The house, Southampton, an offer?

currynchips

Posted about a week ago this house....

http://www.rightmove.co.uk/property-for-sale/property-20012956.html

Went to view it today, vacant, family sale. EA quickly mentioned that they would be accepting around £92k, down from the £100K guide price. Quite nice inside, needs new carpets and wallpaper but not much else. Garden is small but reasonable. Area is quiet, not posh but not dire either. About 10 minutes from motorway, not so bad.
Would be looking to move in for about 3/4 years initially, then with qualification our salaries should move us on somewhere nicer.
Roads around the area are the only thing we really need to think about, money aside.

What would a good 1st offer be, if we did? I'm looking at starting around £82k?


ps a note, currently has sold sign outside, polish couple going through a polish broker who EA admits is very hard to communicate with(not language), and is stalling greatly. EA would prefer to work with someone he can actually speak to.

frugalmike

currynchips wrote: »

Posted about a week ago this house....

http://www.rightmove.co.uk/property-for-sale/property-20012956.html

Went to view it today, vacant, family sale. EA quickly mentioned that they would be accepting around £92k, down from the £100K guide price. Quite nice inside, needs new carpets and wallpaper but not much else. Garden is small but reasonable. Area is quiet, not posh but not dire either. About 10 minutes from motorway, not so bad.
Would be looking to move in for about 3/4 years initially, then with qualification our salaries should move us on somewhere nicer.
Roads around the area are the only thing we really need to think about, money aside.

What would a good 1st offer be, if we did? I'm looking at starting around £82k?


ps a note, currently has sold sign outside, polish couple going through a polish broker who EA admits is very hard to communicate with(not language), and is stalling greatly. EA would prefer to work with someone he can actually speak to.

Be aware that Weston is not the best of areas I have read of problems many times in the local paper http://www.dailyecho.co.uk/

markelock

You just love your exterior wall coatings!!!

best of luck either way.

huntersc

We all have different requirements in houses, different tastes etc. In spite of that I would still suggest that you rethink buying this place. It's not in a great area, the place needs work doing, it's not very attractive, all of these things hurt resale value and the potential to sell at all. In these turbulent times you should not be 'making do' you should be getting a place you could otherwise not afford.

If it were me, and I am pretty bold, I wouldn't offer more than £75k for this place. Tops.

ukjoel

Can see why its been priced like that.
Its in a dodgy area, property is ex council property (not saying all ex council properties are in dodgy areas), it needs a bit of the Sarah Beeny treatment.

If you want it the EA pitch seems to suggest they want 90k.
Offering 90k would get it.

Anything less is a calculated risk but I think your thought of 10% ish below asking price is pretty spot on. Gives them food for thought and isnt taking the proverbial.

Think 75k will get laughed at because you try and find a house within a mile of there for 75k - cant be done - yet.....

ukjoel

Just had a thought - Someone with 100k in the bank would be lucky to get 4k before tax back a year on it. Getting this for 82 and spending 3k on it and a bit of elbow grease would get a landlord 6k+ year on it.

Thats why I think 75k is too low. Evey second pensioner I talk to is moaning about poor returns on their pensions and savings. I think the next generation of BTL will be done by those over 60, who have taken lump sums from their pensions and want more than the high street banks rate of interest. A rented house down the road probably a bit safer than an Iclandic bank.

Just been flicking through local Southampton paper at house prices and to be honest dont think they have fallen that much. Places we looked at a year or 18 months ago with asking prices of 450 are now 399 so about 10-12%.

currynchips

Thanks for help. Area isn't dire, it's not Shirley or St Mary's and at the risk of sounding racist it is also quite English. Thatr particular road appears to be very quiet - but I will accept there are better places.
As joel intelligently says, there is nothing else going cheaper...yet. To be fair, there is only 1 or 2 houses going for £100k this side of the Itchen anyway, so we'll keep our options open.
Next house is being viewed on Monday, £109k in Swaythling - which is slightly nicer, better for commuting, but very lowly priced for the street.