Should I increase the price of my property...

sheramber

Badger14011401 said:

and then I'm afraid you'd be back on the market looking for another house that's £50k more and potentially not as nice in a potentially worse area 🤷‍♂️. 

Many have reported that they have found a better property.

If they pull out then you may lose you purchase and have to pay more for something not as nice.

You really just wanted people to agree with you.

Badger14011401

Thanks for the responses everyone. I did actually wanted a rounded view on this despite your incorrect judgment @sheramber. 

Apologies if I put anyone's nose out of joint. I probably don't see a house purchase like most. It's more like a business transaction and an investment to me rather than just an emotional purchase or moving from one home to another and in this instance, potentially gifting another party a large sum of money, which doesn't make financial sense to me. It's also easier to judge when it's not your money and assets involved I guess. 

I'll take everything onboard as, aside from the judgements there's some really valid points, many thanks again.

eidand

Badger14011401 said:

Thanks for the responses everyone. I did actually wanted a rounded view on this despite your incorrect judgment @sheramber. 

Apologies if I put anyone's nose out of joint. I probably don't see a house purchase like most. It's more like a business transaction and an investment to me rather than just an emotional purchase or moving from one home to another and in this instance, potentially gifting another party a large sum of money, which doesn't make financial sense to me. It's also easier to judge when it's not your money and assets involved I guess. 

I'll take everything onboard as, aside from the judgements there's some really valid points, many thanks again.

There are a lot of judgmental people here who refuse to see the entire picture. Do what's best for you, we all do that after all.

Schwarzwald

Agree, disregard the increase in house price.
another 4-6 months on, will you again drop out and remarket if prices continue to increase?

what if prices have fallen in 4-6 months, will you accept the buyer’s request to lower the price?

TonyTeacake

Badger14011401 said:

Hi there, 

I sold my property back in October 2021. One of the reasons we went with the buyer was because they were willing to wait until we found our next property. Now that we're close to completion (both on our sale and purchase of new home) they have demanded some additional items from the house that weren't included in the memorandum of sale. This frustrated us because the house is already worth more inline with house price increases, so we weren't willing add more to the buyers pot. This has lead us to get independent valuations on our property to prove a point. However, it turns out (according to both x2 estate agents and an independent valuer) the house is now worth between £50-£75k more. 

The question is should we rock the boat and risk losing our buyer and ask for an increase (less than the lower estimated value), go back to market or continue with the sale with no increase? 

I do hope and your present buyer come to an agreement and you sell your house.

But if you both can't agree and you remarket for a extra 50k what happens if you have to wait another 6 months in the chain and house prices drop dramatically in the meantime.

[Deleted User]

genericn17 said:

It's attitudes like this that make the English house buying process so horrible. You went with a buyer who was willing to wait - with it being entirely forseeable that house prices would rise in the meantime - and are now trying to take advantage of that to get more money than you agreed. Thoroughly dishonorable. If you don't want to give them the additional items, just say no.

The buyers have at the last minute reopened the negotiations asking for free items. The height of stupidity and they should count themselves lucky if not subject to a counter offer. 

Ms_Chocaholic

Whatever you decide (and it is your decision to make after all) please do come back and let us know how you got on.

nicknameless

Perhaps we need a system where we pay market value at the point of completion (not being serious)?

IMHO - NO.  Just tell them to do one re the additional items.

Mark_Michalowski

Badger14011401 said:

No, we'd already included curtains and also light fittings without a request. It's an outdoor kitchen (moveable) which is worth over £1500 and large Fridge-freezer

Do you actually want the kitchen and the fridge-freezer? How much do you want them, or is it just a (quite reasonable) case of not wanting to give up more than you feel you're giving up by not increasing the price?

If you don't really want them, but feel reluctant to let them go, then I'd just let them go: be the bigger people, say "That's fine!" and move on with your lives realising you acted more-than-decently.

If you do want them - perhaps you are using them at your next house, which is why they weren't previously included - you could always let the new people know how much they will cost you to replace in your new place, and suggest a reasonable figure (half-to-two thirds the new price, maybe). And take it from there. If they insist that you give them away for free then that sounds a bit unreasonable, and you might decide just to say "No."

It seems unlikely, at this stage, that saying "No" will result in them walking away, but only you know what they're like.

Let us know what happens, regardless!

Mxx

lookstraightahead

What you would probably find is that the lender would still value the house at the same as it is now. You seem to have assumed that this £50k is just free money.

You chose your buyers because they were willing to hang around for you. Now you want to drop them and get a buyer gullible enough to pay more than your house is probably worth. Finding two buyers willing to fit in with your plans is pushing it.

I agree it's a business transaction but I don't think you're going about it with a business head on, as I think you're the one who will lose out, especially when new vendors see that you've upped the price.