Is it worth going to look at a house 10k over budget?

[riverside277]

Been looking for a property to buy for around 5 months after a few years renting. Our budget was originally £140k and there has been a few suitable I've seen for that price but they were sold straight away. Our top budget realistically has to be £150k (north east, looking for 3 bed semi) I've seen one come up today in what I believe is a nice little cul de sac but at £160k. It needs some tlc and a new bathroom fitted so would have to budget for that aswell. I don't want to waste anyone's time so for that price and our budget, is it worth looking? What sort of offers would be reasonable? Is 150k me being daft? I'm new to all this! TIA

I always look at houses about 10% over budget as I plan on getting about that much off if possible. So go for it.

Realistically a house that's just come on the market in your price range isn't going to accept a £10k drop.

If it's been up for sale for a while then it might do.

The last 2 houses I've bought I've secured £20k+ off the asking price. Both were up for sale for quite some time.

HTH.

Yes.

Lots of people will price their house expecting to be negotiated down. Others will market at the lowest price they are prepared to accept and won't budge. It's very possible that the owners of this house will accept an offer £10k under asking. You won't know unless you go for it.

What do those houses normally go for? Is it priced to sell or do you think there’s wiggle room?

We bought a house for £275,000 in the North East in August. It was on the market for £295,000. I think you're fine to go and view it x

Rule of thumb is that you can offer 10% under asking price. That does depend on the area, market and vendor. (Some vendors have inflated ideas of their houses values and can be self-deteatingly stubborn).

Look up sale prices in that neighbourhood. They may be quite different from asking prices.

Do factor in the necessary 'doing up' costs though and think about how long you'd be prepared to wait before doing other desirable work.

And if you do offer, always get a proper survey of your own, especially for an older house or one that clearly needs work. Do not rely on the mortgage survey.

Thanks for the helpful comments, I think I will phone EA in the morning and see what they say, although the EA it's up with typically I have found them quite unhelpful in the past. The last house sold in that area was jan 19 for £143k 3 bed semi but very dated, would of needed full Re-furbishment, before that was one sold for £160k similar condition to the one I've seen so that makes me think there isn't much room for negotiation.

Definitely call and speak with EA.
We discounted the house I'm currently sitting in because it was about 25k over budget. This is an area where houses go for asking prices and bidding wars are common.
Turned out the sellers had put in an offer with the same EA on their onward purchase, and were very motivated to sell.
You never know