thinking about...

hugoss · 16 March 2010 at 8:42PM

putting an offer in on this house....

(it wont let me post a link - what else can i do?)

www. rightmove.co.uk/property-for-sale/property-28184039.html?locationIdentifier=OUTCODE^1745&insId=1&minPrice=80000&maxPrice=100000&displayPropertyType=flats&oldDisplayPropertyType=flats&pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FsearchType%3DSALE%26locationIdentifier%3DOUTCODE%255E1745%26insId%3D1%26radius%3D0.0%26displayPropertyType%3Dflats%26minBedrooms%3D%26maxBedrooms%3D%26minPrice%3D80000%26maxPrice%3D100000%26retirement%3D%26partBuyPartRent%3D%26maxDaysSinceAdded%3D%26_includeSSTC%3Don%26x%3D40%26y%3D12%26sortByPriceDescending%3D%26primaryDisplayPropertyType%3D%26secondaryDisplayPropertyType%3D%26oldDisplayPropertyType%3D%26oldPrimaryDisplayPropertyType%3D%26newHome%3D%26auction%3Dfalse

ive been to see it a few times now, but im just wondering what the best way to move forward is. im away on holiday from saturday, so dont want to be stressing whilst im away. i think ive asked every question i needed to know the answer of - is there anything you guys would NEED to know? they bought the house in 2007 for slightly less than the asking - should my first offer be what they paid?

i know the area and im happy to put forward an offer, but im not sure what that is. they told me the house has been on since dec, originally at 120k (the vendor said the estate agent chose that price, they just went along with it, knowing it wasnt likely). shes said shes had a couple of viewings, but i did get the impression they really wanted to sell - due to them moving away from the area. i have a 20% deposit (from the sale of my house 2 years ago_ and im in rented private accommodation just now waiting for the right place to come along. i had a mortgage offer around a year ago for a property which was more than this one, am i going to struggle getting another now?

thanks for your help

kmmr · 16 March 2010 at 9:04PM

link for you

kmmr · 16 March 2010 at 9:08PM

Looks lovely. Slightly strange layout which may make it hard to onsell - and is that bedroom as small as it looks?

It may be a bit of a waste since all the renovation is done, but would you think about doing something to try and use the floorspace a bit better? Must be some way to get a bigger bedroom.

Can't comment on the price or location. These prices make me sick though when I know what we pay for a shoebox here in London!

hugoss · 16 March 2010 at 9:22PM

kmmr wrote: »

Looks lovely. Slightly strange layout which may make it hard to onsell - and is that bedroom as small as it looks?

It may be a bit of a waste since all the renovation is done, but would you think about doing something to try and use the floorspace a bit better? Must be some way to get a bigger bedroom.

Can't comment on the price or location. These prices make me sick though when I know what we pay for a shoebox here in London!

thanks for your help! the house itself is lovely, and im pleased that its mainly finished, as i dont really have a lot of time to spend doing a house up - it looks onto a park, which is perfect for my dog too. everything about it seems great!

weve had a structural engineer out who reckons you can move the wall/ build another (we were thinking maybe glass, but not 100% see through) in the bedroom -dinning room and get a bit of extra space for the bedroom...the storage areas would be more than enough for my stuff! there isnt a door there, which i actually really like. infact the only doors to the property are the front, the hall and the bathroom...everything is open plan. apparently the guy that owned it before the current vendors was a trainee architect!

im thinking about making an offer in person of 100k tomorrow, hopefully the estate agent will ring whilst im there. if its regected offer 102k and say thats it, im going on holiday, ill leave the offer on the table til i get back but its final?

kmmr · 16 March 2010 at 9:31PM

You could leave it open plan, but in the future if you want more traditional layout you could easily block up the gap between dining and lounge, and make the lounge a lovely big bedroom with dressing table, big wardrobes etc. And turn the old bedroom into a nice dining room or study - an inventive estate agent will even call it a two bedder! And just create a corridor where the the 'storage' areas are marked.

If you make it a second bedroom would have to re-direct the corridor somehow. Anyway!! So many options, I think its a place with lots of potential.

Why not just offer the asking price - or below to start with? You have nothing to lose. 1 beds tend to move slowly I think, as there is less demand for them. I always think the 'offers over' thing is a bit cheeky.

kmmr · 16 March 2010 at 9:33PM

hugoss wrote: »

thanks for your help! the house itself is lovely, and im pleased that its mainly finished, as i dont really have a lot of time to spend doing a house up - it looks onto a park, which is perfect for my dog too. everything about it seems great!

Mainly finished is great for when you start, but potential is also really nice so you can make changes if and when you want.

You have a dog in a flat with no garden??!!

hugoss · 16 March 2010 at 9:38PM

kmmr wrote: »

Mainly finished is great for when you start, but potential is also really nice so you can make changes if and when you want.

You have a dog in a flat with no garden??!!

hes little fat pug! the front garden would be mine, and id share the yard (according to the vendor - i best get this checked) i wouldnt let him out in the garden anyways to be honest. theres a massive dog friendly park across the road id rather take him out properly

the offers over thing is whats getting me, i mean i could offer £1 over, why not just state the price you want!

kmmr · 16 March 2010 at 9:43PM

The house is worth what you are happy to pay for it. Mind you, valuers seem to think otherwise sometimes!

If you love it, if you have seen enough places to know it is good for the money, if you can afford it even it rates go up for 5% and it works for your future, then go for it.

Offer under asking price though! And what they paid in 2007 really is irrelevant. Good luck!!

lynzpower · 16 March 2010 at 9:46PM

Cannon_Fodder · 16 March 2010 at 9:53PM

[IMG]http://www1.landregistry.gov.uk/houseprices/housepriceindex/report/default.asp?g=1&gt=1&a=Gateshead&s=01 January 2007&e=01 January 2010&t=1[/IMG]
They paid £76k in Aug 2007?

Prices in the area have dropped -18% since then.

Makes it £62K, then you need to add back on whatever value there is between the state when they bought it compared to now...

Yellow, isn't it...?

How does it compare to this 2-bed http://www.rightmove.co.uk/property-for-sale/property-25159838.html ?

I'd start at £85k, in the absence of firm evidence of a recent sale nearby.

kmmr · 16 March 2010 at 9:56PM

Cannon_Fodder wrote: »

Makes it £62K, then you need to add back on whatever value there is between the state when they bought it compared to now...

I think the OP said it was renovated when the current tenants bought it in 2007.

With those comparisons it does seem a lot. Is there something special about the area we are not seeing? Cannon Fodder's one seems to be nicely presented and bigger with garden...

thinking about...

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