Ladies, Gents we could really do with your help.

We have seen a house we have fell in love with, its in the area we want to buy in and eventually settle down.

This is the house here……

http://www.rightmove.co.uk/property-for-sale/property-18301275.html

As you can see by the advert it needs a lot or modernisation/refurbishment.

Ive not seen it yet but my wife has and she has so far come back with a list of things that would need doing….

full rewire
new kitchen
new boiler
new bathroom
new roof on garage(maybe just refelting?)
rear garden needs gutting and starting again.
complete redcoration.

The estate agent who showed my wife around explained that it was an persons house and they have been put into a care home and the house is being sold by his children to pay for care home fees.

The estate agaent alsoi told my wife that she had warned the sellers that they would have to move on the price due to the amaount of work that needs doing to the property.

Now we have had our own house valued by the estate agent and they have valued it £7500 less than when we had it valued last year by a different agent even though we have in that time fitted a new kichen and had the whole of downstairs redecorated and carpeted.

however the estate agent did tell my wife that an offer of £150000 would be reasonable ??

how would you go about offering on this property then without offending the vendors.

regards

steve

how would you go about offering on this property then without offending the vendors.

I wouldn’t worry about offending the vendors. Go in low and see what they come back with.

go in low, 20% at least – you don’t know how desperate they are for a sale. make another higher offer if you need to, at about 15% below. then a final offer about 12% below with odd figures – looks like it’s the very max you can stretch to. don’t be hasty in upping bids. leave it a week or so. and after the last one, just leave it.

i’d offer £139k, then £143k, then £147,3824

That house on your link with its address, the one you can look at on all angles on street view and google maps.

Is that the house that might have all your valuable bikes in the garage?

As above, don’t worry about offending the vendor.
If you offer too much first time, you’ll struggle to reduce it.
If you go too low and offend them but subsequently offer them an acceptable amount they’ll accept it despite the offence.

kingtut…. my bike is kept elsewhere

How long’s it been on the market? Sounds like they’re probably after a quick sale….

£140K?

The value of your home has nothing to do with this one.

Find out what price similar houses sell for in perfect condition (zoopla/mouseprice etc will tell you sold prices). Work out how much it will cost you to do the renovations, add on contingency and add on the time it will take you.

Divide this by how much you want it and then times it all by a finger in the wind.

But I would be looking at, as a broad estimate, 30% below average sold prices at least.

Funnily we are looking to do a similar thing…
Here
The house across the road went for £365k last year and we offered a derisory £249,999.99 and were rejected – we expect it to cost circa. £35k to put it right. We are now waiting for the bank (who own the property) to change their mind 🙂

Serious moment of deja vu there, was looking at mse this morning 🙂

I forgot to say – the reasoning around what I am saying is that it doesn’t matter what they want for the house, you have to look at what it will cost you to make it sell for the same amount as one in perfect condition. If it costs you the same or more to do it up than it would to just buy the one next door in perfect condition then you have done bad business.

there is another property two doors down from this one for sale too, in much better condition, massive conservatory on the back and basically more appealing on the eye!!

its on the market for £184950 and has been since the middle of last year…….

here ………

http://www.rightmove.co.uk/property-for-sale/property-27755401.html

the problem is my house is slightly bigger than this one but does not have its own drive/garage etc.

they have valued ours at £135000 so was thinking of offering not a lot more than this as you could move straight into mine and not have to do anything.

Your house price has NOTHING to do with the price of the one you are looking at though – you need to get that out of your head.

At the end of the day you have to either make money on the deal (you will have months of heartache doing the work) or at least not LOSE too much money on it if you see it as a perfect house that you MUST have.

But based on that – I would say that house is MASSIVELY overpriced in a depressed market.

It will easily cost you £30k to put that right, if not £40k.
full rewire (£4k)
new kitchen (£4k)
new boiler (£2k at least – probably need plumbing work + rads)
new bathroom (£3k – inc tiling etc)
new roof on garage(maybe just refelting?) £1k)
rear garden needs gutting and starting again. £1.5k)
complete redcoration (carpets inc – £6k)

And that is just for the things listed – you will unearth all sorts along the way.

Then add the conservatory like the other place has – another £15k.

I wouldn’t be offering more than £140k on that.

i know what your saying about my house but in my eyes it does matter as depending on how much i can get for mine will matter when it comes to buying this one and renovating it.

it is in the area we want to setle down in and with a bit of tlc im sure it can be a nice house!!

would you think a first offer of £137000 would be ok ??

a lot of the work i will do myself over time like the bathroom and kitchen etc so it will save costs there too.

