How much to offer

[SarcasticMrKnowItAll]

I’ve found a house that’s perfect for us, I believe that it is overpriced as it’s been on the market for 18 months. I’m in the SE so although the market has slowed in recent years I can’t understand why it hasn’t sold yet.

It’s on the market for £500k, they reduced the asking price in January (not sure what it was before that).

The house next door sold for £495k last year, although it’s not showing on land registry so it possibly didn’t complete. This house was in much better condition than the one I’m looking at.

It will need a new kitchen (large kitchen) and will need new windows quite soon, as it’s a 4 bedroom detached, that’s going to work out fairly expensive.

With this in mind, how much would you offer or how much is too low that it would be an insult?

If you are knocked back 3 times before agreeing a price then that is normally a fairish deal. Offer very low and only move upwards in small increments. Make it clear you are totally serious buyers and these are serious offers although some people just have totally unrealistic expectations. This is why it has not sold. Price way too high or deluded sellers. Be prepared to walk away from it.

Thanks.Being prepared to walk away is the bit I need to work on 😬

It depends on much you like the house and how much you can afford. If it's been on for a while, there could be something wrong with it once the surveys are done, or just down to the slow market.

I would probably start at around 460 and negotiate up to what I think it's worth - probably not more than 475 if I needed the extra money to do it up.

Are the windows and kitchen dilapidated and not fit for purpose? Or just not to your taste / a bit dated? If functional then costing up the price of new replacement windows and kitchen and deducting from your offer wont work.

Thanks, I was thinking of starting at £460k and going up to £470k. The windows are double glazed but very old, some of the frames are rotting and the units are blown.
The kitchen is functional I guess, just not what I’d like I guess. I’ll try and attach a pic.

Kitchen

Have a search and see if the property is on Zoopla if it is you can see the listing history and see what the property was originally listed for and how many times it's been reduced.
Hope this helps

4 bed detached in SE for £500k? Where??

In Essex 😊

Its worth checking how much the windows will cost to replace - do they meet all the regulations etc (we had windows put in the back of our house 20+ years ago which we'd have to change if we sold the house . We replaced the front windows 10+ years ago , and needed some specific glass because of the height of them ?)

Where abouts in Essex (nosey blighter emoticon) , big place

Thurrock.... (one of the nicer parts) don’t really want to be more specific than that 😄
Are you local?

I'm not in Thurrock area but its a juntion round the M25 from me ...

I know Lakeside (intimately , my DD is never out of the shops) but apart from that , I don't know the area apart from that.

We're all waiting for the CrossRail to take off and the A127 to actually be free of roadworks so I think all these areas will pick up.

Romford (my neck of the woods) is now classed as East London rather than Essex . I was listening to a Galliard Home advert live in London for under £200,000 and when they said Romford , I was .

I've noticed a fair few Sold signs going up so I hope things are shifting.

Are your sellers planning on moving elsewhere , are they in a chain at all?

**the under £200,000 was a studio flat on a fairly busy road , 10 minutes walk to the station.

I really feel for my DC , they'll have to live with me forever !

I heard that on the news recently, they said “Romford in London” I did wonder when it had crept out of Essex 🤨

No chain, they’ve already moved out, I’m hoping they’ll accept our offer, it’s a lovely house but 18 months is a really long time to be on the market here, properties are still selling relatively quickly. We’re just waiting for an offer on ours and then fingers crossed!