How much should we offer when buying a property

[viky]

As a first time buyer not sure on how much can offer below asking price for a property.

The house needs some work doing to it - needs double glazing, new kitchen and bathroom. How much roughly should we offer that is a reasonable price.... apparently it's a popular property so don't want to be rejected because we offer too low and someone else gets it.

[kelsmels]

the Uk market is slow so don't be too hasty. Also remmber what will be will be. As in if this house is meant for you you will get it. Work out how much to bring it up to date and look at the others in the street for comparison. The land registry website will give details of real sale prices or try upmystreet.co.uk with a postcode to get average prices for the area. Hold your nerve go in low and go higher if need be.

[buildersmate]

It doesn't work like that because it is not a precise science. The market price is as much (or as little) as someone is willing to pay. You need to do what the above responder says, but also work out how much it is worth to you. You also need to work out roughly how much needs spending on the 3 items you mention and factor that in.
Some practical people will be willing to estimate this on the 'cost to them' because they price their own labour cheaply. Maybe that is you also.

[NORMANTHEDOG]

also the asking price might well be the price,having taken into consideration the work that needs doing.ask the estate agent some questions about it.

[astonsmummy]

www.mypropertyspy.co.uk gives all the sold prices in every road in the uk , really handy so you know what houses in the certain road have sold for near the one your interested in just add postcode its really useful

[rabbitygirl]

Probably too late for you viky and hope you got your place at good price. Heres my experience. Empty, needs complete reno house on market for �110K. We bid �98. Bidding war started which we won at �104 because we had cash. Conveyancing under way when higher offer came in. Vendor stays with us as we have cash (house unlikely to get a mortgage). We would not have bid higher anyway. I already had my survey sorted at cost of �300 ish. This showed big problems, not entirely unexpected but I started my own bidding war with the owner. Eventually we beat them down to �87K Expect to exchange soon. Should cost �25k to do up and this will make us a little on resell. Initial valuation was not the agents but the executors, it was way too high, despite our research we still thought it a reasonable price (as did the others I assume) but agent has now confessed and surveyor indicated that true value in current condition is around what we paid. Lessons aplenty here!!! And best �300 I ever spent.