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We offered £10k less than the asking price of £145k on our bungalow as it needed loads of work. The offer was refused...but they did accept £138k.
A similar bungalow down the road needing just as much work is still for sale at £145k because the vendor will not drop the price, it's been for sale for two years.
Anyway..I think £180k is too low. I would offer £220k and be prepared to go slightly higher.
Also, as someone says, some people,like us, actually prefer a doer-upper as you can do it to your own taste and style and there are often original features.. We have kept the original 1930s doors in our bungalow, just painted them instead of the brown varnish that was on them when we bought it.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
As people say an early very low offer could get you locked out keep that so don't stick anything on the table too soon.
open negotiations with the EA without a price, try to asses where the vendor/EA reality is, use your examples and the work needing doing, you need to get the vendors to make the first move down to close the gap0 -
Speak to the EA. Their job to broker a deal. You may get a better understanding as to why the property is valued as it is.
Your builder quoted £60k. That includes £10k of VAT you won't recover in terms of increased value in the house.0 -
Thrugelmir wrote: »Your builder quoted £60k. That includes £10k of VAT you won't recover in terms of increased value in the house.
... and upwards of £20k profit by the sound of it.0 -
We completed on our bungalow in August - 1966 3 bed and everything needed doing - boiler, wiring, windows, doors, flooring, decor, kitchen, bathroom, garage roof etc (we're not living there whilst everything is going on). We had 204k accepted (only 6k under the asking price) - others within 100yrds with identical layout that we viewed at the same time were on for 250k where they were already 'done'. I had a frank face-to-face conversation with the EA about the amount of work and the money we had and they pitched that to the buyer. We'll have spent around £30k by Christmas and will have all the 'big' stuff done - having said that we've been using independent people rather than one over-arching contractor doing everything.
I think having a face-to-face with the EA is invaluable in these situations (and having a realistic vendor is also helpful!). Good luck
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Any update on this?
Totally agree with just chatting with the agents. eg 'we think the selling price is a bit unrealistic, are the sellers really looking for x value?' We had a chat, something similar, and agents told us what the sellers would accept. OK they could have been lying and the sellers might have accepted less than that. But the price they mentioned was actually less than what we were prepared to pay up to! In the end they did accept less than the agent told us!0 -
Suspect the update is that the OP didn't get the answer they wanted to hear and are trying elsewhere for a more favorable response, because, ultimately, they can't afford the property.0
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I was in a similar situation. I liked a bungalow that needed lots of work: new loft conversion, boiler, radiators, full rewire, kitchen, toilet, bathroom,all rooms need decorating with new carpet, garden needed new fences plus loads of other things like new turf etc.
Due to all the work the property was on the market for ages and was advertised at £285k. When I looked at the property it had already been dropped to £265k and I put an offer in for £258k which was excepted.
I have been in the property for a year and have completed nearly all the works. To date I have spent approx £60k.
£60k seems a lot but this includes a new loft conversion with en suite. Similar properties down my road have sold recently for £330k so I should be fine getting money back.
So no I don't think you are being cheeky offering a low amount as its clear you have to spend a lot on it. But you may have to wait a while before the price is lowered.0
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