Page 2 | How much to offer for this house?

Internationalpony · 2023-12-01T22:04:32+00:00

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

Twiglets1 · 02/12/2023 08:55

Internationalpony · 02/12/2023 08:44

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.

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But you can’t hope to know the Sellers whole situation, all you know is a tiny part that they have been there for lots of years. That doesn’t tell you much about what price they will accept.

Various people on this thread have advised you to offer in the region of about 670-690k. You’re overthinking it I feel with focusing even on the ages of their children. Just offer what you think it’s worth/what you can afford.

Original poster

Internationalpony · 02/12/2023 08:57

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.

Over-stretched? Tight finances? What makes you think you have inside knowledge of our financial position? We can get an agreement in principle for a £900k house but given mortgage rates and how we know we like to spend we set ourselves a budget of £700k because that’s how much we’d like to spend.

I’m astounded at how rude some people are.

OP posts:

Original poster

Internationalpony · 02/12/2023 09:01

Twiglets1 · 02/12/2023 08:55

But you can’t hope to know the Sellers whole situation, all you know is a tiny part that they have been there for lots of years. That doesn’t tell you much about what price they will accept.

Various people on this thread have advised you to offer in the region of about 670-690k. You’re overthinking it I feel with focusing even on the ages of their children. Just offer what you think it’s worth/what you can afford.

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You’re really missing the point. I don’t know their situation. Like with any decision you can only weigh up what you know and make a decision based on that. I shared as much as I know because I was asking for opinions and you’ve honed in on the fact I mentioned the sellers situation along with lots of other details. It’s a very minor factor. Like I said before, the children’s ages have no baring on the price whatsoever, the only reason I mentioned it because we were confused that someone buying a house 25 years ago would appear to have pre-school children now, so maybe the sold price information isn’t even accurate.

OP posts:

Gribbit987 · 02/12/2023 09:05

You sound very indignant. What I said isn’t remotely rude.

Your initial post said “we worked out our maximum budget is 700k”. It’s perfectly reasonable for me to conclude you would be overstretched beyond this.

Instead you’ve chosen an arbitrary figure that you’d like to purchase a house for and are looking for reasons to devalue this property to fit your budget. That’s not how it works. But maybe your offer will succeed. Seems unlikely but who knows.

Twiglets1 · 02/12/2023 09:07

Internationalpony · 02/12/2023 09:01

You’re really missing the point. I don’t know their situation. Like with any decision you can only weigh up what you know and make a decision based on that. I shared as much as I know because I was asking for opinions and you’ve honed in on the fact I mentioned the sellers situation along with lots of other details. It’s a very minor factor. Like I said before, the children’s ages have no baring on the price whatsoever, the only reason I mentioned it because we were confused that someone buying a house 25 years ago would appear to have pre-school children now, so maybe the sold price information isn’t even accurate.

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Ok.

You’re welcome btw that I bothered to reply to your thread and give my genuine well meaning advice on the price you should offer at.

You mention a load of irrelevant information in your OP then get annoyed when people point out it’s irrelevant to your question of how much to offer.

Pinkdelight3 · 02/12/2023 09:08

looking for reasons to devalue this property to fit your budget.

Exactly - that's what the kitchen/carpet comments read like, and clearly it's how the ruminations on the seller's age/DC came across. People aren't being rude. They're reading what you wrote and responding to how it sounds. This may be a misunderstanding, but there's no need to get ragey at people engaging and offering advice.

Nw22 · 02/12/2023 09:12

If you can spend more have you viewed this? I much prefer this street
https://www.rightmove.co.uk/properties/138774095

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

4 bedroom semi-detached house for sale in Whitelow Road, Chorlton, Manchester, M21 for £750,000. Marketed by JP and Brimelow, Chorlton

https://www.rightmove.co.uk/properties/138774095

ibelieveinmirrorballs · 02/12/2023 09:15

There’s no way in this market that “something beginning with a 6” won’t be entertained - I reckon they’re hoping for £700k+ by listing it at that… absolutely nobody is being advised by their agent that it’s standard to get asking price at the moment, not least just before Christmas in a stagnant/falling market.

