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Original poster

How much to offer for this house?

49 replies

Internationalpony · 01/12/2023 22:04

We viewed this house today and would like to make an offer: https://www.rightmove.co.uk/properties/139626383

It was light and bright and had a lovely warm feeling and it’s the first house we’ve seen which has made us feel excited.

Before we started searching we worked out that our maximum budget is £700k. We decided to view this house despite it being slightly over because it says “in the region of”, has been on the market for almost 3 months and looked pristine so we wouldn’t need to spend any extra.

On viewing it’s in good condition compared to others we’ve seen (this was our 7th viewing) but isn’t as pristine as it looks on the photos - there were stains and rings on the kitchen worktops and paint pealing off the kitchen cupboards so it would need a new kitchen. The carpet on the stairs is a bit worn in patches and the bathroom needs updating but nothing urgent that we couldn’t live with for a while. Overall, it was a well looked after family home and I can imagine us being really happy there.

The estate agent mentioned that a lot of the feedback from viewings so far has been about the kitchen being too small. I’d say that the downstairs overall is smaller than other houses at this price point but that’s offset by the fact it’s (in our opinion) a nicer house. He also said they’d previously accepted an offer for asking price which fell through a month ago and has had a steady stream of viewings but no offers since.

From looking at the sold price history the vendors bought it in 1998 for £110,000 (although they seem to have small children so we were a bit confused by this)!

In terms of our position, we’re in a short chain having sold our flat to a first time buyer who is a cash buyer and we’re expecting the sale to complete in the next few weeks.

With house prices falling we’re a bit worried about paying over the odds. What do you think would be a reasonable offer?

Thanks in advance!

Check out this 4 bedroom semi-detached house for sale on Rightmove

4 bedroom semi-detached house for sale in Cranbourne Road, Chorlton, M21 for £725,000. Marketed by JP and Brimelow, Chorlton

https://www.rightmove.co.uk/properties/139626383

OP posts:
Twiglets1 · 01/12/2023 23:35

I don’t think it’s very relevant what they bought it for in 1998 or their child status at the time.

All that matters is what comparable properties are going for now and what you think it’s worth/can afford.

I would offer in the region of 675k if I really liked it and that price compared favourably with other sold properties. And possibly be prepared to negotiate slightly upwards from that.

Original poster
Internationalpony · 02/12/2023 00:16

Twiglets1 · 01/12/2023 23:35

I don’t think it’s very relevant what they bought it for in 1998 or their child status at the time.

All that matters is what comparable properties are going for now and what you think it’s worth/can afford.

I would offer in the region of 675k if I really liked it and that price compared favourably with other sold properties. And possibly be prepared to negotiate slightly upwards from that.

Thanks for your input. Obviously not the main factor but I do think relevant what they bought it for and when because if they’ve stayed for so long it indicates it’s a nice street and they’ve been happy in the house and they price they paid has some baring because if they bought it for £700k a couple of years ago they’re going to want to make their money back and unlikely to drop the price. The fact they bought it for that price 25 years ago means they are likely mortgage free by now and will be making a huge profit even if they drop the price so might be more open to negotiation.

I mentioned their child status simply because it struck us as odd when we saw they bought it 25 years ago when have young children now, not because it has any bearing on the value of the house.

OP posts:
Moveoverdarlin · 02/12/2023 00:22

House prices aren’t falling. Today it was announced they went up for the third month in a row. It’s been all over the news today. I would offer 680k and go from there..

Jmaho · 02/12/2023 00:36

Last sold 2003 for £190k

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CharlotteRose90 · 02/12/2023 00:44

Ooo finally a house near me In an area I know. For that I would offer £670k ish . It’s definitely not worth the price they are asking no chance. There’s plenty of houses on that street that need repair and the reputation isn’t that good.

AndWordsWhen · 02/12/2023 00:45

The fact they bought it for that price 25 years ago means they are likely mortgage free by now and will be making a huge profit even if they drop the price so might be more open to negotiation.

That's just nonsense. They still have to buy another home so need the money to do that. They're not going to drop the price below market value. Why on earth would they?

Twiglets1 · 02/12/2023 06:12

AndWordsWhen · 02/12/2023 00:45

The fact they bought it for that price 25 years ago means they are likely mortgage free by now and will be making a huge profit even if they drop the price so might be more open to negotiation.

That's just nonsense. They still have to buy another home so need the money to do that. They're not going to drop the price below market value. Why on earth would they?

Exactly… I just don’t understand the argument that just because someone is potentially mortgage free or has a small mortgage, they may sell their property at below market value.

They won’t… they will want to achieve the best price they possibly can. Just like any other person selling a big asset.

