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Over offered?

Batman2017
Batman2017 Posts: 134 Forumite
Combo Breaker First Anniversary
in House buying, renting & selling
i've just offered on a property and now im starting to worry ive offered too much. It was the 7th house we have seen and ticked almost all boxes. Guide price was 240k and the kitchen extension was fantastic. Vendor said he'd had an offer at 245k so we offered 2k more.

Ive just seen that another house that i looked at has now been reduced by 10k and is now not much more than the one we offered on. This other one has the added bonus of being detached but i prefer the other property.

Any advice?
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Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    You are the one going to live there. I'd buy the one that grabs my heart. That ticks the most boxes. Few are ever 100% perfect. Though it's you that will make it a home not just a house over time.

    Any doubts walk away.
  • PokerPlayer111
    PokerPlayer111 Posts: 343 Forumite
    Approach all large financial decisions rationally imo, analyse yourself and what would work for you.

    Over offering is not great, you've not exchanged contracts so have a potential chance to work something out. Maybe you should consider both properties, put offers on both, lower the previous offer.
  • Batman2017
    Batman2017 Posts: 134 Forumite
    Combo Breaker First Anniversary
    There is a house 3 doors down that is the same and sold for 202k in sept 2016(apparently house prices have increased 1% in the area in the last 12 months. zoopla now estimates it to be worth between 201k and 209k,

    The house that i want to buy has been extended and now has a very modern kitchen diner with vaulted ceiling and skylights, utility and downstairs shower room that this other property didnt. Is an extension worth this difference in price 15 months on?
  • Gwendo40
    Gwendo40 Posts: 349 Forumite
    Batman2017 wrote: »
    There is a house 3 doors down that is the same and sold for 202k in sept 2016(apparently house prices have increased 1% in the area in the last 12 months. zoopla now estimates it to be worth between 201k and 209k,

    The house that i want to buy has been extended and now has a very modern kitchen diner with vaulted ceiling and skylights, utility and downstairs shower room that this other property didnt. Is an extension worth this difference in price 15 months on?

    The extension may well have cost that much (£40k+) but it doesn't necessarily mean that it automatically increases the properties value by that amount (which a lot of people having extensions assume)
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Name Dropper First Anniversary Photogenic First Post
    As above, the extension could easily have cost the seller £50k, but the type of house and the location it's in will determine the ceiling price they can expect.

    I extended my last property, and if I'd had the option of buying it already done, I'd have considered paying a premium price for it. However, I was confident that I'd be there for at least 10 years (actually over 20) and that the area was 'on the up.'

    Whether my mortgage lender would have agreed is another matter!
  • glasgowdan
    glasgowdan Posts: 2,967 Forumite
    First Post First Anniversary Combo Breaker
    Get the detached! It guarantees you won't ever be listening to a neighbour's tv through the wall...
  • Stubod
    Stubod Posts: 2,169 Forumite
    First Anniversary First Post Name Dropper
    "Most" other things being equal I would always take a detached over a semi.
    (I would prefer a "slightly" less desirable detached over an "almost perfect" semi....)
    .."It's everybody's fault but mine...."
  • steampowered
    steampowered Posts: 6,176 Forumite
    First Anniversary Name Dropper First Post
    Are you planning to live there a long time? If so, £10k is probably not an enormous sum of money in the grand scheme of things.

    You are only really overpaying if there is another property you'd prefer to buy at the same price.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    You are only really over-paying if you are over-paying, and it sounds like you definitely are here :)
  • Batman2017
    Batman2017 Posts: 134 Forumite
    Combo Breaker First Anniversary
    During the viewing i asked the vendor if he would leave the fridge and rangemaster if he got a price he was happy with which are about 2k to replace new. Ive just had an update from the estate agents that he is leaving these so that makes me feel a lot better now. Now im just looking forward to seeing what the valuation comes back at by the surveyor.
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