I’d offer £690k and be prepared to go up to £700k - IF for you and compared to other similar properties nearby - this seems reasonable. I’m with you OP on most of your points but would disagree that it “needs” an extension in a few years. No house “needs” an extension; they would be your requirements perhaps but this has no bearing on the price. I also agree with the previous poster who says it is clear from the listing that kitchen/bathroom are tired.

ibelieveinmirrorballs · 02/12/2023 09:18

Nw22 · 02/12/2023 09:12

If you can spend more have you viewed this? I much prefer this street
https://www.rightmove.co.uk/properties/138774095

That’s a lovely house!

Original poster

Internationalpony · 02/12/2023 09:51

Nw22 · 02/12/2023 09:12

If you can spend more have you viewed this? I much prefer this street
https://www.rightmove.co.uk/properties/138774095

Thanks, we did view this yesterday immediately before the house I posted and it needed a lot of work. This is one that has been let out as a HMO for the last few years. It smelt musty, had damp patches on the ceiling and some of the walls and was also really dark inside so not for us!

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Original poster

Internationalpony · 02/12/2023 09:55

Pinkdelight3 · 02/12/2023 09:08

looking for reasons to devalue this property to fit your budget.

Exactly - that's what the kitchen/carpet comments read like, and clearly it's how the ruminations on the seller's age/DC came across. People aren't being rude. They're reading what you wrote and responding to how it sounds. This may be a misunderstanding, but there's no need to get ragey at people engaging and offering advice.

I really don’t understand why people are jumping on the children’s age comment. Why would there be any link between the age of their children and the value of the house? I was just trying to provide as much info as possible and it’s frustrating that so many of the comments seem like red herrings focusing in on really minor factors which don’t contribute. We’ve just offered £680 to leave some room for negotiation and will see what they come back with.

OP posts:

Original poster

Internationalpony · 02/12/2023 10:00

Gribbit987 · 02/12/2023 09:05

You sound very indignant. What I said isn’t remotely rude.

Your initial post said “we worked out our maximum budget is 700k”. It’s perfectly reasonable for me to conclude you would be overstretched beyond this.

Instead you’ve chosen an arbitrary figure that you’d like to purchase a house for and are looking for reasons to devalue this property to fit your budget. That’s not how it works. But maybe your offer will succeed. Seems unlikely but who knows.

It’s not an arbitrary figure it’s based on the value of our deposit and how much the monthly repayments are likely to be, with enough flexibility that if interest rates go up we can still be comfortable. Surely, that’s how everyone budgets for a house? Seems a bit irresponsible to base your budget on maxing out your savings and the most you’re allowed to borrow on a mortgage!

OP posts:

ibelieveinmirrorballs · 02/12/2023 10:15

£680k is a reasonable opening offer - good luck OP!

Pinkdelight3 · 02/12/2023 10:15

Why would there be any link between the age of their children and the value of the house? I was just trying to provide as much info as possible

Because you put the ages of their children as info on a thread about how much to offer for this house? It's not people being thick. It's you who created that link by focusing on that info in a thread about pricing the house.

ibelieveinmirrorballs · 02/12/2023 10:21

There’s a peculiar amount of nitpicking going on in this thread. OP is not talking about massively under-offering on the house and it is very reasonable to wonder if perhaps the latest registered sale of the property isn’t listed on Rightmove as it seems incongruous for the house to have been in the same family for 20+ years and for that family to have young children. And for that fact to have a bearing on whether the owners have bought recently and therefore have the need to maintain a high purchase price.

The house I’m buying also for some weird reason isn’t registering the fact it was sold last in 2019 and shows as the last point of sale being in 2006… I have no idea why it doesn’t show up?

Twiglets1 · 02/12/2023 10:25

ibelieveinmirrorballs · 02/12/2023 10:21

There’s a peculiar amount of nitpicking going on in this thread. OP is not talking about massively under-offering on the house and it is very reasonable to wonder if perhaps the latest registered sale of the property isn’t listed on Rightmove as it seems incongruous for the house to have been in the same family for 20+ years and for that family to have young children. And for that fact to have a bearing on whether the owners have bought recently and therefore have the need to maintain a high purchase price.

