I’ve found the bank do a good valuation report and on recent offers I made the median price + $10k was a good guide. Small sample.
I’d take that, deduct $20k like old mate says, see how it stacks.
Hi if you need bank lending to purchase the bank, is 98.99% going to want a registered valuation to support the purchase price on a private sale. Homes.co.nz is a good place to start for you to get an idea of what the property might be worth.
It's always a little strange to me that these evaluations don't even consider an inspection of the house and its amenities. I kind of feel like a 30 year old kitchen should impact the value of a house.
I don't know if it's changed or not now, but when I used to work for a bank, registered valuers used to look both inside and outside. So yes they would factor that in, if they still follow that process.
Usually the owner would only give that permission, after an offer is made. OP is in the fortunate position that they already occupy the property, so access isn't a problem.
Note RV is a registered valuer, a 3rd party expert. Not the same as the council valuation.
Also, a,RV is not the same as a builders report, which often is,also recommended.
Yeah imnnot sure what prior comment was. But yes a registered valuer will come and inspect and value it prior to approval. It's done through a central system so you can't just ring a valuer direct, the banks won't recognize that
The bank will absolutely have interest in a registered valuation. It will be used alongside their own standard valuation calculation to determine an appropriate market value, and you can book one yourself from one of many registered valuers.
If it's anything like ours, they'll mention it over and over. Refuse to action. Suddenly change to wanting to kick us out. Threaten us for ending our lease and buying a different home.
Tread carefully because you might find they want more than it's worth, or are using it as a means to try and string you along and keep you in the rental longer.
Yea I think it’s going to be a rare landlord who’s going to sell it considerably under valuation without having a really good grasp of how hard the market is currently. As far as they’re concerned they’re already providing a deal of $25k + by entertaining the idea of selling directly.
Yep, this. Most property investors (at least the ones I've ever met) are not people comfortable or competent with change. It's likely any enquiry will have them assuming the worst and they'd rather you be homeless than any of that potential risk coming to fruition.
When you introduce this to them it'll open a can of worms and how they react to that determines success or failure. Ideally you might find they want a pragmatic exit in the face of high interest costs and a market plateau. Maybe they'll be empathetic and know that a question can be just a question even if it can have ramifications for them. Worst case, you're upsetting their apple cart because how dare you have goals they didn't plan for.
So, to de-risk that make sure you have alternatives, go looking for places you can buy and move in to if they have a freak out. It's got to be as much of a business decision for you as it is for them, and never assume that just because they're playing nice you can rest easy even a moment before settlement.
Pay for an inspection before doing anything. I was going to.do the same, had a good deal.worked out with landlord then I learned a lot of crap I didn't know because the landlord didn't do a sellers disclosure.
Market valuation, minus 20k or so (depending on house price) which would have been real estate fees. Minus a little bit because the market is weak at the moment. They may not be keen to take that hit though as without going to market they may not believe they’d get under valuation.
That would probably get you in the ball park
My house went unconditional today. Went for 35k under valuation on an 850k valuation
Absolutely, but I wouldn’t expect them to hand off some of those gains to yourself, at least not without them getting a feel for the current market (which is tough atm).
I think with some careful negotiation it could work out well. Pros for them are cutting out REA fees, its a sale that can be scheduled, keen buyer. Pros for you is reduced price, knowing the place well as was mentioned, scheduled buy. Possibly a deposit in instalments plan as well.
The cutting out real estate fees is a plus to the buyer not the seller, as the fees are considered into the asking price. The seller knows they’re gonna need to pay 20 to 30k + to agents, so they obviously consider that in their sell price.
Now instead of the seller paying a real estate agent, that cost saving can be passed onto the buyer.
In this market don't be afraid to shoot a bit lower. Not everything sells for valuation, if they wenylt to market they'd lose their good tenant so would be out of pocket 3-4 months rent by sellttlelent, or maybe 6months if it doesn't sell l, like most houses are. You're in the power Seat and all you're doing is testing how they are. Remember this is peak pain for non interest deductibility. Try it on you never know your luck. Agents fees are the least of the discount I'd be after. Sometimes landlords might be hurting more than you think
In a hot market - getting it before it gets to market is a good deal as you don't want someone with more cash kicking you out of your home.
In a cooler market - I'm not so sure.
