I think I have overpaid on flat I am buying

[Muddle200]

I think my offer is 3 to 5 k too much

Why did you offer that much then?! Presumably you want the flat?

3k on a mortgage isn't usually a huge difference, how much is the property worth

What an odd thread. No reason to explain why, no figures or background information.

@Muddle200 you need to give us more information as to why?

No mortgage

If you haven't exchanged you can renegotiate and pull out if you don't want to go ahead.

You can after exchange and before completion but if you pull out then there will be a financial hit anyway.

Yes, this. Hopefully you haven't let it go this far though.

Why do you think your offer is too much?

How much was your offer for? In most circumstances £3-5k is, realistically, a very small amount in relation to the overall cost of a property and not an amount I'd really sweat in the specific context of buying a property. But if the flat is priced a lot lower than average property prices in the UK then that amount might be more significant - it's hard to comment without knowing the figures.

In the context of a home you plan to live in 3-5k is very little, I slightly overpaid to get our home but it’s in the past now and I don’t give it a moment’s thought.

If it's a 50k flat (yes, they do exist), it's possibly worth renegotiating if not at point of exchange.
But if it's a 300k flat it's nothing in the scheme of things.

FWIW, we know we overpaid for this house. BUT anything else we liked on paper (refusing to go and look at) was 200k more. So an extra 7k was well worth it to get it off the market the first weekend it went to market.

Get a level 3 survey that includes a valuation. That will either put your mind at rest, or give you a strong evidence to renegotiate.

It is only 185 k and an old building
Too late now Yes regret but no one to
help

Wish I had asked before

That’s about 2% of the price - not a huge amount and with such a small difference it’s hard to work out if you’ve really overpaid. If you have exchanged then it’s too late but assuming you like the flat and will be happy living there it’s really not worth dwelling on.
If you’d bought it 2 years ago it would probably have cost more.

18 months ago it sold for 183k

Values have come down a bit since then but not in every area, and not by that much. If you already exchanged contracts then yes it's too late to renegotiate. Just chalk it down to experience. To be fair a lot of people have overpaid on property at some point in their lives. It won't matter a jot in a few years.

I really wouldn’t let this bother you. In the grand scheme of things it’s not that much. For your own sanity, and in the nicest way, forget about it. Unless, this is your way of realising that you don’t like the property anymore?

That’s 1.5-2% of the price. Probably two extra mortgage payments. Honestly, compared with the price of the house, this isn’t worth worrying about if you like the place.

There is no absolute value of a property that you can be sure of overpaying by such a tiny amount.

@Muddle200 stop drip feeding one liners and write a full paragraph with all the information.

No one can help when you haven't given full details in one coherent post!

If i didn't know better I'd say it was half term and there were a load of bored kids on here with the types of threads that have appeared on the forums in the last couple of days...

I would not regard that as an amount worth worrying about in relation to that purchase price. Enjoy your new home, when you get there!

https://www.yopa.co.uk/homeowners-hub/house-price-tracker/...

Notice the overall trend since 2015 and the recent fluctuations.

Depending on which measure you look at.. it could go either way.

£3k could be the difference between you getting the flat and not getting it and finding nothing else that meets your needs for 6 months or more... meaning 6 months of renting / searching etc. Even if the average price of property has decreased.. the available property that fits your criteria is all that matters to you.. if there is another flat, at a lower price.. you could either negotiate or pull out..

Maybe the previous owner did some work to the flat in that time.. maybe not.. I would want to know why it was being sold so soon after being bought.

But why do you think you're paying too much? Do you think they would have accepted less? I mean you just don't know do you.
I've bought and sold a lot. I've always felt I could have held out for more or offered less. That's just the way it is with negotiations.

Look, darl, £3k-£5k isn't worth getting your knickers in a twist over.

It's peanuts or even on a £185k flat.

Just be pleased you've got the property you want!

Do you like it? Do you want to live there? If you do and you can afford it then the actual cost doesn't matter in the grand scheme of things. It's going to be your home. Stop worrying about it and start to think about moving in try to get excited