The market decides the price, how the property compares to other properties in the local area and what houses in that area are selling for at a particular point in time. It’s very little to do with the personal situation of the Seller so better to focus on the property & what it’s worth to @Internationalpony

pinkdelight · 02/12/2023 06:47

Getting a new kitchen because of cup marks and peeling paint feels like a reach. Obviously you're free to get a new kitchen but it doesn't mean there's is substandard to the degree they'd knock money off, more that you have a max budget so are looking for things to pick at about it.

However a couple of the locals here saying it's overpriced for the street is a stronger argument, and suggests 700k is enough to get it, so I'd go in as they suggest and if you really want it then consider going to your max as you can and it looks like a lovely long term home. Chorlton is great and there's enough space for most families. I do like a cellar and those extra dressing/study spaces.

Sublime66 · 02/12/2023 07:00

Moveoverdarlin · 02/12/2023 00:22

House prices aren’t falling. Today it was announced they went up for the third month in a row. It’s been all over the news today. I would offer 680k and go from there..

Nominal house prices have fallen this month.
Look at the data and you will see what you are being told is manipulated propaganda

Original poster
Internationalpony · 02/12/2023 08:21

Jmaho · 02/12/2023 00:36

Last sold 2003 for £190k

Thanks, where did you find that? That would make more sense but it’s said 1998 everywhere I’ve looked! It’s number 16.

OP posts:
MovingToPlan · 02/12/2023 08:23

I thought I was being savvy about offering under on a house we loved, but needed a lot of work.

I only succeeded in insulting the vendors and lost the opportunity to buy the house. They wouldn't even negotiate price.

So remember there are people involved here, not just maths.

Original poster
Internationalpony · 02/12/2023 08:26

CharlotteRose90 · 02/12/2023 00:44

Ooo finally a house near me In an area I know. For that I would offer £670k ish . It’s definitely not worth the price they are asking no chance. There’s plenty of houses on that street that need repair and the reputation isn’t that good.

I don’t know the area well (we’re relocating to Manchester) but I’m surprised by this as it looked like a really nice tree lined street and all the houses were similar. There was only one on the street that was undergoing renovations and the rest all looked well cared for! Also a short walk to Beech Road in one direction and the tram in the other so I thought it would be a really desirable location? What am I missing?

OP posts:
Original poster
Internationalpony · 02/12/2023 08:28

AndWordsWhen · 02/12/2023 00:45

The fact they bought it for that price 25 years ago means they are likely mortgage free by now and will be making a huge profit even if they drop the price so might be more open to negotiation.

That's just nonsense. They still have to buy another home so need the money to do that. They're not going to drop the price below market value. Why on earth would they?

I didn’t say they’d drop it below market value. Market value is what someone is willing to pay for it. It’s likely overvalued, it’s been on the market for 3 months and they’re asking for “in the region of” which indicates they’re open to offers. However, if they’d paid over the current market value they’re more likely to keep holding out for a better offer.

OP posts:
TakeMe2Insanity · 02/12/2023 08:28

They’ve made a choice in the kitchen to give up a galley kitchen and have an eat in kitchen. Your choice could be to have a bigger kitchen in the living room and a tight dinning area.

Original poster
Internationalpony · 02/12/2023 08:33

pinkdelight · 02/12/2023 06:47

Getting a new kitchen because of cup marks and peeling paint feels like a reach. Obviously you're free to get a new kitchen but it doesn't mean there's is substandard to the degree they'd knock money off, more that you have a max budget so are looking for things to pick at about it.

However a couple of the locals here saying it's overpriced for the street is a stronger argument, and suggests 700k is enough to get it, so I'd go in as they suggest and if you really want it then consider going to your max as you can and it looks like a lovely long term home. Chorlton is great and there's enough space for most families. I do like a cellar and those extra dressing/study spaces.

Thanks for your input. What I mean is, it adds value if you have a freshly renovated kitchen compared to one which has worktops covered with stains and cupboards which need replacing. Overall, some aspects of the house were a bit shabby. I wouldn’t ask them to knock money off for one specific thing but the condition of the interiors is a factor when considering how much to offer on a house.

OP posts:
HairyToity · 02/12/2023 08:33

I like the house too. People do seem to pay a premium for Chorlton, and in recent years it's become very trendy. I could live with kitchen and bathrooms.

Can't advise you on what offer to make.

Twiglets1 · 02/12/2023 08:36

Internationalpony · 02/12/2023 08:28

I didn’t say they’d drop it below market value. Market value is what someone is willing to pay for it. It’s likely overvalued, it’s been on the market for 3 months and they’re asking for “in the region of” which indicates they’re open to offers. However, if they’d paid over the current market value they’re more likely to keep holding out for a better offer.

Show quote history

They’ve also had a steady stream of viewings and an asking price offer within 3 months, albeit that fell through.

That does not scream out that the property is significantly overvalued. Though I expect you could get some reduction on price, as suggested above.

geoger · 02/12/2023 08:36

I would offer £675k and take it from there.
Plus points: generous bedrooms, 2 bathrooms and the fact it’s a semi gives lots of scope to extend to the side and back (stpp)
But the downstairs feels disproportionately small when compared to the bedroom space. Def needs a bigger kitchen. So offer low to give you scope to extend.

