What's reasonable?

[HooseHelp]

I'm a first time buyer and have seen a house I like but can't afford the asking price. Round here no houses sell for the asking and if they do you're very lucky, but I don't know the line between a reasonable offer and a cheeky one as I've never done this before! I don't want the seller to think I'm a time-waster and then turn down any offer I make after. The house is on the market for £175k which I think is expensive for what it is but it's in a good location right across from a school which is possibly why it's more expensive. Realistically I could happily afford £160k but could stretch to 165 although it really would be a stretch. Even less would be better but I don't want to take the piss.

So really my question is would you accept an offer just less than 10% of what the asking is or would you think me a CF and laugh me off the phone?!

For some details, it's a small detached bungalow, around 100/150 years old ish but doesn't require any renovation and I know the sellers were renting out the property and have now decided to sell. I'm obviously chain free being a first time buyer and I have a sizeable deposit, not sure if that makes it more appealing for the buyer or if that's just better for the bank!

I know the estate agent/a solicitor would be best to advise but I just wanted to get some other views to see.

Being right across the school could as well be off putting due to noise at break time. Might be particularly unappealing to people looking for bungalows.

Compared to what else you’ve seen, do you feel it’s worth 160k to you?
The problem with asking prices is that sometimes they’re quite low, other times way too high so you can’t really put a -% on it.

The market has gone a bit mad at the moment so it’s hard to talk in general terms as it very much depends on the area, how long the house has been on the market and the seller’s reason for selling. That said I don’t think 10% less is CF territory and being a FTB with a decent deposit definitely puts you in a strong position.

You are a good buyer, FTB with a hefty deposit. Go for it.

Op go for it, no one can predict what they will sell for. They may be willing to let it go for that price, they may tell you to sod off.

You won't know til you try. People have different reasons for selling, some more urgent than others.

Great thank you for the replies, that puts my mind at rest that I'm not just being bolshy and rude.

I think £160k is worth it to me, the school noise doesn't bother me as I work just behind the school so already used to it and it adds to the appeal, it would take less than 5 mins for me to walk to work if I'm ever to get back into the office.

I'm also fairly young with no DC but would like them one day and this house would be good with kids and ideal for schooling.

The more I think about it the more I love that little horse!

Good grief, it's a hoose not a horse!!

Offer 160k. You have nothing to lose. If they want more go up to 163k
Make your second offer your biggest leap in price. If that is not accepted go up another 500.00 to 163.500K. That way they will know that you are reaching the top end of your budget. Good luck.

Thanks for the advice @notangelinajolie I don't know much about making offers so that's really helpful!

@notangelinajolie

Offer 160k. You have nothing to lose. If they want more go up to 163k Make your second offer your biggest leap in price. If that is not accepted go up another 500.00 to 163.500K. That way they will know that you are reaching the top end of your budget. Good luck.

@notangelinajolie: thanks, good tips

@HooseHelp: I’d be looking at recent sold house prices in next 1-2 streets in last eg 2 years for comparable values, but you could knock off a tiny bit (2K) for school noise

Also depends how long on market: if more than 2-3 months willingness to take offers may increase

I think you are in a better position than usual as a FTB due to rush re SD so go with 160/163/163.5