You can’t think of it like that though – there IS a cost compared to buying the one next door and not having to do a thing – your time has a value.

(Of course all this is just my opinion – and I paid over the odds for a shell that hadn’t been lived in for 50 years but we desperately wanted the house).

Just offer low – they can only say no and you can go in with a better offer (but wait a few days – don’t go looking too keen). 🙂

Oh, and there was me thinking that this house was really cheap…
Where we are that’d be somwehere around £450K 🙁

If you move there then you’ll be able to go to the FeckenOdeon!

If you are not embarrassed by how low your offer is its not low enough. But try to sound serious and make it clear you are in a position to move quickly (sort out your mortgage it doesn’t take long). Whether you are or not these things take ages.

aP – where TF do you live????? Buckingham Palace?

Don’t worry about offending anyone.

Firstly you need to work out how much it is going to cost you to do the house up.

full rewire 4-6k
new kitchen 5- to whatever you want to pay
new boiler (including rads) 3-5k
new bathroom 3 – whatever you want to pay
new roof on garage(maybe just refelting?) not sure
rear garden needs gutting and starting again. £500- to whatever you want to pay
complete redcoration. £500 – what ever you want to pay

Work out how much it will cost you to put it right, and then what the true value of a good quality house on the street would be you can then work out what the maximum offer is that you should put in.

Looks like ex local authority to me, always a bit cheaper and factor that into your offer

Renton there is some good advice here, but YOU have to decide what it’s worth to you. If you want it as a long term home then worry less about comparable property prices / cost of renovation, as whilst these can be useful bargaining chips, if you’re going to stay there long term, the relative costs will diminish over time.

Going in around the 130k mark does not sound unreasonable.

Good luck.

It’s a ugly house!

I’ve just sold mine(STC)it was up for £129.950.

Sold for £128.000.Nearly ended in a bidding war too!

h4muf – Member
It’s a ugly house!

Is that REALLY necessary?

thanks for the replies.

if we buy it we will be staying there for at least 10 years. its on a nice estate, my wifes parents are close by which is handy as im away all the time with work.

i think it will be a long term project to be fair, both the wife and i have come to realise that if we buy it then it wont get renovated overnight.

i would feel cheeky offering 130 for it as that is what the estate agent expects me to get for my house at the moment, but on the other hand my house needs nothing doing to it…….

going to look on saturday and prehaps make an offer.

will report back in due course.

cheers

steve

Stop comparing it to your house and it not needing work doing on it – you are comparing eggs with red.

Your house, if in a state of equal disrepair would be worth £100k.

You can only compare the house you want with houses of a similar specification in the same location then factor in the cost of work involved in getting it up to spec.

Remember also, that what the estate agent has valued your house at isn’t the same as what someone will pay for it, especially not in the current climate.

WTF is wrong with feeling ‘cheeky’? It’s your money. Does an estate agent’s opinion of you matter? Always feel a bit more sorry for yourself than the other party.

Agrees with iDave.

At the end of the day you wouldn’t pay over the odds for a bike – you know what it is worth and what it is worth to you and given the opportunity you would try to get it at the best price possible. Apply exactly the same mentality here – get the best deal you can get for you.

Well it is an ugly house with that garage stuck out in front! Very nice behind though.

Isn’t the UK market turning around yet? Drops don’t usually last more than four or five years before an upward trend.

Have you checked what recent sales of similar houses of gone through at? I’d offer 145 initially and be prepared to go to the 150 the estate agent suggested. Well that’s not quite true because I’d offer 165 on the one that’s advertised at 184.

It depends how much you want it. I paid the exact asking price for the house I’m sitting in. Having watched the area for years in the hope something nice would come up I wasn’t going to argue with the sensible asking price when it did. I took one look from the outside and told my wife she could have it at the price they were asking whatever it was like inside.

I have to say that is well cheap. In its current condition that would be up for around £250,000 around here. But this is an expensive area. I say go for it at £130,000 and see what happens. We have bid on smaller houses in slightly better condition for loads more than that so it seems like a margin to me. Sometimes I wish we lived in a different area.

You haven’t seen it but you have fallen in love with it ? 😀

vrapan i have walked past it for the past 5 years whilst walking my dog up the street, so i know the area very well !!