What would you pay for this ?

johnwey

Hello

I looked at a 3 bed detached house the other day . NOT a big detached around 1,050 sq feet

It is in a very nice area
The same house done up would be worth £250K no more , especially because of the stamp duty

It needs everything .......... NEW

1) windows
2) doors
3) kitchen
4)bathroom
5)electrics
6)gas central heating
7)possible re plaster
8) New Roof
9)back garden is like a jungle with trees bushes etc.
10)front garden/drive needs paving
11) boundary fences needed front and back
12)probably some work done to external brickwork

so you get the picture , total re-gut
Now as I said , would be worh £250K maximium when done up
Asking price is £220K

The question is guys What would YOU pay for it with all these jobs to do

I would have to get professionals in , as Im no DIY'er

Heres the link



Thanks in advance

TrickyDicky101

It sounds like a ruin, not a house!

If it really needs all that stuff so that someone could live in it then £220k is completely unreasonable and i would be looking for £70k minimum off of it. If those things are discretionary though then how long is a piece of string?

johnwey

TrickyDicky101 wrote: »

It sounds like a ruin, not a house!

If it really needs all that stuff so that someone could live in it then £220k is completely unreasonable and i would be looking for £70k minimum off of it. If those things are discretionary though then how long is a piece of string?

it does need all that work doing ,not sure about all plaster thoughn ,but the rest of workn needs it . house was built in 50's and hasnt been touched since built

i sort of think about £50k worth of work

neverdespairgirl

I'd have thought you'd spend at least £70k, and you'd want more off the price to allow for the hassle and unexpected jobs cropping up as you go along.

johnwey

neverdespairgirl wrote: »

I'd have thought you'd spend at least £70k, and you'd want more off the price to allow for the hassle and unexpected jobs cropping up as you go along.

Wow , 70K . i thought 50k was ample .............. so what would you guys pay

neverdespairgirl

If you reckon it's worth £250k when everything's done, deduct the cost for the work doing, and an extra amount for hassle and the unexpected.

So for me, I'd reckon I'd want £90 - £100k off the asking price, if there was £70k's worth of work to do.

firstaspect

I wouldn't want to pay more than around £170k maximum, probably nearer £150k as it sounds like a huge amount of work needs doing.

mark5

I would have thought about £170,000 the trouble is the seller will probably under-estimate the cost of the work involved.

johnwey

It makes me laugh how estate agents can clearly over price this property by 20% , why do they do it ?

dont get me wrong , the house isnt fallen down , but needs regutting . the estate agent said tenants have been living in there for 20 years and not one bit of work was done . the stench of fag smoke is awful

johnwey

mark5 wrote: »

I would have thought about £170,000 the trouble is the seller will probably under-estimate the cost of the work involved.

I think you are right , but the estate agent never advised them then ? sharks

I reckon £50K max to do it all

£180k may be fair price to pay then to have a buffer of 20k profit after work all done

you dont want to do all that work to live there and its only worth market value ............ but try telling that to the wife :j

TrickyDicky101

At the end of the day, it's the seller who decides what price it should be marketed at. And anyway, the EA works on behalf of the seller, not you as a potential buyer. Prices houses are marketed at do not necessarily bear any relation to what they are 'worth' nor what they will eventually sell for.