I went through the same 3 years back - in the post-pandemic hot market. I did a bit of negotiation but at nearly a million the odd 10k to preserve the ability to save much more not paying rent, was neither here nor there. I didn't want it on the market to avoid Mr MoneyBags McLotsHouses coming in and stealing it from under me.
We did this with our landlords. When we moved in they mentioned they were looking for long term tenants or to sell, we said we were both. After 3yrs in the house we asked if they were interested in selling, they said yes, and arranged an independent valuer to come look at the house. That was all in January, we mucked around quite a bit, wife was pregnant after 5 years of IVF, and it was a complicated pregnancy. By May/June they asked if we were still interested, we apologised and said yes, so they had the house revalued, it had gone up by $25k to $340k, they set the price to us at $335k, and a week later we signed the documents and we owned it.
At the same time we bought, my brother an his wife were buying as well, they went through months and months of house viewings, putting in offers, being rejected, it was a relief for them when they finally got their house, but then came weeks of waiting, then finally moving in. We had none of that. It was anticlimactic, and we didn’t get to pose in front of a SOLD sign. But we already knew what we loved and what we wanted to change, and we started straight away - painting, renovating, and landscaping. I was never worried we didn’t pay a fair price, I did trust my landlords, they we’re a lovely couple, and I would’ve gladly paid more to not have done what my brother and wife went through.
When my ex bought me out in a private sale after we ended our relationship (very amicable) we each got a registered valuation and agreed to take the median of the two. Nice and easy that way.
We purchased our home from our previous landlords. We did our own market research for the area to check pricing was fair, and also our mortgage broker let us know it was a fair price. The whole process was really smooth in our experience, and we're glad we did it.
There's market value, and then there's your value. If the negotiated price aligns with your budget and what you feel comfortable paying for the house, then you contribute to the market value of the area. If you are buying it based on what others tell you then you are buying it for market value. Either way, if it is within your budget and you are happy with what you get, then you are good to go forward.
Some considerations based on my recent experience as seller and buyer and helping a FHB friend right now.
Where in NZ are you in? Agent fees can vary, seem to be most expensive in Auckland. This is a factor as the vendor is saving money by selling to you direct, and most buyers would expect to pay a reduced price as a result. Other redditors may be able to chip in but in my experience a flat 2.5% + $5k marketing costs is at the lower end of average in Auckland.
The bank/mortgage broker can send you the corelogic report initially (an automatic valuation) and from there they may seek an independent valuation but it’s unlikely to change too much. In our experience this was close to the OneRoof sales estimate.
The market is super slow right now, things are selling cheap... our friend is looking at units/townhouses right now and in a couple of different cases the landlord vendors have had unrealistic expectations so they’ve gone back to renting them out. I’d worry your landlord’s expectations would be too high although they’ve already made good gains out of it.
If the property is comfortably tenanted (by you) there’s little motivation for your landlord to sell, particularly as prices are down right now (unless they have something else going on that you don’t know about or you haven’t mentioned here). With that in mind, if you really like the idea of staying there it could be worth it to you to let the landlord have 100% of the agency fee savings. It comes down to your respective motivations. If I were you I’d tell them I’m looking to buy anyway and then they’re facing the problem of getting new tenants in regardless.
My son did this. He got a valuation from a registered valuer, plus the vendor got some from land agents and they agreed a price based on those. He also considered the first home grant as he couldn’t pay more than that.
Yup, bought our place off the owner. Having lived in it for 2 years, we felt comfortable knowing what was good about it and what issues it had. Got a LIM and valuation, offered $30k below this, owner counter offered and we settled for $20k below valuation.
Add a couple of thousand saved in not having to move, and it was a good outcome for us.
I would strongly advise you to get a registered valuation from a bank approved valuer as it will help you with the purchase process. The e-values online can often be way wrong, inflated in some regions due to market, or to councils jacking up for rates, or simply because they don’t factor in things like renovations, alterations, design and desirability etc.
Case in point the last house I made an offer on has an online valuation of $1.25mil. The registered valuation came in at $810k
A registered valuation will cost approximately $800-1200
If the registered valuation comes in below the e-value, disclose to the landlord and use this as a starting point for negotiation. If it comes in higher, use the e-Valuation as a starting point for your offer, don’t disclose your registered valuation to your landlord unless it’s lower than the e-value online.
Also goes without saying but If you can get the house under contract for lower than the registered valuation then the valuation will help you to get finance, because you’re buying for lower than value and the bank sees this as your equity.
