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House buying newbie questions
riverboat2001
Posts: 476 Forumite
First time buyers, so probably going to ask some newbie questions!
We've seen the house we want to buy, the asking price is £265k
It has three upstairs bedrooms, two doubles and one single.
The sticking point for us is that the bathroom is downstairs, and it's only a shower room.
I've spoken to my builder brother and he has said he will do the work converting the small bedroom into a nice large-ish bathroom, and turning the downstairs shower room into a small guest loo.
The house also has very few power sockets, so he will sort out re-wiring too.
Now although my brother will be working for me, i will still have to buy the parts and pay the sparks and any other costs.
We are looking for a very specific house, with loads of access and parking, and this fits the bill on all counts, apart from those outlined above.
We are fortunate in that we are not in a chain, and can move fairly quickly, and have a mortgage agreement for £250k, so i guess this makes us good prospects.
But as the asking price is 265k and we only have 250k, AND we need to fund the building work, what do you think is a sensible offer?
Is 235k too low? especially considering that we want this house.
The thing that is not in our favour is that it has only been on the market a week!
Also, what is the actual buying procedure? we make an offer and they say no, and that's it, or do they come back with a request for a higher offer?
Also what's this fixtures and fittings thing that i keep reading about?
Any thoughts, or guidance would be really apreciated by these two house buying newbs.
We've seen the house we want to buy, the asking price is £265k
It has three upstairs bedrooms, two doubles and one single.
The sticking point for us is that the bathroom is downstairs, and it's only a shower room.
I've spoken to my builder brother and he has said he will do the work converting the small bedroom into a nice large-ish bathroom, and turning the downstairs shower room into a small guest loo.
The house also has very few power sockets, so he will sort out re-wiring too.
Now although my brother will be working for me, i will still have to buy the parts and pay the sparks and any other costs.
We are looking for a very specific house, with loads of access and parking, and this fits the bill on all counts, apart from those outlined above.
We are fortunate in that we are not in a chain, and can move fairly quickly, and have a mortgage agreement for £250k, so i guess this makes us good prospects.
But as the asking price is 265k and we only have 250k, AND we need to fund the building work, what do you think is a sensible offer?
Is 235k too low? especially considering that we want this house.
The thing that is not in our favour is that it has only been on the market a week!
Also, what is the actual buying procedure? we make an offer and they say no, and that's it, or do they come back with a request for a higher offer?
Also what's this fixtures and fittings thing that i keep reading about?
Any thoughts, or guidance would be really apreciated by these two house buying newbs.
Was a 40 a day smoker for 20 years.
Decided to give up, and haven't had a fag for 12 years.
Halfway through losing six stone.
Looking forward to early retirement.
Decided to give up, and haven't had a fag for 12 years.
Halfway through losing six stone.
Looking forward to early retirement.
0
Comments
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1) the building work is irrelevant - your choice if you want to modify the house.
2) don't offer more than you can afford
3) decide what it is worth to YOU. If it's the ideal house, it's worth more. If it has flaws, it's worth less. If it is unique it's worth more. If there are lots of similar properties around, it's worth less.
4) decide what you think its market value is: compare with other similar properties in the area. Compare sale prices using eg houseprices or similar
5) make an offer. If rejected you can make another higher offer
6) F&F are the things in the house that the seller agrees to include in the sale eg curtain rails and/or curtains, carpets, etc Some sellers leave lots (they buy new when they move) some take everything, some will negotiate
As you seem confused, this site might help with an overview0
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