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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To ask how to decide what offer to make when buying property?

23 replies

Aeroflot21 · 23/01/2024 18:47

In the process of house hunting and have found a place I really like. It is quite expensive, but it has just been reduced.

Out of all the houses I’ve viewed (have viewed a lot, and started looking to buy just before the pandemic started), I like this one the most and it is the most spacious of the ones I’ve looked at.

The reasons why (I think) it is so expensive are:

  • in a very expensive city
  • spacious (3 bed) with very decent square footage, outhouse (with electricity), garden; future proof in case I have a family later (I don’t have kids yet)
  • renovated by previous owners (not by current owners though): really nice interior decoration; extended upwards and outwards
  • good location (on quiet road, but still not far from main road and close to bus and train links; close to amenities e.g. supermarkets, local parks)

The thing is, I’m not sure whether it’s worth the price it’s being advertised for:

  • mid-terrace (could be handy in terms of insulation though?)
  • front of house is not particularly nice to look at (pebbledash-type exterior). I don’t mean to sound snobbish at all; it’s just that it isn’t as pleasant as some other houses. To be honest, this is the main thing putting me off - but does this really matter massively?)
  • no room for further extension, either upwards or outwards
  • quite a small garden (doesn’t really matter to me, as I would like a garden but not really into gardening, and would prefer a small garden)

I’m not sure how realistic the asking price is (obviously the seller can ask whatever price they want). What would you do in this scenario? Would you offer under the asking price - or would you wait and see if it’s reduced even further?

The other thing I’m worried about (massively jumping the gun here!) is… what if I do buy it and then, when it comes to sell, it’s difficult to sell it? I’d feel a bit stupid then.

I’m worried I’m not being rational and that I’m caught up in how much I like aspects of it e.g. the general location and the interior decoration (I know I sound shallow!)

I’m planning to do a second viewing with family members (who won’t live in the house with me though). They’re steering me away from the house - as they think it’s overpriced - towards other houses in areas that that they like but I don’t really like as much. I have mentioned to them all the things I’ve mentioned here. They are also putting (subtle and well intentioned) pressure for me to buy somewhere, so they can pass money onto me (which is very generous, I know).

The estate agent is - of course - pushing for me to do a second viewing or make a decision ASAP, after I first viewed it a couple of weeks ago.

I am willing to be told I’m a spoilt brat (hope I’m not!)

OP posts:
poopoolala · 23/01/2024 18:54

How much is it ? Are houses moving in your area ?

How much are similar houses ? Is it over priced or under priced?

I'd always offer a good whack below as a starting point ..

We are juts about to move and offered £800 on the £850 asking . We agreed on £825 .

It had been on for a year and was is an old unusual house so not for everyone .

We might be stuck with it when we want to sell but for us it's a risk we are prepared to take .

All those things are factors in your offer .

They can always say no and let's face it most people don't have the liberty to refuse to sell it to you even if they are offended by your offer 🤷‍♀️🤷‍♀️

AllFunAndGamesUntilYoureRunningForTheLastTrain · 23/01/2024 19:03

I’m not sure how realistic the asking price is

Google Right move sold prices for the street. You can see when similar properties were last sold and for how much.
The house is worth what someone is willing to pay for it. I have never offered, or been offered, the really reduced prices everyone on MN seems to talk about. Things near us are going for not very much under asking, maybe in our area properties are more realistically priced though?
Your family members are very unfair trying to sway where you will live, it’s going to be your home, you are the one who has to live there and commute from there. It’s your decision, why are you taking them? It doesn’t sound like they will give constructive advice tbh.
Ultimately, you have to ask yourself what you can afford to pay, what you are happy to pay and how upset would you be to lose out to someone else offering more than you.
Good luck.

Aeroflot21 · 23/01/2024 19:29

Thanks all! That’s a good idea to look at other house prices on the street - I’ve looked a little bit, but as there’s some variation between the houses (e.g. condition, size and number of bedrooms/bathrooms etc), it’s been a bit tricky.

I think the main thing I’m finding hard is: buying a house is the most expensive purchase I’ll ever make, so I want to future proof it as much as I can, but obviously I also don’t know what the future holds. At the moment I’m single with no kids, but would like a family one day. The house I’m mentioning in this thread is definitely big enough for a family.

Re my family members who I mentioned, this is the situation with them. They have very kindly offered to help me out by giving me money for a house deposit, which I really appreciate. I wouldn’t be able to afford a house without their help.

