Property Savvy People - What would you offer?? I do nee you thoughts :)

[mascaraohara]

If a 2 bed property was on the market for ~£175k

They have no chain

You have no chain

the property is in a good location and has large gardens BUT need complete overhaul inside as it's VERY dated. At a guess I would say someone eldery last lived there for quite sometime and it's probably the family selling it on.

how much less than the asking price would you offer? Would you go in with a really cheeky low offer?

There are still some idiots investors around with cash that have been waiting since 2004 to buy property because they've seen their friends buy in 2000 and see massive returns, so they think those days will return.
I can't decide whether selling is a good idea or not, on the one hand when inflation kicks in you want to be in the most expensive house possible because your basically going to get given it for free, on the other hand there is every possibility of further falls and you make your money when you buy something not when you sell it.
Oh for a crystal ball

That's the way some agents win pitches, they flatter the vendor. Invite him round, see what he has to say but tell him why you think it is worth less (based on figures you know other properties have sold for in the neighbourhood). I would err on the side of caution when thinking about what your house might be worth.

I agree with Sorrento that there could well be further falls in value so really you want to remortgage for as little as possible to avoid potentially going into negative equity or finding you do not have enough equity to get a decent deal when you come to remortgage.

can't find anything I like to even go and look round

and now.. I have a spanner in the works..

boyf has now suggested I don't do anything and that we should consider moving in together next year

why is nothing ever easy?

so now will have to stop and discuss with him at the weekend.