Should I accept lower offer for my London flat?

Tabieth

I’d be tempted to sell, especially if there are one-bed flats in the area selling for a very similar price. And if you’re only 5k apart that’s nothing really. 

i_like_cats

If someone has offered you £250k, I’d say snap it up.  

Aside from the constant disturbance of hearing the door slam and neighbours talking outside your door at any time of day and night, the studio room looks extremely exposed when you have the curtains open.  

Anybody and everybody walking past can look straight into your bedroom/lounge!

They have something similar in Naples…: https://www.citymonitor.ai/analysis/people-just-look-in-the-window-naples-smallest-homes-blur-the-line-between-public-and-private/?cf-view

saajan_12

A lot of your comments can be taken from a different perspective too.. 

RubySuzylondon said:

I had 5  valuations of between £200k and £265k. There's a lack of other comparable purpose-built studio flats in N14, hence the big range.  

 I put it up for sale in November last year for £265k, 
...
My minimum is £255k, having come down £10k. So we're still £5K away for me to feel comfortable about selling.

Also offered to chuck in the 4 white goods - fridge, separate freezer, washing machine and dishwasher for free. Hence It's move-in ready. 

She won't budge, she won't compromise anymore. I feel I've bent over backwards and if it's not appreciated I should move on.

So the average price suggested by agents was 232k, and while that's very rough given the wide spread, its also worth bearing in mind that agents often overestimate the number to attract your business. 

The appliances are hopefully appreciated, but if we boil them down to the second hand value, its likely £1-200 each, all in £500. 

You're effectively willing to move to 255k plus the second hand appliances, effectively offering 10k under the top end, or 22k over the average valuation. Not sure thats bending backwards.. 

You also don't know how much the potential buyer has moved from what they mentally wanted to pay for a studio (affording more is irrelevant)

pinkshoes

RubySuzylondon said:

Its a rental property, I don't live there. I live elsewhere. 

Why do you NEED £255k?

It was easy to find on Rightmove as it's the only studio in N14 for sale.

But for £260k very nearby you can get a 1 bed flat with similar décor and similar rates but it says it also has parking:
https://www.rightmove.co.uk/properties/151329542#/?channel=RES_BUY

Do you have any more viewings booked?

How long is this buyer willing to leave their offer on the table?

Does it have a decent rental yield? (e.g. will it attract those looking for a BTL property).

It's very difficult to compare as it's quite unique, but the £250k you have been offered seems very reasonable so I'd be tempted to take it.

gwynlas

Including the white goods is hardly enticing as they are second hand anyway.

I think that you should take the money offerred as studio flats have a much smaller market the one beds and who knows how long you will have to wait for someone else to come along? Plus your tenant could leave at anytime amidst uncertainty.

It is an attractive studio and would be considered quite large by Parisian standards but you are in N14 so far from Central London

Slinky

You bought it 20 years ago so will have done very well out of it with the rental income and the rising market. To be worried about £5K seems a little daft to me. If someone had told you 20 years ago you could sell for a quarter mill, I dare say you would have been very happy to know that.

swingaloo

If she is serious about her offer then I would accept it. Its lovely inside but personally the outside would put me off and looking at the photos I would expect parking problems.
Im also not keen on the balcony/terrace from a security point of view and it doesnt really look like somewhere I would want to sit out.

MSE_ForumTeam5

RubySuzylondon said:

Its a rental property, I don't live there. I live elsewhere. 

We would still ask that links to the listing are not posted, as information about the property may enable people to identify you. 

RHemmings

I can see in the first post how much you think it's a great property. I must admit that when looking at the listing it didn't really look really unique to me. It looks nice, but to my perhaps jaded eyes it feels like I've seen a lot of properties like it. 

Personally, giving the EA estimates, and the price of the 1 bed nearby, I would take £250k if I was you. But, it's easy for me to say that because it's not my property and not my money. 

ReadingTim

MSE_ForumTeam5 said:

RubySuzylondon said:

Its a rental property, I don't live there. I live elsewhere. 

We would still ask that links to the listing are not posted, as information about the property may enable people to identify you. 

If the OP wants to post a link to their own property, in the full knowledge that a publicly available advert of a property could be tied back to an random, anonymous internet user name, why does the MSE Forum Team presume to know better?  In fact, how do they even know whether the OP owns the property in the first place?  

This is a stupid rule, and the more it's enforced, the more foolish the forum moderators look.