How much to offer?

Wishywashy74

My partner and I are going to get a house together, we would like to stay in our village and ideally a detached decent sized property is what we are after, maybe a bungalow as there is only two of us and my daughter will occasionally stay for weekends.

We have viewed a detached bungalow that had just come on the market, it’s really nice, private, detached, 3 bedroom and has almost everything we want.

The only thing is there is a few quirks inside that we would have to change, no bath but two big showers, one of the bedrooms would need slight alterations to make it a bedroom/office and the kitchen sink is in a strange part of the kitchen where we would look to move it and add a dishwasher.

Everything else is beautifully done and no expense spared to be honest.

These type of properties rarely come up, now we are debating how much to offer on it, it’s on for £475,000 and they have just turned an offer down. We are trying to work out how much to offer as it needs those changes doing to make it fully work for us, once it’s done then I can easily see this being our forever home.

Im thinking going in around £460000-£463500 and see what they say, I know deep down I’d hate to not get it but again we would have to spend money quite soon to make it perfect for us.

Or are we being daft and offer full?

MFWannabe

Offer what it’s worth to you, if your initial offer is rejected you can always negotiate from there if you want to. 

However the seller doesn’t have to accept your offer based on what you think it’s worth to you because of the changes you would want to make 

Are there any similar properties that have recently sold so you can check prices? 

lika_86

The things you want to do are not reasons to offer under if the house is generally not overpriced versus comparable properties - they are things to make the property work for you, which is about personal preference. 

What was the offer they just turned down? 

If you'd hate to not get it, then is it worth losing out on? None of the things you mention sound like they would need before you move in so could be done over time when you have the money.

Wishywashy74

lika_86 said:

The things you want to do are not reasons to offer under if the house is generally not overpriced versus comparable properties - they are things to make the property work for you, which is about personal preference. 

What was the offer they just turned down? 

If you'd hate to not get it, then is it worth losing out on? None of the things you mention sound like they would need before you move in so could be done over time when you have the money.

Agreed it wouldn’t need doing asap but we would likely to the bath and bedroom within a few months tbh.

Not sure what was turned down, going into the estate agents tomorrow to talk and put our offer to them, do you think they will tell us the offer what was turned down?

theoretica

Think about at what sum you might offer but be slightly relieved to be turned down - maybe don't go that high...  Think also about what price you would be upset to hear the seller had accepted an offer from someone else - if they sell for that price you want it to be to you! 

GDB2222

Martylaa said:

lika_86 said:

The things you want to do are not reasons to offer under if the house is generally not overpriced versus comparable properties - they are things to make the property work for you, which is about personal preference. 

What was the offer they just turned down? 

If you'd hate to not get it, then is it worth losing out on? None of the things you mention sound like they would need before you move in so could be done over time when you have the money.

Agreed it wouldn’t need doing asap but we would likely to the bath and bedroom within a few months tbh.

Not sure what was turned down, going into the estate agents tomorrow to talk and put our offer to them, do you think they will tell us the offer what was turned down?

They might give you a figure, but will it be true? 

Even if you offer full asking price, they won’t necessarily accept your offer. 

Wishywashy74

Thanks all, if it wasn’t for those few quirks I would happily offer full asking tbh. It’s just we know these rarely come up and again it’s being developed to the sellers idea which slightly differs from ours. 

But again I get what you are saying it’s irrelevant that we want to change a couple of things, it’s their house first.

MultiFuelBurner

Is this just a case of you don't want to pay the asking price? Some people are just wired that
way.

Ask yourself

What difference does paying the full price mean to you financially? 

Would you be prepared to risk a gazumping offering under the asking price?

Wishywashy74

MultiFuelBurner said:

Is this just a case of you don't want to pay the asking price? Some people are just wired that
way.

Ask yourself

What difference does paying the full price mean to you financially? 

Would you be prepared to risk a gazumping offering under the asking price?

I’m not sure, it could be that, but again I’m thinking we need to change a couple of things which will not be cheap to do so that’s part of our thinking.

Going to talk it over again tonight with my OH and see where we end up, then speak to the agents tomorrow.

MultiFuelBurner

Martylaa said:

MultiFuelBurner said:

Is this just a case of you don't want to pay the asking price? Some people are just wired that
way.

Ask yourself

What difference does paying the full price mean to you financially? 

Would you be prepared to risk a gazumping offering under the asking price?

I’m not sure, it could be that, but again I’m thinking we need to change a couple of things which will not be cheap to do so that’s part of our thinking.

Going to talk it over again tonight with my OH and see where we end up, then speak to the agents tomorrow.

We are wired that way always wanting something off, you feel like you are getting a bit towards the costs. So I don't blame you but we have lost one house this way due to a gazumping.

Always good to talk it over and go with what you are both comfortable with. 

I can't see the changes you have proposed costing more than £5k.

Good luck exciting times ahead👍

UnderOffer

These type of properties rarely come up… I expect the sellers and Estate Agent probably know that too and would like as near to asking as possible, if it’s only just been listed as a seller I’d want to wait for other viewings. Do you know the circumstances as to why they are selling? Have they already found something to buy? Downsizing? 

If you really like the place and it’s only the bath and a few decorative bits to change I’d go in firm with £470 and see where that gets you.