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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

to not pay an extra £5k for this house?

37 replies

inneedahome · 18/12/2018 11:58

For background, DP and I bought our new build flat a year ago, we've sold it for a profit and want to move into a house (always the plan) with our dog and do not plan on having children (at least not for 8 years).
The flat is sold to first time buyers who will wait for us to find somewhere but also are ready to move asap - we're in a great position.

We live in a commuter town outside of London/M25, it's where I grew up and we need to live closer to the train station for my commute.

The house is 20mins walk from the station, nicely done inside but not to our taste and they have 2 children so lots of minor work needed in terms of the door frames having a lot of damage, wallpaper ripped off, they also have a conservatory that is connected to the kitchen and seems to suck out energy and so I don't imagine it being the easiest house (I would want to make it energy efficient so would need to spend on changing the conservatory roof) on our second viewing I couldn't stand on the kitchen floor as it was so cold (no shoes but socks).

Anyway, it's a 2 bed in reality of good sized rooms, but has this TINY third bedroom (1m x 3m) that isn't really a bedroom, but perhaps could be a nursery...
It's semi detached on the market for £335k

Before we were in a place to put offers in we found this lovely decorated 3 bed of decent size size, modern, 8 min walk from the station with similar space elsewhere for £350k.

I just don't think it's worth that so we went for £320k, they've come back saying to make their mortgage work etc they'd want £325k. I'm tempted to just say no. We didn't want to go above £320k as it isn't a forever home, it'll be for 3 years and we want to develop it and make some money. i'm concerned about the market changing in 2019 with Brexit etc, house prices, panic.

They've had 18 viewings in the 2 months it's been on the market and no offers except ours.

Would I be stupid to not go for 325 and risk losing the house for the sake of 5k? WWYD?

My thoughts are in Jan lots more will come on the market and theirs will lose interest even more and not as many people will be wanting to buy over xmas.

OP posts:

DaysOfCurlySpencer · 18/12/2018 12:03

I would take into account the fact that the third bedroom is a cupboard/wardrobe. If it isn't a house you love, is the extra money worth it?

Finfintytint · 18/12/2018 12:04

Stick with your offer but be prepared to lose the house.

Foxyloxy1plus1 · 18/12/2018 12:05

Depends how much you want the house.
Depends how much they want to move

LaurieFairyCake · 18/12/2018 12:08

5k is literally nothing at that price.

The first place sounds way crapper.

MRex · 18/12/2018 12:09

Just wait to see what comes on the market in January. Unless you are an expert developer, you should only buy a house that you love. Then if you get stuck there it's not a problem. We "missed" 3 houses buying this one and I'm so very grateful that we did, there still hasn't been anything on the market that could work so well for us.

Nojobistoobig · 18/12/2018 12:12

At 5k it comes down to how much you want it rather than if it’s worth it.

OnlyFoolsnMothers · 18/12/2018 12:14

The housing market is slowing, brexit prob wont help that, however that does also mean less houses go up for sale. Are you quibbling over 5k because its not worth it or out of principal?

Butchyrestingface · 18/12/2018 12:14

Would I be stupid to not go for 325 and risk losing the house for the sake of 5k? WWYD?

Do what you want. Just don’t moan if you lose the sale.

Ellieboolou27 · 18/12/2018 12:15

As foxy says really.
You have offered 15k off asking and they’ve said they need the extra 5k to move, either pull off or look to meet them halfway by offering 322,500.

user1457017537 · 18/12/2018 12:19

You have made your offer it is up to them if they accept. If it doesn’t work for them why should it work for you. They have had 18 viewings and no offers remember.

brizzledrizzle · 18/12/2018 12:29

I wouldn't buy it, especially not as it's only for 3 years - what if your situation changes unexpectedly and you can't move? Also, you'll have lots of moving expenses if you are only staying for 3 years.

LittleOwl153 · 18/12/2018 12:33

I'd probably pull out. Even if they accept the 5k less in the end - they will likely try and pull it back later on - upping the price after survey for example (This happened to us). It doesnt sound like you like the house anyway.

tryinganewname · 18/12/2018 12:34

I wouldn't offer it and be prepared to lose it. As it happens, I think they're probably just trying their luck and may come back in a few days to a accept the 320k

ErickBroch · 18/12/2018 12:35

I wouldn't. It will not be going anywhere over Christmas, I'd wait until Jan and keep looking.

Travis1 · 18/12/2018 12:39

You don't sound like you actually WANT the house. So on that basis I'd probably withdraw the offer and wait until the new year. Could you move out into rented accommodation for 6 months whilst you look?

DeepanKrispanEven · 18/12/2018 12:42

Since you don't mind losing the house, there is no point paying an extra £5K that you don't think the property is worth.

OopsInamechangedagain · 18/12/2018 12:44

Do you think your first time buyers will lose patience? Any idea if they're paying rent at present or are they staying for free with family??

Dongdingdong · 18/12/2018 12:45

If you really love the house and could see yourself being happy there then I would offer to meet them halfway or up your offer to £325k if they won't budge. If you're not that bothered about the house (and from what you've said, it sounds like you aren't) then I'd pull out and wait until January. While there will probably be a lot less housing coming onto the market in the first quarter of 2019 due to Brexit, property will always be available thanks to what estate agents often (rather bluntly) term the "three Ds": death, divorce and debt.

Satsumaeater · 18/12/2018 12:46

If you really wanted the house (and could afford the extra) you'd pay the £5k.

I can never understand quibbling about such small sums in relation to a massive purchase. If you don't like the house enough to pay it, walk away.

HundredMilesAnHour · 18/12/2018 12:52

You don't sound like you actually WANT the house

This.

If you DO want it, I'd probably offer to split the extra £5k with them so you offer an extra £2.5k and they take the hit for the other 50%.

Yes, the market is uncertain, prices may drop, usual blah blah. But that also means you risk the same happening to your current property. Your first time buyers may lose patience with you if you don't move soon or ask for a price reduction if the market does drop. With so few serious buyers around, I'd be more concerned about pissing your buyers off as even first time buyers don't have unlimited patience.

DontCallMeCharlotte · 18/12/2018 12:53

I just don't think it's worth that

Are you a FRICS then?

Note to self: add £50k to selling price before first viewing to counteract game-playing potential purchasers.

Fairenuff · 18/12/2018 12:58

Stick to your offer.

If they withdraw from the sale and you still want it you can always offer the extra 5k then.

bilbodog · 18/12/2018 13:08

In this market i wouldnt mess around. Youve got first time buyers sitting there - dont lose them! £5k is nothing in the scheme of things -you will have a very short walk to the station and a good sized property from what you are saying and it appears to be in good condition. Nobody knows whats going to happen to the market next year but its not suddenly going to pick up because of brexit.

winsinbin · 18/12/2018 13:14

A house is worth how much a buyer is prepared to pay for it. Surveyors, estate agents and values can make educated estimates based on local knowledge and the condition of the property but they are only estimates. If it’s not worth an extra 5K to the OP then that’s the end of it for her. Someone else might turn up tomorrow with family in the road, kids in school nearby and a penchant for cold floors and to that family it might be worth the full asking price.

Buying a house to live in isn’t just about short term profit (and with a possible Brexit price drop looming it definitely would not be wise to buy assuming it will rise in value any time soon). It’s just as important to take into account convenience, enjoyment and immediate affordability and just loving the property. The OP doesn’t just love this property and doesn’t see it as a long term residence so I think she should walk away.

Chloe84 · 18/12/2018 13:20

20 minutes is too far from the station for me. I would hold out for another house closer to the station.

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