Nw22 · 02/12/2023 08:40

We are currently looking for a house in south Manchester and have viewed a couple with that agent. I’d probably offer 680-700k

pinkdelight · 02/12/2023 08:41

I didn't say that a new kitchen wouldn't add value, obviously it would, but that wasn't the point you were making the way you wrote the OP.

You said this house was out of your budget but you'd looked at it anyway and:

On viewing it’s in good condition compared to others we’ve seen (this was our 7th viewing) but isn’t as pristine as it looks on the photos - there were stains and rings on the kitchen worktops and paint pealing off the kitchen cupboards so it would need a new kitchen.

Which reads like this house is in good condition but had some minor wear and tear on the kitchen, as most not new kitchens have, but you could use this to say that it needs a new kitchen, and make a case for offering less, same with carpets.

That's the point I was making and it wasn't ridiculous, it's what you wrote. I'm just saying it's a better case to offer lower because of local prices for that area, as per PPs remarks, rather than making out it's because of kitchen and carpets.

Freakinfraser · 02/12/2023 08:42

Op houses are valued for the condition they are in, not pristine and then you knock off for what you’d like to do with it.

people always try to justify why it is coincidentally valued at what their budget is.

make your offer at what you think it’s worth and can afford. The fact it’s been on for 3 months in the current climate is irrelevant, as is how much equity they have.

no one can tell you whah they will accept.

Original poster
Internationalpony · 02/12/2023 08:44

Twiglets1 · 02/12/2023 06:12

Exactly… I just don’t understand the argument that just because someone is potentially mortgage free or has a small mortgage, they may sell their property at below market value.

They won’t… they will want to achieve the best price they possibly can. Just like any other person selling a big asset.

The market decides the price, how the property compares to other properties in the local area and what houses in that area are selling for at a particular point in time. It’s very little to do with the personal situation of the Seller so better to focus on the property & what it’s worth to @Internationalpony

Show quote history

The sellers situation always plays a part. Of course it doesn’t change a £700k house to 600k one. But when considering whether to offer say £690 or £700, someone in a rush to move is more likely to accept a lower offer, someone who isn’t is more likely to hold out. Someone who bought the house for £690 is going to want to feel like they haven’t lost out. There haven’t been any houses sold on that street in the last few years so no one really knows the exact market value until someone buys it. I haven’t said it’s the deciding factor, but trying to provide as much info as possible because all these small things build up a picture which inform the decision about how much to offer.

OP posts:
Gribbit987 · 02/12/2023 08:47

If someone offered asking price a month ago I very much doubt they will currently consider a number without a “7” at the beginning.

To put your offer forward they are going to want to see proof of funds. If your top figure is 700k then you’re not a great bet frankly as you’re overstretched. Even if you secure it for less - unlikely - a savvy estate agent will have a sense of concern about your tight finances.

Your musing on their financial position is ridiculous. You can look up if they are mortgage free by paying £3 for the title. However, whatever you discover will have no bearing on their sales mentality. 99.9% of people want the best price possible for the biggest asset they will ever own.

Also, I can see from my sofa that the house is tired and needs a new kitchen and bathroom. That will be factored into the price.

Original poster
Internationalpony · 02/12/2023 08:54

pinkdelight · 02/12/2023 08:41

I didn't say that a new kitchen wouldn't add value, obviously it would, but that wasn't the point you were making the way you wrote the OP.

You said this house was out of your budget but you'd looked at it anyway and:

On viewing it’s in good condition compared to others we’ve seen (this was our 7th viewing) but isn’t as pristine as it looks on the photos - there were stains and rings on the kitchen worktops and paint pealing off the kitchen cupboards so it would need a new kitchen.

Which reads like this house is in good condition but had some minor wear and tear on the kitchen, as most not new kitchens have, but you could use this to say that it needs a new kitchen, and make a case for offering less, same with carpets.

That's the point I was making and it wasn't ridiculous, it's what you wrote. I'm just saying it's a better case to offer lower because of local prices for that area, as per PPs remarks, rather than making out it's because of kitchen and carpets.

I haven’t said we’d make a lower offer because of the kitchen and carpets but the condition is one of a multitude of factors when considering how much to offer. When asking for opinions on what to offer surely it’s relevant to say what condition the house is in?

In the photos it looks pristine so I was explaining the photos don’t 100% reflect the reality, although compared to some of the other houses we viewed, some of which needed a lot of renovation and had been used as HMOs, it was in good condition and a well loved family home.

I can honestly say I’ve never lived with a kitchen that has stains all over the worktops (maybe because I’ve never had wood worktops) and paint peeling off the cupboards so I don’t personally see that as normal wear and tear, I see that as a kitchen that desperately needs replacing. In the long term it would need an extension.

OP posts: