low, but appreciate how the market is at the minute. It would be great to get some advice from experts on this forum and potentially provide rationale to the offer that would be even better.

Unfortunately I'm unable to share a link in the chat - but the property is 18 Hampton Street, Warwick - 2 bed property. Can be found on Rightmove

 Thank you for taking the time to review

Comments

  • theoretica
    theoretica Posts: 12,223
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    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
  • gg94
    gg94 Posts: 2
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    That's it - Thank you
  • Mickyh-s
    Mickyh-s Posts: 287
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    edited 7 March 2022 at 1:09PM
    How much is it worth to you? and how much can you afford to pay. I would start negotiations 10k under asking price and work up just don't get into a bidding war - good luck!

    Mortgage balance as of 21.7.21 - £75,766. (7 yr mortgage on 2 yr fix of 1.32%)Mortgage balance as of 20.8.22 - £58,445.08o/p 2021/2022 = £6,313/£7,500o/p so far 2022/2023 = £5,997/£5,997 Goal 1 - to be under 60k by 20.7.22✔️Goal 2 - to op 10% of mortg by 31.12.22✔️Goal 3 - to pay off mortgage by 7.1.2023 (Subject to sale of btl property)✔️Goal 4 - to pay off cc by end of Jan 2023 - £260.64/£1500Goal 5 - to pay off car loan by 31.8.23 - £1722.39/£10,000
  • spoovy
    spoovy Posts: 236
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    Its all about what you'd be happy to pay. Try to imagine that you've just had an offer accepted for £X. How do you feel? Like you overpaid, or like you got a bargain?  Its hard because the reality doesn't really kick in until you've agreed a price but its really all that matters (well, your mortgage lender has to broadly agree too but as long as you don't get too carried away that shouldn't be a problem).
  • w00519773
    w00519773 Posts: 183
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    I would have a look on Zoopla (https://www.zoopla.co.uk/) to see what the property last sold for and when.  I would also look on Zoopla to see what other similar properties in the area have recently sold for.  I am no expert though - just giving my opinion.
  • Mickyh-s
    Mickyh-s Posts: 287
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    So how much did you offer @gg94? Did your offer get accepted?
    Mortgage balance as of 21.7.21 - £75,766. (7 yr mortgage on 2 yr fix of 1.32%)Mortgage balance as of 20.8.22 - £58,445.08o/p 2021/2022 = £6,313/£7,500o/p so far 2022/2023 = £5,997/£5,997 Goal 1 - to be under 60k by 20.7.22✔️Goal 2 - to op 10% of mortg by 31.12.22✔️Goal 3 - to pay off mortgage by 7.1.2023 (Subject to sale of btl property)✔️Goal 4 - to pay off cc by end of Jan 2023 - £260.64/£1500Goal 5 - to pay off car loan by 31.8.23 - £1722.39/£10,000
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