They are not keen on the idea of me buying a flat, although this would be cheaper (I can understand their reasoning - leasehold and generally small size, often with no outdoor space etc).

They would rather I buy a large-ish house in need of work in an up and coming area - I totally understand the logic of this, as this generally helps keep buying costs down. However, I’m not keen on this as I don’t think it would suit me.

I would rather a smaller house and garden than a bigger house (at most 3 bed, rather than say 5 or 6 bed) - cheaper energy costs, less space to maintain, less garden to maintain, easier to manage and easier to renovate if needed.

I would also like somewhere that’s in good condition already (nothing fancy - but just would prefer somewhere that I don’t have to think about renovating straightaway - expensive and time consuming, and I think it’s unrealistic for me, as I am single and work full time).

I would also rather prioritise location over space - ie. buy somewhere smaller but more central/close to good transport links than somewhere bigger that’s more out the way. (I can’t drive due to a medical condition, and work in the city I’m hoping to buy in. I could move further out from the city, but the house prices in the surrounding area are all the same - if not more expensive - and transport costs will also increase if I live further out).

I value their opinion and have taken it on. However, because I don’t see eye to eye with them on these things I’ve just mentioned, it seems like we’re at stalemate. They don’t seem to value the points I’ve made here and to appreciate that it’s me who will live in this house rather than them (I mean this kindly).

What would you do?

OP posts:
Aeroflot21 · 23/01/2024 19:32

Family members are also concerned that I might buy somewhere that I can’t sell (I’m conscious of this too).

Also want to add - my family members are getting older, and because of this, they are putting a bit more pressure on me to buy somewhere asap. (I also would love to find somewhere asap, if I can). The further issue is - I think because my family members are obviously older than me, have more house buying experience and are paying for my house deposit, that their opinion counts for more than mine. This is the difficulty for me.

OP posts:
poopoolala · 23/01/2024 19:36

We have always bought end of terrace or detached houses on an end so we can extend if needed . And they have bigger plots .

This has helped us get to the house we are about to buy mortgage free.

Buy extend .sell etc

To future proof make sure you can do either extend / loft conversion / sell easily .

Also go with the feeling you get as I always have and haven't gone wrong yet

Londonrach1 · 23/01/2024 19:43

What other properties selling for where you are. In my area you offer full asking price. If you offer less the seller wouldn't ever look at another offer from you. You know your area. How quickly houses sell and what for... every place is different. I'm in a tourist town ..posh tourist town

AllFunAndGamesUntilYoureRunningForTheLastTrain · 23/01/2024 19:56

They would rather I buy a large-ish house in need of work

That is crazy -and I say this as someone who has had to do a lot of work on my last 2 houses. As you say, the cost to heat and run a larger house, plus council tax, plus the upkeep etc as a single person, it just seems ridiculous to contemplate it when you would be happier to live elsewhere, in a smaller house and closer to work. I hope they come to understand your point of view. Have you sat down and gone through the likely expenditures with them and asked how they suggest you will, not only renovate, but also have some sort of life, with their suggestions?

SecondHandFurniture · 23/01/2024 20:00

Why would they want you to buy a 5 or 6 bed as a single person and take on the insurance, bills and cleaning? You can buy and sell as many times as you want in your life. If you really like the mid-terrace, someone else will.

Not to mention you'll get a far better rate if you mortgage loan to value is lower.

Aeroflot21 · 23/01/2024 20:04

AllFunAndGamesUntilYoureRunningForTheLastTrain · 23/01/2024 19:56

They would rather I buy a large-ish house in need of work

That is crazy -and I say this as someone who has had to do a lot of work on my last 2 houses. As you say, the cost to heat and run a larger house, plus council tax, plus the upkeep etc as a single person, it just seems ridiculous to contemplate it when you would be happier to live elsewhere, in a smaller house and closer to work. I hope they come to understand your point of view. Have you sat down and gone through the likely expenditures with them and asked how they suggest you will, not only renovate, but also have some sort of life, with their suggestions?

Completely agree with this.

I think they haven’t taken on my point of view because there’s an element of them thinking they ‘know best’ - which is frustrating. One of them thinks they know best and the other is harder to engage and zones out quite a bit.

I haven’t properly gone through my thoughts with them as it’s difficult to pin them both down and they always say they’re too busy to talk things through (both retired, but will often just say they’re too busy to talk. In fairness, they also have a couple of other houses, so sometimes need to travel to check on those houses).

