Reasonable offers on house.

S

sceach

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Hi,
This is a "how long is a piece of string type question" so all comments appreciated.

I am looking at a holiday home to buy and am wondering how much to offer. I have heard from a few sources that houses are roughly selling for 2/3 asking price. Would this be a good place to start/slightly below this?
Appreciate the feedback.
 
Where is it located? How much do you really like it? What is your long term plan for it and will you have to get a mortgage and if so how high?
How much do you think it is worth/how much would you be willing to pay for it?
No harm in putting in an offer below asking and see where you get with it.
 
Thanks niceoneted.
Just to give some more info.
The cottage is rural, is very old but lived in. We are planning to do it up one room at a time over a year or two. We will be getting a mortgage and are approved up to asking price but obviously want to keep this as low as possible.
 
If you have to come on here asking how much to offer on a house, then you haven't done enough research.
If you don't know about [broken link removed] and www.irishpropertywatch.com then you are just not ready to leap into this holiday house buying situation.
Bear in mind rural houses would be following no particular pattern. You do need to go down there and kind ask around the locals. Pretend you are interested in buying the field beside the house or some such.
If I was buying a holiday house I figure the time to buy it would be in the depths of winter.

Also if you are both working full time, how much time will you reasonably spend in the holiday house -
it may actually work out cheaper to just rent a holiday house in the same area for 2 or three weeks each year instead??
I see we discussed whether or not you could afford this a few months back, did you get a mortgage for the new place even though your other house is in negative equity?
 
sadie said:
If you have to come on here asking how much to offer on a house, then you haven't done enough research.
If you don't know about [broken link removed] and www.irishpropertywatch.com then you are just not ready to leap into this holiday house buying situation.
Bear in mind rural houses would be following no particular pattern. You do need to go down there and kind ask around the locals. Pretend you are interested in buying the field beside the house or some such.
If I was buying a holiday house I figure the time to buy it would be in the depths of winter.

Also if you are both working full time, how much time will you reasonably spend in the holiday house -
it may actually work out cheaper to just rent a holiday house in the same area for 2 or three weeks each year instead??
I see we discussed whether or not you could afford this a few months back, did you get a mortgage for the new place even though your other house is in negative equity?
Click to expand...

He is asking about money on askaboutmoney, so I think he is off to a good start. If you base your house hunting research on general data contained on websites like the ones you mention then you might be in trouble because it might lead to you the wrong conclusion.
When dealing with one off rural houses, comparable data is difficult to obtain and you are better off firstly creating a strict budget, target your area and then physically drive around and see what is on offer.
OP you should target a low starting point on your offer but don't simply see it as a starting point, try and stick to your guns on a reasonable offer.
 

Sadie, Nope haven't heard of those websites and thought askaboutmoney.com might be a good source of info.

We have plenty of time to spend there, weekends holidays etc. It is also within commuting distance of work so we may make it a summer base.
Yes mortgage approved for the asking price. Negative equity not an issue as have no immediate intentions of selling home.
 
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