FTB - Romford - Offered too much?

Itsmemareo

Hi all,

I have come to MSE forum to gain some insights from people who are more experienced. 

I am purchasing this property and have offered £450 (Removed by Forum Team)

After having spoken to Ashton's they said that typically properties go for 400-415. 

I am close to contract signing off phase. I am also not sure who to speak with in relation to getting a good proper view on whether my price is highly inflated. 

That's why I am here. 

Thank you 

ReadingTim

It's all relative - what else could you buy for the same money in that area - is this place better or worse?  

Tabieth

It’s impossible to tell what it’s “worth” without a link / idea of the area / idea of the house. But what is it worth to you? Does it have what you want and need? How does it compare to other houses in the area? Is it in a good location for you? Can you afford £450k? Do you like / live the house? 

artyboy

Just reading the title alone made me think "yes" 

ReadySteadyPop

Itsmemareo said:

Hi all,

I have come to MSE forum to gain some insights from people who are more experienced. 

I am purchasing this property and have offered £450 (Removed by Forum Team)

After having spoken to Ashton's they said that typically properties go for 400-415. 

I am close to contract signing off phase. I am also not sure who to speak with in relation to getting a good proper view on whether my price is highly inflated. 

That's why I am here. 

Thank you 

Are you a cash buyer?

dinosaur66

romford is a nice place to live / i would live there if i was picking a place in outer london

must guess that you have looked at sold prices and prices under offer in the postcode to work out if your offer is too high but 450 is a standard price for a decent 3 bed semi in and around most parts of romford

gidea park side of romford is slightly higher for same type of property due to location

i have cousins who have lived in romford for 60 years they never moved away liking the fact that romford has nearly everything

MysteryMe

I think we need more context, appreciate the link has been removed.
Why prompted you to offer £450k
Is this a new build?
Who are Ashtons, where do they fit in with this?

HillStreetBlues

MysteryMe said:

Who are Ashtons, where do they fit in with this?

A Romford area estate agent.

ReadySteadyPop

artyboy said:

Just reading the title alone made me think "yes" 

Do you think Romford is overpriced?

EssexHebridean

What did your survey/valuation have to say about it? Have you checked what similar properties locally have sold for?

if you’re buying a 2 bed mid terrace with street parking and needing work then you’re likely overpaying, but if it’s a 3 bed semi with a garage and a massively garden, nicely dine out, that could be a complete bargain, without more detail it’s an impossible question to answer. And even if you are overpaying, if you can afford it and it’s worth that to you, then why does it matter?

I would say though that you seem to have left it a long while into the transaction to be having these thoughts - if you’re having second thoughts do the decent thing and pull out - if not, it will be in your interest I assume to get this through before the SDLT changes kick in, so you might not want to do anything to risk slowing things down now. 

ReadySteadyPop

Tabieth said:

It’s impossible to tell what it’s “worth” without a link / idea of the area / idea of the house. But what is it worth to you? Does it have what you want and need? How does it compare to other houses in the area? Is it in a good location for you? Can you afford £450k? Do you like / live the house? 

That`s right, the OP should be comparing it to other houses in the area using a price tracking app.