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Property/DIY

Another how much should I offer

16 replies

Thisandthat2017 · 15/10/2017 07:56

NC as I am an over sharer 😂

I have seen a house I would like to offer on. It have been on since early August, is in Hertfordshire just off the M1 and M25.
It started at 435,000 but i think they realised this was too much and dropped it at the end of August to 425,000. A few weeks ago it has dropped to 415,000. Other similar properties have dropped to 400,000 but the EA has said that the others are keen to sell but the owners of this house are happy to wait it out. In fact they are going to take it off the market if they don't get a sale soon and leave it until next year.

I have accepted an offer on my house and can pay 415,000 but I would really like to keep some back for work on the house.

What would be a good price to offer?

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YourDandDaddy · 15/10/2017 08:08

I'd start at 395. Sounds like anything you pay over 400 would be above market value, and you may not get the mortgage company to agree to this valuation. I would probably go up to 405 if this was my dream house

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JoJoSM2 · 15/10/2017 08:18

I would overpay for a house just because the vendors are after a particular amount. By the sound of it, you have other houses to choose from for less in the area.

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JoJoSM2 · 15/10/2017 08:18

*wouldn't

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Thisandthat2017 · 15/10/2017 08:20

I have looked at sold prices and next door sold for 450,000 September 2016. That one has a 3 doubles - 2 bed with loft conversion whereas this house has 2 doubles and a single - with scope to do a loft conversion to make a 4th bedroom...

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newmumwithquestions · 15/10/2017 08:21

So the others are still on at £400?what makes you want this one more than them?

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Thisandthat2017 · 15/10/2017 08:22

The other houses need work but this is in a move straight in with your suitcase condition. Though I would like to do the loft conversion at some point so any money saved would go towards that.

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Thisandthat2017 · 15/10/2017 08:24

To be fair only 2 have dropped that low. Others newer listings are still at the 425,000.

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Angryosaurus · 15/10/2017 08:30

Sounds like it is worth 415 to you...

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Thisandthat2017 · 15/10/2017 08:36

You are right but I still don't want to pay that 😂. Hence the reason I am looking for a unemotional answer. So, with a few more facts on the table...

If it was you, what would you offer?

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Thumbcat · 15/10/2017 08:56

I'd offer 405 and let them haggle me up to 410. It doesn't sound as though they will take much less than that and it may be that they'll only accept the asking price. How would you feel if someone else offered 415 before you and you lost out?

We offered asking price straight off with the house we're currently buying. They had just price dropped, it was a good price that we were prepared to pay and there were other viewings going on when we looked at it. I wasn't prepared to lose it just for the sake of knocking off a few thousand.

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JoJoSM2 · 15/10/2017 08:59

So it's in a move-in condition but you wNt to keep some for the work? You mean a loft conversion in the future? The house sounds more valuable to me than the 400k options. Doing work cats more than 15k so 415 seems a very good price.

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Angryosaurus · 15/10/2017 09:57

Agree 15k is well worth it for walk in condition!

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ForgivenessIsDivine · 15/10/2017 10:38

Work backwards from the 450K one... How much would the loft conversion cost? Would you really get three doubles plus a single or would you have to give up the single to make room for the stairs..

Search on here for suggestions of prices for loft conversions.. Costs vary significantly depending on whether the floor will need to be reinforced and whether the roof needs additional work.

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Thisandthat2017 · 15/10/2017 11:40

I have a friend who did a similar conversion for 30k. It has the airing cupboard with a large cupboard from one of the bedrooms behind it. EA said other properties in the area have put the stair case there. It would mean changing the boiler system to a combi boiler. So that's another cost I didn't really think about. The house next door was offered on pre brexit vote - though didn't complete until after - not sure how much of a difference that has made to price.

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keepingbees · 15/10/2017 15:00

If they aren't in a hurry to move they won't take a cheeky offer. If other similar properties that need work are going for 400k then you won't get one in turn key condition for that. You wanting to spend money on it doing work to your own needs/taste is not a reason for the vendors to lower their price.
I'd decide on the top price you'd be willing to pay, start a bit below that and work your way up, might be worth mentioning that nothing much is selling and if you are in a good position to move etc. Good luck