How brave to be with offer (FTB)?

[ASauvignonADay]

No experience with this at all, but plan to put an offer in on a flat over the next few days.
How do you judge what is a reasonable offer and what is too cheeky?

Depends on a lot of factors. Has it been on the market long? Are the owners keen to get rid? Is it overpriced? Has there been a lot of interest? If you think the price is right and you can afford it you don't necessarily have to get sucked in to the temptation to offer under the asking price

At the same time as long g as you don't offend there's no harm in going in a bit lower.

No easy answer, sorry!

So many factors! From what I can gather, it hasn't been on the market long (and flats of it type don't come up that often), I don't think there has been a huge amount of interest, don't think they're in a rush to sell... it needs a lot of work (cosmetic) but unsure whether the price already reflects this. I can stretch to the asking price but that's not keeping any cash for fees.

well you cant offer what you cant afford. you need to budget more than you think for fees and moving

Make sure you have some kept back - there are always costs you haven't thought of and house buying is expensive.

Where are you roughly and what's the asking price? How many bedrooms?

MN wont be able to tell you what a reasonable offer is. It veriea by location. In my location its usually 10-15% under but in other areas its usual to offer over asking price.

You need to factor in stamp duty if applicable, solicitor fees, removals, then will need some money for furniture, curtains etc as soon as you move in. So I would say it's good to have several thousand on top of stamp duty.

Go onto Rightmove sold prices to see what people have actually paid for things. If the flat needs work, you'll need to budget 15-40+k for it (depending on size and part of the country). That can also help you compare the price to done up flats. If other flats in the area are a fair bit bigger or smaller, you can compare the price per square metre.

And don't underestimate 'cosmetic' work - often you'll take wallpaper/lining off and plaster starts crumbling + you're likely to need a full rewire if a property hasn't been touched for 20+ years.

Going by the asking price is not much indication as some properties are put up for a realistic price and get go for more, while others start at an inflated price.

I'm a ftb & had an offer accepted this week.
I started under but eventually had to go to my max. They wanted 210 but came down to my 207 as no chain involved (they are moving into rented)
I started at 197.
I hope this helps a bit

As a ftb I dont have stamp duty. This enabled to go up to that much.

I think 10% off is usual

Given that it's not been on the market long and you don't think they are in a rush to sell, I'd start at about 7-8% below asking price and expect them to reject it, with a plan to negotiate up until more like 3-5% below the asking price.

Thanks all. Made an offer which was accepted. Think I probably could have offered less but was unsure, it wasn't stressful and still under my top budget.

Congratulations!! Out of interest , what was the asking price and what did you offer?

Congratulations!

Congrats