Would you look at houses 5k over your top budget?

[CrapBag]

Having to go searching again after we are about to pull out of our purchase. Previously we were looking at slightly higher priced houses but now the mortgage rules are stricter, we can't borrow what we wanted so have had to adjust our highest amount. We know the maximum we can go to and it is the max, max amount we can borrow and nearly all the savings and equity we have for the deposit and fees. There are a few houses that I have saved on my list that are 5k over our max budget. One of them has just been dropped by 5k but still that 5k over our top end.

Would you stick to looking at houses at the top of your budget or would you look at houses slightly higher, hoping they would take a lower offer?

We aren't in a crazy area where everything goes for over the asking price. I thought generally houses were priced where the EA expects people to make a slightly lower offer?

I would look, as you can always put in a lower offer.

Absolutely. You always offer 10% less than the asking price anyway, as a rule.

We looked at houses up to £50k over our budget, on the assumption that we'd offer less than the asking price (outside of London). We ended up paying £10k over our top budget (!) but £85k under the asking price.

Hmm interesting! There are 2 houses in the exact area I wanted for 15k over our top budget but I ruled out looking at them as they usually sell there, quite easily.

10% below is normal round us. People offer lower. Buyers are told price to accept 10% under

I agree you could try a slightly reduced offer and might get lucky. 5k under is pretty close to asking tbh! Good luck

Think it depends on areas. Here everything goes over the asking price :(

I would at £5k yes as you never know the vendors situation, they might have found somewhere and be really keen to move.

Absolutely. My house was in at £5k over my top budget and I got it under. I imagine it was priced with the expectation that would happen as it was on at £130k so just over the stamp duty threshold. (I live in the north!)

5k ? Absolutely.

You don't ask, you don't get. That said, it's always good to firmly set expectations with an estate agent. They'll tell you if there is no cold day in hell that the owner will sell for your budget as they won't want to waste their own time.

Yes but we are in Scotland where it is commonly 'offers around' or 'offers over' but you can offer less if you want.

Definitely! I'm looking at houses which are up to about 75k over our top budget (optimistic!) because quite a few seem to have come on, languished, then been reduced by quite a significant amount.

God yes. We looked at houses up to 50k over our budget. If you love it, it's worth a cheeky offer.

Yes.

Look round, if you like them, put in a low offer. They can always say no you might get a bargain.