Houses

[Tommy G]

Had an offer on a place rejected at £625k, £25k lower than asking. Not prepared at this stage to go any higher - in the area houses between £6-800k are taking a while to sell so I’m hoping the vendor will come back to us cap in hand at some point in the future - any tips? I’m a decent negotiator but not sure on how the poker face looks through an agent - face to face it’s easier. 
 

I don’t really want to start edging it up when the market isn’t frothy like in 2020/21. 

[FoyleFox]

12 hours ago, Tommy G said:

Had an offer on a place rejected at £625k, £25k lower than asking. Not prepared at this stage to go any higher - in the area houses between £6-800k are taking a while to sell so I’m hoping the vendor will come back to us cap in hand at some point in the future - any tips? I’m a decent negotiator but not sure on how the poker face looks through an agent - face to face it’s easier. 
 

I don’t really want to start edging it up when the market isn’t frothy like in 2020/21. 

Personally, I always assume any first offer will be rejected. Was your offer what you realistically expected to pay? If it was, you just need to wait it out. If you offered low with the expectation of rejection, the agent should advise on a realistic offer that would be accepted.

[FoyleFox]

Has anyone had a conservatory roof replaced, but not with tiles?

We have the general too cold/too hot issue, but had no plans to replace, as it's not massively inconvenient. However, we've had a couple of leaks and discovered the polycarbonate roof is now 20 years old, that's 5 over it's expected lifespan.

We've therefore concluded we need to replace it, so a solid insulated roof seems sensible.

A tiled roof wouldn't look right, so have been looking at insulated panels or the like.

Any experience or recommendations?

[SpacedX]

6 minutes ago, FoyleFox said:

Has anyone had a conservatory roof replaced, but not with tiles?

We have the general too cold/too hot issue, but had no plans to replace, as it's not massively inconvenient. However, we've had a couple of leaks and discovered the polycarbonate roof is now 20 years old, that's 5 over it's expected lifespan.

We've therefore concluded we need to replace it, so a solid insulated roof seems sensible.

A tiled roof wouldn't look right, so have been looking at insulated panels or the like.

Any experience or recommendations?

I removed a corrugated garage roof containing asbestos on my old house and replaced it with a rubber roof - not the most aesthetic option, but cheap/easy to install, pretty much leak proof, durable and not susceptible to the sun’s UV and ultraviolet rays, which is why when properly-installed it can last in excess of half a century. Not really suitable for a conservatory though. Probably another solid polycarbonate option is the way to go. They do get brittle with age, but the quality ones are good for well over 20 years. 

[FoyleFox]

4 minutes ago, SpacedX said:

I removed a corrugated garage roof containing asbestos on my old house and replaced it with a rubber roof - not the most aesthetic option, but cheap/easy to install, pretty much leak proof, durable and not susceptible to the sun’s UV and ultraviolet rays, which is why when properly-installed it can last in excess of half a century. Not really suitable for a conservatory though. Probably another solid polycarbonate option is the way to go. They do get brittle with age, but the quality ones are good for well over 20 years. 

We'd like a proper insulated roof though, or the hot/cold issue is retained. If we’re spending money to replace it, we may as well have the benefit of removing that issue.

[Sol thewall Bamba]

18 hours ago, Tommy G said:

Had an offer on a place rejected at £625k, £25k lower than asking. Not prepared at this stage to go any higher - in the area houses between £6-800k are taking a while to sell so I’m hoping the vendor will come back to us cap in hand at some point in the future - any tips? I’m a decent negotiator but not sure on how the poker face looks through an agent - face to face it’s easier. 
 

I don’t really want to start edging it up when the market isn’t frothy like in 2020/21. 

We had a similar situation, first offer rejected (we took the piss with it as most people would with the first), then a second more realistic but still a way off asking. That was rejected too but they came back around very quickly. It's a buyers market for sure which made getting full asking price for our place even better!

[Tommy G]

6 hours ago, FoyleFox said:

Personally, I always assume any first offer will be rejected. Was your offer what you realistically expected to pay? If it was, you just need to wait it out. If you offered low with the expectation of rejection, the agent should advise on a realistic offer that would be accepted.

Yeh explained to the agent that this is as far as we can stretch, and we wanted to put an offer in that we thought was reasonable given £25k off £650k isn’t unreasonable in todays market. They don’t need to know I can go higher, we’re going to sit it out as the agent naively came back and said could we pay a “little bit more” so presume they are probably happy but just want another £5-10k if they can. I’m a stubborn b@stard so I’ve just gone cold on them. 

[Tommy G]

4 minutes ago, Sol thewall Bamba said:

We had a similar situation, first offer rejected (we took the piss with it as most people would with the first), then a second more realistic but still a way off asking. That was rejected too but they came back around very quickly. It's a buyers market for sure which made getting full asking price for our place even better!