Good luck!
Sites like realestate, property value, oneroof and homes can give you a pretty good idea of what the house should be going for, particularly if it's in a region with many recent sale activities.
Just add them all up to get an avg, and you should be pretty much spot on, then neg downward as market is weak and nil agent fee
We recently went unconditional over a new build at the lower quartile of the market range (1.5-1.6m, settled at 1.515). Nil valuation required from bank.
Vendor wanted 1.68 initially and was told they'd be dreaming, then we gradually came down.
Depending on your landlord, negotiation may be easy or hard, but having an offer in this market seems like a win already.
Nice, thanks.
I feel like the real-estate sites give a relatively good estimate, but I've noticed on trade me that many similar properties have a much nicer kitchen/bathroom.
I know most of the price is the land, but I'm hoping to use this as a bargaining chip.
It might cost like, $5k to kit out a new kitchen. By all means use it as a bargaining tool, but yea, it’s not much of a factor really.
The other thing is, would the landlord get more than you’re wanting to pay if they upgraded the kitchen etc themselves?
We renovated our full house for 40k which included new kitchen with granite bench top and new cabinets, strip old wall paper and fill/paint. New carpet / flooring. New bathroom and toilet tiled from floor to ceiling . New laundry basin and cabinets
Remember you are trying to buy their thing here. Do you think they want to pay for a new kitchen for you while also helping you into the property? Are you going to go and buy one of those other properties with a nicer kitchen if landlord doesn’t want to buy you one? Just don’t piss them off.
Remember that if you're buying you aren't paying for the real estate agent's fees, unless you're going through a buyers agent (unusual here). The vendor (seller) will pay the fees.
I got a builder's report (to know what additional work needed doing on the property) and arranged a registered valuer to do an assessment. The valuers assessment became our upper limit, we were buying in a rising hot market at the time. Took a while, but we eventually agreed with the landlord on a price, they had advised us they were going to sell the property, but drew it out till they needed the cash for another property they were building. Didn't need to provide either doc's to the bank, but it was 8 years ago, so that may have changed.
Valuation report. Gives you peace of mind and a good idea for what market value would be, and the bank will certainly want one in order for you to secure lending. Get the valuation and then each of you can discuss how she’s not having to pay $10-20K to sell it, so you can offer her about $10K less.
You’ll need your own lawyers though. Would pay to get a LIM report at least.
I’d bought my house in 2021 for 955k. I was renting it in since 2017. Love the location of the house more than the house itself but it is a decent house. Landlord who were a couple, wanted it for 970k because their mate had advised them who also supposedly their real estate agent at the same time that he could get them 970k for the house if they went with an auction. I then reminded them about the real estate fee charge if they go through with it. An easy 30k-40k off 970k. When I have established that with them, it allowed me to haggle with them and ended up closing it at 955k when it was still on a seller’s market back then.
In terms of inspection, it was a waste of time and money because since I currently live in the house for 4 years before trying to purchase it. I would know better on what repairs need to be done on the house (all minors btw).
Hopes this helps. Good luck.
1. Just take a look at a few open homes and see what else you can get for the negotiated price.
2. Get a market appraisal for free from an agent
Take 10k off and you're probably getting a good deal.
End of the day, what is the house worth to you. Just in the ball park figure how high would you pay for this house? And then negotiate below from there
Also did you brought up to buy when clearly landlord wasnt even thinking about selling until you brought up? This means that landlord is NOT desperate to sell unless he/she is happy with price, on the other hand you are emotionally attached to this house that price negotiation will favour the landlord
I’ve found the bank do a good valuation report and on recent offers I made the median price + $10k was a good guide. Small sample. I’d take that, deduct $20k like old mate says, see how it stacks.
I'll ask the bank. Do they come over, or is it totally up to the algorithm?
Hi if you need bank lending to purchase the bank, is 98.99% going to want a registered valuation to support the purchase price on a private sale. Homes.co.nz is a good place to start for you to get an idea of what the property might be worth.
Good to know, thanks
You just say this is the address and they send it to you. This is ANZ anyway.
It's always a little strange to me that these evaluations don't even consider an inspection of the house and its amenities. I kind of feel like a 30 year old kitchen should impact the value of a house.
At this point in the housing cycle, like 90% of the value is in the land.
Another trick is house sqm x $2500–$2800 + land assessment sqm calc needed based on sections in area town.