The house I’m buying also for some weird reason isn’t registering the fact it was sold last in 2019 and shows as the last point of sale being in 2006… I have no idea why it doesn’t show up?

I normally agree with your posts but what does the owners possible need to achieve a high purchase price have to do with the amount the OP should offer?

They must offer the price they think the house is worth irrespective of the Seller’s situation (which is guesswork anyway).

Pinkdelight3 · 02/12/2023 10:27

ibelieveinmirrorballs · 02/12/2023 10:21

There’s a peculiar amount of nitpicking going on in this thread. OP is not talking about massively under-offering on the house and it is very reasonable to wonder if perhaps the latest registered sale of the property isn’t listed on Rightmove as it seems incongruous for the house to have been in the same family for 20+ years and for that family to have young children. And for that fact to have a bearing on whether the owners have bought recently and therefore have the need to maintain a high purchase price.

The house I’m buying also for some weird reason isn’t registering the fact it was sold last in 2019 and shows as the last point of sale being in 2006… I have no idea why it doesn’t show up?

Well you've explained the line of thought much more clearly. Even OP said there was no link whereas you've laid it out like there might be one after all. Genuinely wasn't nitpicking, it just wasn't clear to a lot of people where OP was coming from, and then she got arsey when people were being helpful overall. Anyway, it's a nice house and sounds like it should be gettable within budget, so good luck!

NewFriendlyLadybird · 02/12/2023 10:47

Internationalpony · 02/12/2023 08:33

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.

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If they’d put in a new kitchen they’d probably be trying to claw a little of that money back. And the new owners might hate it. I just dn’t think that cosmetic issues can be a good justification for offering a much lower price.

Just offer what you’re prepared to pay — or slightly under to allow room for negotiation.

notafraidofthebigbadwolf · 02/12/2023 10:49

Good luck OP! You sound very sensible to me.

ibelieveinmirrorballs · 02/12/2023 10:51

Twiglets1 · 02/12/2023 10:25

I normally agree with your posts but what does the owners possible need to achieve a high purchase price have to do with the amount the OP should offer?

They must offer the price they think the house is worth irrespective of the Seller’s situation (which is guesswork anyway).

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I agree somewhat, other than that if they bought it a year ago at £725k they might be almost needing to retain that amount when reselling. This might therefore affect the OP’s likelihood of succeeding with an offer of £680k-£700k - even if the house is worth no more.

Twiglets1 · 02/12/2023 10:57

ibelieveinmirrorballs · 02/12/2023 10:51

I agree somewhat, other than that if they bought it a year ago at £725k they might be almost needing to retain that amount when reselling. This might therefore affect the OP’s likelihood of succeeding with an offer of £680k-£700k - even if the house is worth no more.

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It’s a complete fabrication though that they bought this house a year ago at 725k. And even if they did, that STILL shouldn’t affect the answer to the question OP was asking about how much they should offer.

Im bowing out now 😂

JustWimpy · 02/12/2023 11:02

Obviously the asking price would be higher if it had a new kitchen and carpets. It's always strange when people assume they should get the cost of redecoration and repairs knocked off the price.

housethatbuiltme · 02/12/2023 21:03

Where I live I would expect a house like that to be around £300k-ish, which is more than double my budget so I couldn't offer anything.

I assume this is a very different area and you have a very different budget to me though.

housethatbuiltme · 02/12/2023 21:10

Pinkdelight3 · 02/12/2023 10:15

Why would there be any link between the age of their children and the value of the house? I was just trying to provide as much info as possible

Because you put the ages of their children as info on a thread about how much to offer for this house? It's not people being thick. It's you who created that link by focusing on that info in a thread about pricing the house.

It really wasnt hard to understand what OP was saying, house was bought 25 years ago but the people living there have young children. You need to be at least 18 to buy a house so 18+25=43.

Now people DO have babies in their 40s (although not super common) but most people are not in a position to but an expensive house at 18... so its odd.

My assumption would be that its a family home though, passed to the kids when the parents moved or died.