Nice one thanks for the advice - we haven’t sold our old place yet so I’ve got to factor someone talking me down on the asking price for mine into the offer for a new place. 

[FoyleFox]

4 minutes ago, Tommy G said:

Yeh explained to the agent that this is as far as we can stretch, and we wanted to put an offer in that we thought was reasonable given £25k off £650k isn’t unreasonable in todays market. They don’t need to know I can go higher, we’re going to sit it out as the agent naively came back and said could we pay a “little bit more” so presume they are probably happy but just want another £5-10k if they can. I’m a stubborn b@stard so I’ve just gone cold on them. 

Our agent went back to our buyer saying this, it definitely wasn't due to us being happy with the offer made though. Another £5k did seal the deal, but it was only on a £125k house. We did have the option of renting it out again, so weren't desperate. It's not quite the same when it's your home, though.

 

Personally, I think my first offer would've been more than £25k off if the list price is £650k, given the current market   I'd definitely just leave it on the table. If you haven't even sold yet, you're in no urgent position to seal a deal. Although, as you're not a proceedable buyer, they might not be in a hurry to drop the price, either.

[Tommy G]

34 minutes ago, FoyleFox said:

Our agent went back to our buyer saying this, it definitely wasn't due to us being happy with the offer made though. Another £5k did seal the deal, but it was only on a £125k house. We did have the option of renting it out again, so weren't desperate. It's not quite the same when it's your home, though.

 

Personally, I think my first offer would've been more than £25k off if the list price is £650k, given the current market   I'd definitely just leave it on the table. If you haven't even sold yet, you're in no urgent position to seal a deal. Although, as you're not a proceedable buyer, they might not be in a hurry to drop the price, either.

They are emigrating next Friday….

[kenny]

1 hour ago, Tommy G said:

Yeh explained to the agent that this is as far as we can stretch, and we wanted to put an offer in that we thought was reasonable given £25k off £650k isn’t unreasonable in todays market. They don’t need to know I can go higher, we’re going to sit it out as the agent naively came back and said could we pay a “little bit more” so presume they are probably happy but just want another £5-10k if they can. I’m a stubborn b@stard so I’ve just gone cold on them. 

Going cold just suggests you are a chancer that bids down on any property then disappears if it's not accepted.

 

I personally would go back with a final offer that's a bit more than you have offered.

 

If it's rejected, advise it's on the table until you find somewhere else or the seller changes their mind.

[Izzy]

2 hours ago, Tommy G said:

Yeh explained to the agent that this is as far as we can stretch, and we wanted to put an offer in that we thought was reasonable given £25k off £650k isn’t unreasonable in todays market. They don’t need to know I can go higher, we’re going to sit it out as the agent naively came back and said could we pay a “little bit more” so presume they are probably happy but just want another £5-10k if they can. I’m a stubborn b@stard so I’ve just gone cold on them. 

I like this fella on YT. This is a good quick video on making an offer with some top tips.

 

 

[Sol thewall Bamba]

18 hours ago, Tommy G said:

Nice one thanks for the advice - we haven’t sold our old place yet so I’ve got to factor someone talking me down on the asking price for mine into the offer for a new place. 

The latter point is your agent's job really, ours did a great job managing expectations both ends.

[Tommy G]

16 minutes ago, Sol thewall Bamba said:

The latter point is your agent's job really, ours did a great job managing expectations both ends.

Yeh just preempting it as we are doing the same to the seller

[Harry96]

Might be a silly question but if a property has been on the market for a while more than 3 months would that be a no go more often than not?unless I guess it’s to do with lot of bidders or not realistic price? 

[Izzy]

19 minutes ago, Harry96 said:

Might be a silly question but if a property has been on the market for a while more than 3 months would that be a no go more often than not?unless I guess it’s to do with lot of bidders or not realistic price? 

There's properties around us that have been on the market for 18 months because they're vastly over priced. 

 

There's a Chrome extension called Property Log that shows you each time the property has been reduced on Rightmove. Makes me laugh how sellers keep reducing an £800k house by about £10k every month and expect it to miraculously sell.

 

Too many sellers not being realistic with their pricing IMO. Price it competitively first time round and you might even end up with competing bidders rather than fvck all interest.

[Costock_Fox]

3 hours ago, Harry96 said:

Might be a silly question but if a property has been on the market for a while more than 3 months would that be a no go more often than not?unless I guess it’s to do with lot of bidders or not realistic price? 

I’d take each one on its own merits to be honest. If you see something you like have a look, but generally there is a reason why they aren’t selling and as Izzy says it’s likely the price.

[kenny]

3 hours ago, Harry96 said:

Might be a silly question but if a property has been on the market for a while more than 3 months would that be a no go more often than not?unless I guess it’s to do with lot of bidders or not realistic price? 