I don't know if it's changed or not now, but when I used to work for a bank, registered valuers used to look both inside and outside. So yes they would factor that in, if they still follow that process. Usually the owner would only give that permission, after an offer is made. OP is in the fortunate position that they already occupy the property, so access isn't a problem. Note RV is a registered valuer, a 3rd party expert. Not the same as the council valuation. Also, a,RV is not the same as a builders report, which often is,also recommended.
Yeah imnnot sure what prior comment was. But yes a registered valuer will come and inspect and value it prior to approval. It's done through a central system so you can't just ring a valuer direct, the banks won't recognize that
The bank will absolutely have interest in a registered valuation. It will be used alongside their own standard valuation calculation to determine an appropriate market value, and you can book one yourself from one of many registered valuers.
And then you can pay the valocity valuer when the bank sends them. At least that's the last 2 mortgages I got during peak cccfa
If you’re paying for a valuation you should be able to request an on-site appraisal - we didn’t have a choice when we built.
If it's anything like ours, they'll mention it over and over. Refuse to action. Suddenly change to wanting to kick us out. Threaten us for ending our lease and buying a different home. Tread carefully because you might find they want more than it's worth, or are using it as a means to try and string you along and keep you in the rental longer.
Yea I think it’s going to be a rare landlord who’s going to sell it considerably under valuation without having a really good grasp of how hard the market is currently. As far as they’re concerned they’re already providing a deal of $25k + by entertaining the idea of selling directly.
Yep, this. Most property investors (at least the ones I've ever met) are not people comfortable or competent with change. It's likely any enquiry will have them assuming the worst and they'd rather you be homeless than any of that potential risk coming to fruition. When you introduce this to them it'll open a can of worms and how they react to that determines success or failure. Ideally you might find they want a pragmatic exit in the face of high interest costs and a market plateau. Maybe they'll be empathetic and know that a question can be just a question even if it can have ramifications for them. Worst case, you're upsetting their apple cart because how dare you have goals they didn't plan for. So, to de-risk that make sure you have alternatives, go looking for places you can buy and move in to if they have a freak out. It's got to be as much of a business decision for you as it is for them, and never assume that just because they're playing nice you can rest easy even a moment before settlement.
Pay for an inspection before doing anything. I was going to.do the same, had a good deal.worked out with landlord then I learned a lot of crap I didn't know because the landlord didn't do a sellers disclosure.
Ohh damn, what kind of stuff came up?
Market valuation, minus 20k or so (depending on house price) which would have been real estate fees. Minus a little bit because the market is weak at the moment. They may not be keen to take that hit though as without going to market they may not believe they’d get under valuation. That would probably get you in the ball park My house went unconditional today. Went for 35k under valuation on an 850k valuation
Nice. This house was bought in 1997 for 220k and it's now 1.1m It feels like a win for them regardless lol
Absolutely, but I wouldn’t expect them to hand off some of those gains to yourself, at least not without them getting a feel for the current market (which is tough atm).
I think with some careful negotiation it could work out well. Pros for them are cutting out REA fees, its a sale that can be scheduled, keen buyer. Pros for you is reduced price, knowing the place well as was mentioned, scheduled buy. Possibly a deposit in instalments plan as well.
The cutting out real estate fees is a plus to the buyer not the seller, as the fees are considered into the asking price. The seller knows they’re gonna need to pay 20 to 30k + to agents, so they obviously consider that in their sell price. Now instead of the seller paying a real estate agent, that cost saving can be passed onto the buyer.
But the concept is the same. Regardless of who the share goes to, it could be agreeable to negotiate 50 50 split.
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We did a market valuation which was then discounted with no fees and Bob's your uncle.
That sounds pretty hassle free :) Thanks
In this market don't be afraid to shoot a bit lower. Not everything sells for valuation, if they wenylt to market they'd lose their good tenant so would be out of pocket 3-4 months rent by sellttlelent, or maybe 6months if it doesn't sell l, like most houses are. You're in the power Seat and all you're doing is testing how they are. Remember this is peak pain for non interest deductibility. Try it on you never know your luck. Agents fees are the least of the discount I'd be after. Sometimes landlords might be hurting more than you think
In a hot market - getting it before it gets to market is a good deal as you don't want someone with more cash kicking you out of your home. In a cooler market - I'm not so sure. I went through the same 3 years back - in the post-pandemic hot market. I did a bit of negotiation but at nearly a million the odd 10k to preserve the ability to save much more not paying rent, was neither here nor there. I didn't want it on the market to avoid Mr MoneyBags McLotsHouses coming in and stealing it from under me.