I think I’ll send them the thoughts I’ve written down here re size, upkeep etc.

OP posts:
Aeroflot21 · 23/01/2024 20:09

SecondHandFurniture · 23/01/2024 20:00

Why would they want you to buy a 5 or 6 bed as a single person and take on the insurance, bills and cleaning? You can buy and sell as many times as you want in your life. If you really like the mid-terrace, someone else will.

Not to mention you'll get a far better rate if you mortgage loan to value is lower.

Edited

They’re very focused on ‘future proofing’, I think - even though it doesn’t make much sense to me. We moved houses a lot when I was a child and it all worked out okay (although they held onto their houses rather than sold them).

I think they are fixated a bit on this idea of a 5/6 bedroom house for me because they’d like to live there too (as in: they’re hoping they can move in with me, in a couple of years if they can’t look after themselves - one of them mentioned this to me. I replied kindly, but did say that I’m not sure it’s a good idea for us to live together, as I’m also hoping to have a family of my own, and I’m not sure there’ll be space for everyone).

Also, I think they’d like a big house for themselves (ie sell the houses they currently have, to buy a big house in the town where I’m buying), so perhaps they're trying to ‘kill two birds with one stone’ by getting me to live in a house where they’d also like to live I’m not sure. I find it really confusing and a bit sad (as in it makes me feel sad).

OP posts:
Valid8me · 23/01/2024 20:10

Out of all the houses I’ve viewed (have viewed a lot, and started looking to buy just before the pandemic started)
**
So you started looking early 2020? That's 4 years ago, you must be extremely picky to not have found somewhere you like in all that time. You probably need to stop worrying over small things so much and just bite the bullet and buy something.

Nevermind31 · 23/01/2024 20:15

I think your main problem is that you are not on control - the gifters of the deposit want you to buy what they are as best.
secondly, check how much others houses on the street have sold for - how much have the next door houses sold for? The most expensive house on the street?
Finally - is it a buyers’ market? Are there lots of houses for sale at the moment? Have they been on the market for a long time?
Or are houses flying off the shelves?
of the house has been on the market a while, and has been reduced, and the estate agent is pressuring you into a second viewing they are probably keen to sell - so you could offer less…
we accepted 10% below asking price when we sold, and had an offer of 11% below asking price accepted.

Aeroflot21 · 23/01/2024 20:24

Nevermind31 · 23/01/2024 20:15

I think your main problem is that you are not on control - the gifters of the deposit want you to buy what they are as best.
secondly, check how much others houses on the street have sold for - how much have the next door houses sold for? The most expensive house on the street?
Finally - is it a buyers’ market? Are there lots of houses for sale at the moment? Have they been on the market for a long time?
Or are houses flying off the shelves?
of the house has been on the market a while, and has been reduced, and the estate agent is pressuring you into a second viewing they are probably keen to sell - so you could offer less…
we accepted 10% below asking price when we sold, and had an offer of 11% below asking price accepted.

Totally agree with this. I’m struggling because I do want to find somewhere but also don’t want to rush into anything - and I don’t feel like my family are supportive of my choices. I’m finding it really hard to be objective here.

OP posts:
Aeroflot21 · 23/01/2024 20:38

I would really like to go for a second viewing and for my family to see the house at the viewing with me. Their reluctance, and the fact that buying a house is obviously so expensive, is making me have second thoughts. I feel so frustrated because I feel as if my family are putting pressure on me to buy but they are not supportive of the houses that I have in mind.

OP posts:
SecondHandFurniture · 23/01/2024 22:55

I think they are fixated a bit on this idea of a 5/6 bedroom house for me because they’d like to live there too (as in: they’re hoping they can move in with me, in a couple of years if they can’t look after themselves - one of them mentioned this to me. I replied kindly, but did say that I’m not sure it’s a good idea for us to live together, as I’m also hoping to have a family of my own, and I’m not sure there’ll be space for everyone).

Aha! There we go. Making sense now.

You categorically do not need to future proof with a 5 bed house as a single person. I have a DS and we need an office - ours is a 3 bed with study and that still gives us a playroom.

It's not fair to attach conditions to the deposit like room for an effective granny annexe, although I understand them advising you on location and price. I'd rather not take the money.

Haydenn · 23/01/2024 23:01

Where are you living at the moment? For any discount you negotiate it could’ve been wiped out by 4 years rent!

You need to bite the bullet OP, if you get £25k of the asking price, but later think you could’ve knocked £50k off you’d still be better off than renting for another 2 years!

