Is there any point viewing a house 10% over my budget? - Now: How much to offer?

PeteW

Hiya!

I've just seen a £270,000 house on rightmove and fallen in love with it! Only problem is that I really can't afford a penny more than £250k as the stamp duty would be too much. Is there any point viewing it and hoping they would take an offer 10% below asking price? Or would I just be wasting everybody's time?

Regards

Pete

Overthetop

For sure you should view it, it would not surprise me that the people selling it were not already thinking that they may have to drop the price to the lower tax band.

shirlgirl2004

I'd say yes because I've "fallen in love" with properties right until I stepped in the door and also because in the current climate people aren't going to be having as many viewings let alone offers. I

f in doubt ask the Estate Agent how long it's been on the market and what the seller's position is. If they've already found something they maybe keener to sell.

m1ntie

I agree, in fact If you like it would say that you should offer £240,000 - that will give you room to improve your offer and the vendor will feel better when you eventually increase to £245K and then £250K.

cats!

Have you researched previous sold prices???

clobber_2

I think it would be perfectly reasonable to offer 15% below asking for starters.

Anyone expecting the full asking price at the moment is mad.

SquatNow

It's worth going around and having a look so you can point out faults. For example, if they've left the cat-bowls out you can tell them that they shouldn't be showing people around the house with it in such a state.

Remember to act snooty and make it clear you think they are inferior to yourself and they don't deserve to have you in their house.

Jorgan_2

Stamp duty usually kills properties marketed in the £250-275k range, so any vendor hoping to achieve in the region of £270k has either been mis-informed, is oblivious to the market conditions, or both.

PeteW

Thanks for all the feedback guys, much appreciated and all sounds quite promising. I've emailed the agents for a viewing.

Have you researched previous sold prices???

Yes, three sold in November last year for 226 to 233, though they are listed as terraced, and this is a semi. The highest any house in the road has sold for is 260 (last October). This house itself sold for £139k in 2000.

jamtart6

yes,definitley, we have moved our budget up with all the EA's from £140-145k to £160k

edit: didnt really finish that post sorry. we have done this as a lot of the £160 properties seem to be dropping to £150k in this region, so with a bit more negotiation, they become in our price range.

bryanb

Jorgan wrote: »

Stamp duty usually kills properties marketed in the £250-275k range, so any vendor hoping to achieve in the region of £270k has either been mis-informed, is oblivious to the market conditions, or both.

If you want to achieve £270k Market around £320k, but you need to have the appropriate property.