are we crazy??

pettelly

Hi,

We're FTBs, looking to finally buy somewhere. We need to be out of our rental by August and hope to have something sorted by then.

Anyway, depsite the whole situation, most houses in the area we want to live in North London are still priced too high for us. We've seen a house that is a complete wreck. Basically, it would have to be gutted and started again - the central heating, redecoration, kitchen, bathroom, rewiring etc.

It's a 3 bed townhouse (they say 4 but it's not unless you are very imaginative!) on a good road. They are asking £370,000. Basically, we have up to 350k and the house is going to need about £50k of work to make it nice - but it really has potential and we want to convert the integral garage into a kitchen and then make it a 4 bed/2 bath. We could spend less and keep the layout but it's a real shame not to do it all now. So we really can't pay anymore than 300k.

The house has been on the market a while. It was under offer but that fell through. The previous owner used to let it out and didn't do any work for years (hence the state of the place). He died and the place is being sold by his daughter. We have oru deposit ready, no chain and an agreement in principle, so we are hoping!! Any tips? Is this really cheeky or acceptable behaviour? It's my first offer so not sure of the ettiquette. The place is in such a state that I couldn't imagine many people wanting to take on such a project - but it has potential!!

Thanks for any advice!!

SavingSteve

Is 370 the price of a good condition house in this area, or does the price already reflect the fact that it needs a lot of work?

PasturesNew

FTB ... £350k ....
*swoons*

I remember when FTBs used to get little 1-2 bed flats/houses. Little mid terraces.

sooz

Is 50k a builders quote, or plucked out of the air?
Lots of people will take on a project if the price is right. Nothing you've listed in the work that needs doing makes me want to run a mile (apart from the fact it's in north London ).
Even if you do get it at a price that allows you to do the work, where do you plan to live in August? To totally change the layout & convert a garage will need some council input, whether only building control or full planning, & this will add to the timescale.

Robert_Sterling_3

I think you are in with a very good chance.
Cash buyers who can exchange and complete quickly are not two for a penny.
They are an Estate Agents dream come true. :j :j :j

Doozergirl

Robert_Sterling wrote: »

I think you are in with a very good chance.
Cash buyers who can exchange and complete quickly are not two for a penny.
They are an Estate Agents dream come true. :j :j :j

An estate agent's dream come true would be cash buyers prepared to pay somewhere close tot he asking price.

pettelly

PasturesNew wrote: »

FTB ... £350k ....
*swoons*

I remember when FTBs used to get little 1-2 bed flats/houses. Little mid terraces.

Yes, but we're both in our 30s and have two kids and live in London. A little 1 bed flat for a family of four might be a tad too small!!

We're also not really FTBs - just FTBs in the UK. We invested in property abroad, sold at the top of the market a few months ago (just as it started to decline) and did really well out of the weak pound whcih is what has given us our deposit.

Doozergirl

Move out of London and you'll do even better with your pound

pettelly

SavingSteve wrote: »

Is 370 the price of a good condition house in this area, or does the price already reflect the fact that it needs a lot of work?

I think it IS overpriced and even the EA said he though it was. But I think our offer is below the going price, but that's all we can afford. Guess there's nothing to lose!

pettelly

Doozergirl wrote: »

Move out of London and you'll do even better with your pound

Yes, that true!! But what can I do? I'm a London girl at heart. I love it, warts and all.

pettelly

sooz wrote: »

Is 50k a builders quote, or plucked out of the air?
Lots of people will take on a project if the price is right. Nothing you've listed in the work that needs doing makes me want to run a mile (apart from the fact it's in north London ).
Even if you do get it at a price that allows you to do the work, where do you plan to live in August? To totally change the layout & convert a garage will need some council input, whether only building control or full planning, & this will add to the timescale.

Yes, but I think in today's market, there are less investors and houses that aren't perfect aren't selling as well. It's also a townhouse which is less popular. I also think that the price is too high for such a wreck.

I was hoping that if the offer is accepted, then we could have all the work done by end of August. Is that overly optimistic?