Ours was on the market for around 18 months when we went for it. It didn't sell as it was overpriced and rank.

 

Our initial offer was £75k under asking, we got it for £60k under in the end.

 

If it's on for a long time there could be an opportunity.

[Tommy G]

6 minutes ago, kenny said:

Ours was on the market for around 18 months when we went for it. It didn't sell as it was overpriced and rank.

 

Our initial offer was £75k under asking, we got it for £60k under in the end.

 

If it's on for a long time there could be an opportunity.

What have you done to it - so it’s less rank now? 
 

viewing two more tomorrow - both been on the market for almost a year, one of them hasn’t been reduced yet either 

[kenny]

1 hour ago, Tommy G said:

What have you done to it - so it’s less rank now? 
 

viewing two more tomorrow - both been on the market for almost a year, one of them hasn’t been reduced yet either 

2 storey side extension, single storey rear extension. 3 new bathrooms, new double garage, new driveway, blocked the old drive,  etc

 

It's been an 8 year process and we are nearly done. We just need a porch and to replace the bay windows but we have run out of cash again.

[Tommy G]

On 11/03/2024 at 23:42, Tommy G said:

Had an offer on a place rejected at £625k, £25k lower than asking. Not prepared at this stage to go any higher - in the area houses between £6-800k are taking a while to sell so I’m hoping the vendor will come back to us cap in hand at some point in the future - any tips? I’m a decent negotiator but not sure on how the poker face looks through an agent - face to face it’s easier. 
 

I don’t really want to start edging it up when the market isn’t frothy like in 2020/21. 

In two minds whether to increase the offer - I’ve read about a million articles on the house prices outlook for 2024, and it’s mixed at best. They emigrate to the other side of the world next week so whether it’s a good idea to sit tight or pay a bit more, don’t want to look back in 12 months and the markets dipped 5%. 

[kenny]

1 hour ago, Tommy G said:

In two minds whether to increase the offer - I’ve read about a million articles on the house prices outlook for 2024, and it’s mixed at best. They emigrate to the other side of the world next week so whether it’s a good idea to sit tight or pay a bit more, don’t want to look back in 12 months and the markets dipped 5%. 

If it does but you have the house you want for the next 20 years then what's the issue?

 

Tough call, but it's your home at the end of the day. Besides when do house prices go down? Over a 10+ year period, essentially never.

[FoyleFox]

1 hour ago, Tommy G said:

In two minds whether to increase the offer - I’ve read about a million articles on the house prices outlook for 2024, and it’s mixed at best. They emigrate to the other side of the world next week so whether it’s a good idea to sit tight or pay a bit more, don’t want to look back in 12 months and the markets dipped 5%. 

It is mixed as different areas perform very differently. Everything I've read recently has the market regaining confidence. Interest rates have dropped and mortgages are readily available again.

 

As above, if it's a long term purchase, a 5% change in the next 12 months is irrelevant. If you buy during a rare ridiculous boom, i.e. 2007 or 2021, it maybe an issue, agreed. (The house we bought in 2009 had been sale agreed in 2008 at £140k more, but the crash happened, and the buyer had no mortgage offer).  We aren't currently in one of those moments. Prices have done the big drop due to the Truss budget and interest rates spiking.

 

If you offered another £5k you're probably not overpaying and it may seal the deal. A lot of it comes down to how much you love the house. Are you happy to lose it for £5K?

[Tommy G]

10 minutes ago, FoyleFox said:

It is mixed as different areas perform very differently. Everything I've read recently has the market regaining confidence. Interest rates have dropped and mortgages are readily available again.

 

As above, if it's a long term purchase, a 5% change in the next 12 months is irrelevant. If you buy during a rare ridiculous boom, i.e. 2007 or 2021, it maybe an issue, agreed. (The house we bought in 2009 had been sale agreed in 2008 at £140k more, but the crash happened, and the buyer had no mortgage offer).  We aren't currently in one of those moments. Prices have done the big drop due to the Truss budget and interest rates spiking.

 

If you offered another £5k you're probably not overpaying and it may seal the deal. A lot of it comes down to how much you love the house. Are you happy to lose it for £5K?

Probably not no so that’s what we will end up doing next week - yes it will be a long term purchase I hope we can be there for maybe 5-10 years..thanks for advice all

[Umbungo78]

39 minutes ago, Tommy G said:

Probably not no so that’s what we will end up doing next week - yes it will be a long term purchase I hope we can be there for maybe 5-10 years..thanks for advice all

Property will always go up, i was looking for a small place for myself 2 years ago after splitting from my ex. Got fed up of bidding wars for apartments and flats where they were going for 20% over asking so bought a 3 bed detached for £250k. Neighbour just sold the exact same house for £300k on a smaller plot. If it's good for you just add £5k as a best and final and you'll make it back when you sell.