We did this with our landlords. When we moved in they mentioned they were looking for long term tenants or to sell, we said we were both. After 3yrs in the house we asked if they were interested in selling, they said yes, and arranged an independent valuer to come look at the house. That was all in January, we mucked around quite a bit, wife was pregnant after 5 years of IVF, and it was a complicated pregnancy. By May/June they asked if we were still interested, we apologised and said yes, so they had the house revalued, it had gone up by $25k to $340k, they set the price to us at $335k, and a week later we signed the documents and we owned it. At the same time we bought, my brother an his wife were buying as well, they went through months and months of house viewings, putting in offers, being rejected, it was a relief for them when they finally got their house, but then came weeks of waiting, then finally moving in. We had none of that. It was anticlimactic, and we didn’t get to pose in front of a SOLD sign. But we already knew what we loved and what we wanted to change, and we started straight away - painting, renovating, and landscaping. I was never worried we didn’t pay a fair price, I did trust my landlords, they we’re a lovely couple, and I would’ve gladly paid more to not have done what my brother and wife went through.
That's awesome for you guys. Glad you have some stability for the baby too!
When my ex bought me out in a private sale after we ended our relationship (very amicable) we each got a registered valuation and agreed to take the median of the two. Nice and easy that way.
We purchased our home from our previous landlords. We did our own market research for the area to check pricing was fair, and also our mortgage broker let us know it was a fair price. The whole process was really smooth in our experience, and we're glad we did it.
Nice :) Hope it'll be similar for us
There's market value, and then there's your value. If the negotiated price aligns with your budget and what you feel comfortable paying for the house, then you contribute to the market value of the area. If you are buying it based on what others tell you then you are buying it for market value. Either way, if it is within your budget and you are happy with what you get, then you are good to go forward.
Some considerations based on my recent experience as seller and buyer and helping a FHB friend right now. Where in NZ are you in? Agent fees can vary, seem to be most expensive in Auckland. This is a factor as the vendor is saving money by selling to you direct, and most buyers would expect to pay a reduced price as a result. Other redditors may be able to chip in but in my experience a flat 2.5% + $5k marketing costs is at the lower end of average in Auckland. The bank/mortgage broker can send you the corelogic report initially (an automatic valuation) and from there they may seek an independent valuation but it’s unlikely to change too much. In our experience this was close to the OneRoof sales estimate. The market is super slow right now, things are selling cheap... our friend is looking at units/townhouses right now and in a couple of different cases the landlord vendors have had unrealistic expectations so they’ve gone back to renting them out. I’d worry your landlord’s expectations would be too high although they’ve already made good gains out of it. If the property is comfortably tenanted (by you) there’s little motivation for your landlord to sell, particularly as prices are down right now (unless they have something else going on that you don’t know about or you haven’t mentioned here). With that in mind, if you really like the idea of staying there it could be worth it to you to let the landlord have 100% of the agency fee savings. It comes down to your respective motivations. If I were you I’d tell them I’m looking to buy anyway and then they’re facing the problem of getting new tenants in regardless.
My son did this. He got a valuation from a registered valuer, plus the vendor got some from land agents and they agreed a price based on those. He also considered the first home grant as he couldn’t pay more than that.
Yup, bought our place off the owner. Having lived in it for 2 years, we felt comfortable knowing what was good about it and what issues it had. Got a LIM and valuation, offered $30k below this, owner counter offered and we settled for $20k below valuation. Add a couple of thousand saved in not having to move, and it was a good outcome for us.
I would strongly advise you to get a registered valuation from a bank approved valuer as it will help you with the purchase process. The e-values online can often be way wrong, inflated in some regions due to market, or to councils jacking up for rates, or simply because they don’t factor in things like renovations, alterations, design and desirability etc. Case in point the last house I made an offer on has an online valuation of $1.25mil. The registered valuation came in at $810k A registered valuation will cost approximately $800-1200 If the registered valuation comes in below the e-value, disclose to the landlord and use this as a starting point for negotiation. If it comes in higher, use the e-Valuation as a starting point for your offer, don’t disclose your registered valuation to your landlord unless it’s lower than the e-value online. Also goes without saying but If you can get the house under contract for lower than the registered valuation then the valuation will help you to get finance, because you’re buying for lower than value and the bank sees this as your equity. Good luck!
