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What to offer on a house?

Potential first time buyer here who is unsure on how best to go about the bidding process. I have had a look online and it mostly says to offer 5-10% below this on your first bid. 

The house that we are looking at is valued at 185k which has been up for sale since November and has been reduced by 15k in that time. 185k is within our budget but I am wondering if we should try go for it even cheaper. 

Any tips/ideas would be great.

Comments

  • MikeJXE
    MikeJXE Posts: 3,022
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    There are no hard and fast rules

     I was on my 10th purchase a few years ago and I always offered what I considered it was worth to me. 

    Look at other similar properties in the area and judge if the price looks about right or wrong 

    Dropping it 15k is probably due to it being marketed at the worst time of year, desperation or the wrong price in the first place 

    You being a first time buyer are in the best position to get a good deal if you have everything in place, mortgage etc. 
  • Winston2019
    Winston2019 Posts: 13
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    We dropped by only £5k off asking as we loved the house so much and it was accepted! We were the second viewers and were sure it was going to go if anyone else saw it. 
    You just need to weigh up pros and cons for each property to see what you need to save on top for the move/reno’s etc to make sure you’re not falling short the other side. 
    It’s so exciting though - good luck in your buying journey :)!! 
  • Has it gone to sealed bids?
  • Has it gone to sealed bids?
    It hasn't, no
  • So you just want to put in an offer?
  • RelievedSheff
    RelievedSheff Posts: 11,103
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    It depends how much you want that house.

    We have paid the asking price for both of the houses we have bought. We did this based on the asking prices being fair for the properties when compared to others for sale in the area. We really like both houses so offered asking price to secure the deal. Didn't really see the point in  going backwards and forwards with offers trying to save a few grand, which in the scheme of things is neither here nor there with a house purchase!
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