Making an offer on a property

Bubnu

Hi,
I was wondering if anyone can help advise on how I know if I am paying a decent price on the property I am about to buy? Also, how much should the surveys cost with VAT and what type of survey should I be going for if buying a standard semi detached house? 
Thanks a lot

gwynlas

This is akin to asking how long is a piece of string.

You must know what price similar houses are going for in your area as you have been viewing properties within your budget. Estate Agents might appear to pluck figures out of the air but they have to base valuations on comparibles.

Whether a house is worth the asking price is dependent on other factors such as local demand for such properties as well as the current owner being able to accept offers that enable them to move on. They could be trading up to a larger hose, trading down to a smaller house divorcing or selling the family home through probate.

As a first time buyer you need to do some research on this forum of the pros and cons of different levels of survey most would advise a level 3,  again prices vary locally so phone around and find out. Your lender might use a particular company. Surveyors will only advise and will usuallly suggest more detailed surveys of certain areas such as drains. Come back to the forum if anything is flagged up.

Returning to your first question very few houses sell for actual marketing price, all offers should be subject to survey in case  substantial faults appear but sold prices are available via Land Registry

Jemma01

Bubnu said:

Hi,
I was wondering if anyone can help advise on how I know if I am paying a decent price on the property I am about to buy? Also, how much should the surveys cost with VAT and what type of survey should I be going for if buying a standard semi detached house? 
Thanks a lot

I'll tell you what I did as a FTB with no experience in this area, so make of it what you will:

I put an offer on a house built in 1960s with an extension, so I expected it to have cross walls construction, I didn't think it was worth the asking price, so I dropped it 15k, and with back and forth they agreed. Because the house is relatively old, I knew I'll need level 2 home survey and at least an electrician to check the fuse box (I think thats what he called it), turned out it was very old and would need 2k to upgrade. None of this was a showstopper, but the sale fell through for other reasons.

Then I put an offer on a second house that's 2009 build, new in my opinion, no extensions, I didn't bother doing any surveys, I expected it to be in a good state, anything else is fixable.

The survey cost I don't remember, it will probably depend on your area and how expensive it is, and whether the survey is done by an experienced person. I went for a company that's a member of RICS because I wouldn't know who's good and who isn't, I have to rely on someone else vouching for the person doing the survey.

But age of the house was my biggest determining factor+ whether any extension was done to the house. I should add that for how expensive the houses are in my area, the cost of the survey was the least of my worry, I wanted a good job.

lincroft1710

Jemma01 said:

Bubnu said:

Hi,
I was wondering if anyone can help advise on how I know if I am paying a decent price on the property I am about to buy? Also, how much should the surveys cost with VAT and what type of survey should I be going for if buying a standard semi detached house? 
Thanks a lot

I put an offer on a house built in 1960s with an extension, so I expected it to have cross walls construction, 

Most houses built in the 1960s did not have cross wall construction. 

Albermarle

First-Time Buyers | MoneySavingExpert

theartfullodger

You will know if the price was fair 10 years after purchase.  Pretty much anything else is a guess.

There is no such thing as ""  a standard semi detached house  "".  Many are typical, but these is no standard.

Good luck.

ReadySteadyPop

Bubnu said:

Hi,
I was wondering if anyone can help advise on how I know if I am paying a decent price on the property I am about to buy? Also, how much should the surveys cost with VAT and what type of survey should I be going for if buying a standard semi detached house? 
Thanks a lot

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