Aeroflot21 · 23/01/2024 23:14

Thanks so much all, lots of food for thought here. I really appreciate all your advice.

OP posts:
EvelynKatie · 23/01/2024 23:19

Honestly if you are single but wanting to meet someone and have a family, then you don’t know what life will throw at you or where you’ll be.
I bought a small mid terrace house but perfect for me. After being single for a good few years I then typically met someone 5 months later, who also had recently bought his own home. So we’re now jointly purchasing somewhere that’s perfect for us.
You don’t need to future proof your house, buy what is perfect for you in your current situation.

Abitofalark · 24/01/2024 00:31

Ah it's a daunting prospect, buying a house, especially for the first time. You need a good sense of the local housing market, the housing stock available and how demand and prices are faring in your preferred location. Otherwise you are all at sea and it's hard to get your bearings.

You are right to prioritise location with good transport, access and amenities, including schools, hospitals and council services. And a nice quiet street.

Type of house: you are right not to go for a renovation; it wouldn't suit you and is totally impractical for your situation. Be firm and clear - unwavering - about this with your relatives in order to move a step further along the decision process. If you have no clarity about what you want, neither will they.

You want a house of sound construction re roof, walls, drainage, doors, windows etc and in good condition in interior fittings and general decor, and of good size, which is not just the overall size but good individual room sizes and good workable layout of rooms; good light and orientation - where does it get the sun and light in the morning, afternoon and evening? - and some outside space for e.g. parking, bins, gardening, sunning yourself or escaping the heat in hot summers.

An end of terrace or a semi detached is preferable to a mid terrace, though we all have to buy what we can afford and I did once buy a mid terrace. Afterwards I thought I hadn't made a low enough offer and consequently overpaid for it. That's very common when people are not experienced buyers or negotiators, which is many if not most of us; there's a psychological pressure from the very fact of the asking price even though there is no compulsion or magic power attached to that figure. There's also the psychological pressure from the fear of losing the house you have decided to go for and set your heart on.

The best way to arm yourself is to be well informed about the local market and comparable houses and asking and sold prices, and apply that knowledge when considering what to offer. As a precaution against naive over offering, start lower than the figure you first think you should offer; be patient, hold your nerve and don't panic. It's a common assumption to start at 10% below asking price but you can't apply that to every house as asking prices can vary so widely, depending on the individual seller.

I wouldn't buy a house if I didn't like the look of the outside and couldn't change it, as it would be a permanent negative. If something annoys you on first viewing, I think the annoyance is going to be magnified if you live in it. Imagine seeing it every time you went in or out for years on end.

As far as your relatives go, and they want to sell their other houses and live near you, how about looking for two smallish rather than large houses in your preferred location, one for you and one for them, near to or even next to each other? A family in my neighbourhood bought two small attached semis, one for the elderly parents and one for their daughter. You are not just a passive recipient. Try to be decisive and lead them in the direction you would want.

Don't be apologetic about what you want or think you are being frivolous. Buying a house is a mixture of the irrational or emotional - liking, dreaming and envisioning, feeling and falling in love - and the rational: practical, sensible, and financial. When the right mixture of those elements comes together in harmony that chimes with you, it will result in happiness with your decision and a sense of satisfaction with your purchase.

jimmyjammy001 · 24/01/2024 00:39

I'd start at offering 15% below and go from there in the current market, the vendors will still be making £100ks out of it if they've owned it for more than a few years

AllFunAndGamesUntilYoureRunningForTheLastTrain · 24/01/2024 08:05

15% below would take mine way under current value and mean I couldn’t buy anything remotely equal to the house I’m actually in. In fact it would mean I would have to have a bigger mortgage than I have now to get a house with fewer rooms and would probably have to go for a semi, rather than detached.

Do EA in your area massively over-inflate the guide prices in your area and everyone then just offer low? Seems a pointless exercise really.

Bubblesgun · 24/01/2024 08:53

LOCATION LOCATION LOCATION

it is always better to buy the ugliest house on the nicest road than the other way around.

even if you “gamble” on an up and coming area, it is always the same principle that you need to apply.

good luck. It s exciting

Bubblesgun · 24/01/2024 08:55

And since the house has already been reduced, I very much doubt they would accept anything under the asking price. Also, do you know why the house price was reduced and why it hasnt sold?

dont take it the wrong way but selling to a first time buyer is the most PIA in the world 🤣🤣

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