Reasonable offer?

almightybear

Hi. Im looking to buy my first house with my partner . 

Weve veiwed a few properties with 2 more viewings tomorrow.  

One were viewing tomorrow has every thing we want but the house is smallish but there is only 2 of us . All the walls have been painted white . New (cheap) but nice looking kitchen some cupboard doors not fitted that great .  New cheap carpets . Massive buiding (30ft/40ft)at the end of a west facing garden 

Would 7.5% under the asking price be reasonable? This wold be around 20k under

ciderboy2009

You haven't given anywhere near enough information for anyone to be able to answer this.

Where in the country are you?  Some areas are seeing a surge in selling prices - I'm aware of one house in the South East which received 2 offers around 10% over the asking price within a few days of going onto the market.

How does the price compare with other similar houses nearby?

What would your reasons be for offering under the asking price?

almightybear

South east near portsmouth. We viewed a property 200m away that was the same style end terrace , same layout . But has a big front garden and a bit north facing rear garden which is priced at 240k Could do with painting and carpets . The house we are viewing tomorrow  has no front garden but a drive on the side and a big garage.  Which is the biggest selling point . The area isnt the best. I just think the asking price is high for the area and size and the big sun blocking building at the end of the garage 

TheJP

almightybear said:

Hi. Im looking to buy my first house with my partner . 

Weve veiwed a few properties with 2 more viewings tomorrow.  

One were viewing tomorrow has every thing we want but the house is smallish but there is only 2 of us . All the walls have been painted white . New (cheap) but nice looking kitchen some cupboard doors not fitted that great .  New cheap carpets . Massive buiding (30ft/40ft)at the end of a west facing garden 

Would 7.5% under the asking price be reasonable? This wold be around 20k under

You need to do some comparison to similar properties in the area. White walls and a cheap kitchen don't warrant a £20k reduction. You are an FTB, for many seasoned sellers you are a red flag. Do your research before you make a rod up your own back as a sensible buyer. 

You are thinking 7.5% reduction for white paint and in your view a cheap kitchen before you even entertain a survey, i wouldn't even reply to your offer. This approach also puts you in a difficult position if the survey brings up something more serious and you want more money off, the seller will likely move on if this is the case.

BarelySentientAI

I agree with TheJP.

If the house is already sensibly priced, wanting to offer 20k less because the painting, carpets and kitchen are, even though new, not to your preferred style could rub a vendor the wrong way.

If the house is overpriced, then you should be wanting to offer less because of that, not because of cosmetics.  It could be that someone has put all these things in expecting to boost the price by it (which it doesn't really do) and they're asking for too much.

You will only know by working out how much you think the house is worth.

planningexpert

I have found a website landcycle that is really useful for alot of planning and property stuff.  for predicted prices and values they are very good.  free to sign up and complex to use but worth it.  Land Registry and then click on a plot and it gives alot of information including pricing 

pjs493

As others have said, it all depends on a lot of information you haven't provided. I put in an offer on a house last week at 10% under the 'offers over' price. It had been on the market for a year and was reduced in price six months ago. It really needs a new kitchen and two new bathrooms, it's dated but liveable. The vendor countered, we negotiated, and I ended up having an offer accepted for 7.5% below the 'offers over' price.

almightybear

I did say in my 2nd post ive viewed a house around the corner that the same layout but with a decent front and rear garden for 240k (whice i could get for less according to the estate agent)

Also ive viewed a 3 bed house at the end of the same road with an asking price of 245k but told they would accept 235k . 

This is what im basing the drop in price on. I just dont think its worth the money due to size and location.

If it wasnt for the garage i wouldnt be looking at it 

sheramber

The question is will the vendor think it is reasonable?

BarelySentientAI

almightybear said:

I did say in my 2nd post ive viewed a house around the corner that the same layout but with a decent front and rear garden for 240k (whice i could get for less according to the estate agent)

Also ive viewed a 3 bed house at the end of the same road with an asking price of 245k but told they would accept 235k . 

This is what im basing the drop in price on. I just dont think its worth the money due to size and location.

If it wasnt for the garage i wouldnt be looking at it 

Then that's the important bit - not the original post which was talking about the carpets not being very good and the kitchen being cheap.

Make the offer that is reasonable to you.  Don't think about it as a drop in asking price, it's just you saying what you are willing to pay.

almightybear

sheramber said:

The question is will the vendor think it is reasonable?

That the £245k question isnt it.

Ive also glt a 3 bed house to view tomorrow . Which is bigger, slightly better area . 6x4m living room, pottential for off road parking For 240k.

Its not a case of not being able to afford the asking price . Its to me to much for the size and location