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Property/DIY

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Original poster

how can you tell if paying over the odds for a house

16 replies

folkdancer · 14/10/2013 16:42

this house has everything we want, and thought we couldnt afford, hence went in with an asking price offer, are we mad?. Houses move very quickly round here, and it is everything we hoped for, didnt have the courage to haggle........would you do the same

OP posts:

orangepudding · 14/10/2013 16:47

I made an asking price offer on a house this morning along with three other people! Had to offer more, that was the hard part - knowing how much over asking to.offer.

MrsBucketxx · 14/10/2013 16:49

It depends on condition. If its immaculate you'll have less bargaining power.

If it was a wreck I woukd be cheeky as I vould go too

lalalonglegs · 14/10/2013 16:51

God, I hope it's not a house on my parent's street. Identical semis,, top selling price (achieved two months ago) £750k, latest one on the market... £1.25m .

If you know the area well, have a good idea at what price similar-sized houses have been selling for and how quickly they go, then you are probably in the ballpark figure if you went in at asking. Maybe you have paid "too much" on paper but it may be worth a small % over the odds to you to secure it and you're comfortable with that. If you do feel you have been a bit hasty, spend a lot of time over next few days researching the house - going at different times of day to see if there is any blight (noisy neighbours, street is a rat run, smell from nearby factory or whatever) which would explain why it was cheaper than you thought it would be but would annoy you once you were living there. Check it's insurable (not on flood plain or in subsidence area). Check, if relevant, that the nearby school is good and you can get your children in there. If nothing shows, the house doesn't appear to be made of mundic block or some other unstable material, then relax.

overmydeadbody · 14/10/2013 16:54

A house is only worth what people are willing to pay for it, so if you are offering the asking price, that is probably around the value of the house, and it would be what you are willing to pay right?

If the house is everything you had hoped for, then it is worth what you offered, right?!

Bowlersarm · 14/10/2013 16:58

No one ever knows. As overmydeadbody says, a house is worth what someone is prepared to pay for it.

Compare it to what else is on the market.

If you lost it, how upset would you be?

MomentForLife · 14/10/2013 16:59

If houses are going fast you've probably done the right thing. Houses on my street are selling for about 20k more than the other year, property is definately going up again.

BecauseYoureGorgeous · 14/10/2013 17:01

Do you have a link to the online particulars?

Preciousbane · 14/10/2013 17:03

This reply has been deleted

Message withdrawn at poster's request.

VivaLeThrustBadger · 14/10/2013 17:05

If three other people offered the asking price today then I'd say it was either a bit underpriced or so unique people will want to pay a bit over the odds for it. Therefore its worth it and when you come to sell you'll have people biting your hand off to buy it.

BecauseYoureGorgeous · 14/10/2013 17:08

You can find out the actual sale prices of other properties nearby by searching online.

PastaBeeandCheese · 14/10/2013 17:17

I paid full asking price for my first house. I loved it and couldn't risk anyone else buying it. It was the right decision and even worked out well financially.

My current was a 'bargain' at £40k under asking price. I bought it because it was a bargain if I'm honest. I've never really liked it. Neither has DH.

We move in a few weeks to another house we love and are again paying full price. I hope we love it as much as our first house. We had the same 'feeling' when we viewed it.

I guess I'm saying that within reason you have to think of it as a home and not just an investment. So long as the price isn't out of line with local sold prices go for it!

lighthousesea · 14/10/2013 19:36

I think too many people go in for a bargain and then are disappointed when they miss out.

BecauseYoureGorgeous · 14/10/2013 19:57

I always make an offer and build up to whatever it takes, or however much I want to pay, whichever is least!

PastaBeeandCheese · 14/10/2013 20:17

Exactly lighthouse it's all very well making a low offer and building up provided you don't lose out to someone else in the meantime!

happylittlevegemites · 16/10/2013 23:32

It depends so much on the area. We're buying a house - offered the asking price the morning after viewing. Can't wait to move! We have also had a purchase fall through. That house was great too - we also offered the asking price. Both houses we agreed sales on before they went onto rightmove - we didn't want any competition! But houses around here go for over the asking price. (Before you think we're house buying crazy, the house we're in just right now we got for less than the asking price greedy buggers had it on for a daft price ).

In 5-10 years, will you even care what you paid?

wonkylegs · 17/10/2013 08:23

Preciousbane there are a semis and terraces in Gosforth/Jesmond area of Newcastle and other desirable pockets of the NE that go for those prices. It's not just a SE thing, although it's more common there.

Jesmond currently has a semi on for £1.6m,
Graham Park Rd in Gosforth is nearly all terraces (1.5m) and semis all valued over a million. It is a pretty road but I think I'd be looking to make my money go further.

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