To ask how owners a question about putting in an offer on a house?

[Algor1thm]

There's a house we've fallen in love with but it's on the market for £410k and our absolute upper limit is £385k - this would be a stretch for us but just about doable. The house has been on the market 4 months. Would you consider that a 'reasonable offer' given how long it's been on for, or will they laugh in our faces?

And question 2, we also like another house that's £350k, so substantially cheaper and monthly payments would be much easier for us. It's nice but much smaller, in a less desirable location and all round we like but don't love it. Would you go for the house you love but is at the very top end of your budget, or the one that's good but not great and a lot more affordable?

Thanks 😊

Oh bloody hell, title should say home* owners. It's been a long day.

In the current economic climate I would not be stretching myself that's for certain (regardless of whether that was massively under asking price).

But if you want to put the offer in the worst that can happen is they say no.

Offer anything you want, the worst they can do is say no. People seem to overprice houses a lot currently so you never know.

You can always offer - you've nothing to lose. I think you should be very very sure you can afford it given the current climate and upcoming likely increases in costs of everything

If you are in a position to move quickly then I would definitely make your offer and ask the agent to stress what position you are in when making it. Be very careful that you factor in all the extras before deciding whether to go for it though, council tax, fuel bills, maintenance etc as it's hard to enjoy living somewhere if it puts you under a great deal of financial pressure.

Every seller's position is different.

If people have to sell - and preferably within a short time scale, then they will consider offers more serious than someone who is only selling if it gives them enough money to buy the house they want.

You can put your offer in.
I doubt very much if they will take it, but what will you have lost ?

If that's all you can offer, go for it and make an offer.
In terms of affordability, do some calculations. Borrowing an extra 35k over 25 years on a 4% mortgage is £185 - you might have a better or worse mortgage deal. If you add 15% to your current expenses for inflation, can you afford an extra £185? If you can, I'd go for it, a house is a long term investment and something you get to enjoy every day, why give that up for the sake of a couple of hundred pounds extra in the bank?

You have nothing to lose by offering £380 on the house you love and say to the estate agent you can go to 385 at an absolute push.

Don't forget all your other attributes such funding agreed, no chain?, size of deposit etc. It can also help by stating the reasons the house is perfect for you. Flatter the seller by saying how lovely the furnishings/garden/kitchen are and it's perfect for your growing family etc. Let us know how you get on!

You can put your offer in and see what happens.

I always think if you go for the house you don’t love you’ll never be happy with it.

Put in an offer 15k below your maximum, so 370k, then 375, then 380 and say that the maximum you can go to. Then you’ve got 5k if you really want to make a last push if refused. Don’t forget you’ve got stamp duty, legal fees, removal fees as that pushes your costs up.

I’d wait until a house comes up within budget but that you love.

I think over stretching is usually something I’d say go for but with the current climate I’d be cautious of.