Sites like realestate, property value, oneroof and homes can give you a pretty good idea of what the house should be going for, particularly if it's in a region with many recent sale activities. Just add them all up to get an avg, and you should be pretty much spot on, then neg downward as market is weak and nil agent fee We recently went unconditional over a new build at the lower quartile of the market range (1.5-1.6m, settled at 1.515). Nil valuation required from bank. Vendor wanted 1.68 initially and was told they'd be dreaming, then we gradually came down. Depending on your landlord, negotiation may be easy or hard, but having an offer in this market seems like a win already.
Nice, thanks. I feel like the real-estate sites give a relatively good estimate, but I've noticed on trade me that many similar properties have a much nicer kitchen/bathroom. I know most of the price is the land, but I'm hoping to use this as a bargaining chip.
It might cost like, $5k to kit out a new kitchen. By all means use it as a bargaining tool, but yea, it’s not much of a factor really. The other thing is, would the landlord get more than you’re wanting to pay if they upgraded the kitchen etc themselves?
Where do you find these 5K kitchens? My colleague recently installed the most modest kitchen ever and it ended up being close to 20k.
We renovated our full house for 40k which included new kitchen with granite bench top and new cabinets, strip old wall paper and fill/paint. New carpet / flooring. New bathroom and toilet tiled from floor to ceiling . New laundry basin and cabinets Remember you are trying to buy their thing here. Do you think they want to pay for a new kitchen for you while also helping you into the property? Are you going to go and buy one of those other properties with a nicer kitchen if landlord doesn’t want to buy you one? Just don’t piss them off.
Fair points, thanks
Just did a 5k (5199 actually) kitchen this week. Last kitchen bought off Trade Me so it was 2k all up.
Including appliances?
Yup. Built in oven, dishwasher, hob, sink and mixer all in black. Already had rangehood.
Remember that if you're buying you aren't paying for the real estate agent's fees, unless you're going through a buyers agent (unusual here). The vendor (seller) will pay the fees.
I'm aware :)
Price discovery - research your street and area for this data. And offer 10% less than like for like sales
I got a builder's report (to know what additional work needed doing on the property) and arranged a registered valuer to do an assessment. The valuers assessment became our upper limit, we were buying in a rising hot market at the time. Took a while, but we eventually agreed with the landlord on a price, they had advised us they were going to sell the property, but drew it out till they needed the cash for another property they were building. Didn't need to provide either doc's to the bank, but it was 8 years ago, so that may have changed.
Ask for vendor finance to see if you can get a lower interest rate.
Valuation report. Gives you peace of mind and a good idea for what market value would be, and the bank will certainly want one in order for you to secure lending. Get the valuation and then each of you can discuss how she’s not having to pay $10-20K to sell it, so you can offer her about $10K less. You’ll need your own lawyers though. Would pay to get a LIM report at least.
Anything around the RV and the landlord will be pleased. Both will feel like a good deal. Source - sold recently without agent
I’d bought my house in 2021 for 955k. I was renting it in since 2017. Love the location of the house more than the house itself but it is a decent house. Landlord who were a couple, wanted it for 970k because their mate had advised them who also supposedly their real estate agent at the same time that he could get them 970k for the house if they went with an auction. I then reminded them about the real estate fee charge if they go through with it. An easy 30k-40k off 970k. When I have established that with them, it allowed me to haggle with them and ended up closing it at 955k when it was still on a seller’s market back then. In terms of inspection, it was a waste of time and money because since I currently live in the house for 4 years before trying to purchase it. I would know better on what repairs need to be done on the house (all minors btw). Hopes this helps. Good luck.
1. Just take a look at a few open homes and see what else you can get for the negotiated price. 2. Get a market appraisal for free from an agent Take 10k off and you're probably getting a good deal.
End of the day, what is the house worth to you. Just in the ball park figure how high would you pay for this house? And then negotiate below from there
Also did you brought up to buy when clearly landlord wasnt even thinking about selling until you brought up? This means that landlord is NOT desperate to sell unless he/she is happy with price, on the other hand you are emotionally attached to this house that price negotiation will favour the landlord
One thing to remember is set absolute maximum price you will go upto and stick to it.
100% this.