Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

How much over budget should I look?

16 replies

flintski · 28/11/2009 22:46

Hi - am looking at houses at the mo - just wondering how much over my top budget I should look? £10K?

am not sure if in the 'current climate' (i hate that phrase!) that I could get away with cheeky offers on houses that are about 20k over my top budget.

what do you think? any experience out there?

OP posts:
MortaIWombat · 29/11/2009 10:36

Round here (SE London), there is so little coming on the market that many places are being snapped up immediately, often at over asking price.
On the other hand, those that are priced above a reasonable price for the economic climate are not moving. So it really depends on whether you feel a house is sensibly priced or not. I think you could only make a cheeky lower offer on something that is genuinely overpriced. But then, if you get rejected, nothing to stop you going higher.

Original poster
flintski · 29/11/2009 11:09

Thanks - I know what you mean about things getting snapped up - I've been keeping an eye on the local market and things do seem to go quickly but there are also some people trying to sell at 2007 prices which seems unreasonable to me?

will have to see what happens maybe.

OP posts:
Earlybird · 29/11/2009 11:42

Can you do some research on what comparable properties have sold for in the last 6 months in your area? Can the estate agents supply information about asking price vs sales price for those properties? That should give you some 'hard facts'.

And at risk of stating the obvious, properties that have been on the market a 'long' time and/or those that are empty are most likely owned by people who will be much more willing to negotiate.

dexter73 · 29/11/2009 22:14

My brother is looking at houses at the mo and has found that many are going for over their price as there are not many houses up for sale and quite a few people looking.
It has been quite a shock for him as he thought he would be getting a bargain! A house he liked which was up for £285,000 has now gone to sealed bids as there was so much interest.

Wigeon · 30/11/2009 13:39

Just to give you a bit of hope - the offer we've had accepted on a place was £20k under the asking price, and the house had only been on the market for 2 weeks (in Hertfordshire). But I was pretty sure it was over-priced, given its condition, and could give 4 similar properties, in much better condition, and in the same town (sometimes in better areas too), which were being marketed at at a lower price.

And of course it will depend on how desperate the owners are to sell (eg if they already have somwhere they want to buy and need to move quickly).

Also, it surely depends on your total budget - £20k less than a house that's on for £100,000 is obviously a very different proposition to a house which is on for £1million!

We were looking at some places at least £20k over our budget - you can always get a sense from the estate agents on the phone before a viewing as to whether the owners are open to offers.

Good luck with your hunt!

Original poster
flintski · 30/11/2009 18:44

Thanks Wigeon - i am in Herts too! Whereabouts are you? It does give me hope that some are going at under the asking price rather than sealed bids - don't think I can get into all that!!

OP posts:
Lubyloo · 30/11/2009 19:37

We have just moved in to our new house. We were looking at properties £25k over our maximum budget until the estate agent persuaded us to see this place which was £30k over. We saw it, fell in love and the owner accepted £30k under the asking price

Original poster
flintski · 30/11/2009 21:38

well - that is good news Lubyloo! Gives me a bit of hope! Enjoy your new home.

OP posts:
Wigeon · 01/12/2009 12:28

We have sold our house in St Albans and have just bought in Watford. Where are you, Flintki? I haven't heard of any houses round here going to sealed bids. From the houses we were looking at, most owners were expecting to get offers under the asking price.

Also, I saw from your profile that you are a teacher - where are you? My DH is a teacher at a school in Watford.

Original poster
flintski · 01/12/2009 21:20

Small world Wigeon - We are in sarratt (just renting - could never afford to buy here but its where we could get a school place for dd at short notice in the summer!) - I teach in a high school in Ickenham, Uxbridge so will probably end up in Watford or near by!

whereabouts in watford have you bought?

OP posts:
sylar · 01/12/2009 21:23

We've just bought at 20 per cent below asking price if that helps you?

Wigeon · 01/12/2009 21:50

Ha! We have just bought in north Watford, between Watford Junction to the south and the Dome roundabout to the north. Just off the St Albans Road. We've gone there as you can get soooo much more for your money - a similar house in St Albans would literally be £100,000 more. But then St Albans is a lot nicer than Watford...Are you looking in a specific bit of Watford?

Morosky · 01/12/2009 21:58

I used to also teach in a high school in Ickenham, that bought back memories.

Original poster
flintski · 01/12/2009 22:10

again, small world Morosky! I have only been there since sept but enjoying it so far!

Wigeon - were thinking west watford as have to get out that way to work but huge spanner in work in last day or two as hubby's business needs bailing out so some of our deposit will be needed for that will probably be renting for a bit longer then!

I love st albans but agree its soooooo expensive!

OP posts:
Morosky · 01/12/2009 22:31

I was there 10 years ago, a long time ago and suspect it was rather a different school then. I am glad you are enjoying it,

HerHonesty · 02/12/2009 10:14

look at 20% over for stuff which has been on a long time. new stuff i would say around 10%.

New posts on this thread. Refresh page