Putting in an offer

So I talked my husband into putting in an offer on the house I liked but how do we know how much to offer? Basically we are looking at this two bedroom house with a two room loft room which cannot be classified as bedrooms because they dont comply with building code. BUT the house is listed as four bedrooms. The price is a bit high for a two bedroom house. It's been done up beautifully with new fireplaces, a new large bathroom and new kitchen but its still just a two bedroom house. How far below the asking price is normal to start the haggling?

So I talked my husband into putting in an offer on the house I liked but how do we know how much to offer? Basically we are looking at this two bedroom house with a two room loft room which cannot be classified as bedrooms because they dont comply with building code. BUT the house is listed as four bedrooms. The price is a bit high for a two bedroom house. It's been done up beautifully with new fireplaces, a new large bathroom and new kitchen but its still just a two bedroom house. How far below the asking price is normal to start the haggling?

The people who put in an offer to us started at £15,000 less.  We said yes to £5,000 in the end. 

We offered £8,000 less for the one we are buying. (It's a new build, no previous owners) and they accepted at £5,000 less.

But it's really way above what you think it's worth then go lower. 

Hi Pebbles,

Take some time to do some research into other properties in the area, their selling prices and features and then adjust your offer(s) accordingly. You mention that the 2 extra 'bedrooms' aren't within building code/regulations - be wary of that, has the work been done to a satisfactory and safe level? Also, according to the local council how is the property listed? do they see it as a '2bedroom house'? or a '2bed house with loft conversion'? go by what the rule book says not what the estate agent's selling/marketing spin is.

With the way the market is right now, there's no harm in offering 10% less and then upping your offer if a counter offer comes in, I'd still say be prepared to go up to full asking price if needs be and of course taking into consideration the above points too (if all work is good, it is or can be classed as a 4bed etc etc)

Good luck!
PS last time I was in cov was 2 weeks ago, just by Stoneleigh Park where I was an exhibitor at a trade show, had a fantastic meal in central cov somewhere and got shouted at for not visiting the family members there - go move just outside of cov that kinda way?! the house I remember seein were quite nice!

Dennis! West London & Slough UK!

I can't say enough about this site!!  www.upmystreet.com  

I use it to check out how much properties go for in area we're thinking about buying in.  We have now decided to just add onto the place we have now because we can't afford to buy a bigger house in our area!! 

I can't say enough about this site!!  www.upmystreet.com  

Yes we've been using this site as a guide for the past few months.Very helpful!

Thanks Stacey for your advice! Have you moved already?

Good tips Dennis. I have seen the letter from the surveyor regading the loft rooms. It stated there are no supporting joists (sp?) and the rooms should be used purely as for storage space only. If we used them as bedrooms actually we would probably have a lot less stuff in there than if we used it as storage space but it really gave us something to think about. Next time your in cov and you feel like avoiding your relatives let me know. Starbucks is on me! 

Yes we've been using this site as a guide for the past few months.Very helpful!

Thanks Stacey for your advice! Have you moved already?

Good tips Dennis. I have seen the letter from the surveyor regading the loft rooms. It stated there are no supporting joists (sp?) and the rooms should be used purely as for storage space only. If we used them as bedrooms actually we would probably have a lot less stuff in there than if we used it as storage space but it really gave us something to think about. Next time your in cov and you feel like avoiding your relatives let me know. Starbucks is on me! 

We should be moving in a couple of weeks.

The only thing I found hard with www.upmystreet.com   is that it's not always up-to-date with house sales. (At least in my area it wasn't) Also the fact that just a year and a half ago the attached house to ours sold for £40,000 less then ours did.  I'm not sure what the factors for this are. (I'm not complaining)

With what you have now said about the loft space I would really have to think on it. (Especially with four boys )

We started at 15k less and ended up agreeing to just 4k less. She wouldn't budge (the seller) and we feel we're almost overpaying for a 2up 2down with a loft conversion (ours is approved as a bedroom), but for the area and the quality of the house, I can't wait to move in and know how worth it really is!

I used rightmove to find the selling prices of houses on the same street. The only problem was, nothing had sold in 4 yrs! We then expanded to the general area and found that it was a little high, but in keeping with teh way prices are going for houses in general within commuting distance of Leeds.

Good luck and maybe you could fix the upstairs area to make it more secure?

We went with the 10% below asking price guideline mentioned to us when we were looking to buy.  Only problem is, that doesn't hold when the property market is really hotting up like it was when we were buying!  Of course, if there are problems with a property then there can often be room to haggle or if the property has been on the market for a while.  Do you know how long it's been on the market?
In the end, we paid about 0.5% below asking price but fortunately the house value has gone up probably 20% in the past 2-3 years.

Good luck Ricki!

I'm sure that others here have up to date, practical advice on a strategy for negotiation...

Keep us posted!

We started out at 10K less and had our offer accepted for 5K less than asking price. Seemed pretty fair.

i went in £10K under.  end up at £6k under.

Finally put in an offer on a property we both love. We offered a cheeky £7000 less! I was embarrassed to make an offer so low but I guess it's a start 

good luck Ricki  was it the house in Nuneaton?

Finally put in an offer on a property we both love. We offered a cheeky £7000 less! I was embarrassed to make an offer so low but I guess it's a start 

Excellent news that you found a nice house! Don't feel cheeky about going in low, afterall its a business transaction and there is always room for negotiation. Work those EA's, make them earn their money...remember they are the cheeky ones! 

Let us know how things go!! 

you can check the price of house and also all the house in area  to compare with your future house .. Just Type Zip code and street name ..here

http://www.houseprices.co.uk