What would you pay for this ?

TrickyDicky101

Given that I would have a lot of problems accommodating my wife & 4 kids on a building site, I would stick to what i originally said and go in at the £150k mark. Potentially the work could come in below the £70k I estimated off the top of my head, but I would want some form of contingency built into those numbers in case the costs overrun. Because so much work is required, it really does cut down the potential buyers - mainly to developers (or people that fall in love with the potential, such as yourself). This means that there aren't going to be many buyers and in the case of the developers, they will be looking to acquire at the cheapest price possible.

£150k seems a good starting position therefore, and then you can increase to whatever you see fit as necessary. I would just be ready to play hard ball with the seller because I just don't think in the current climate he's going to realise much more.

Good luck with whatever you decide!

johnwey

TrickyDicky101 wrote: »

Given that I would have a lot of problems accommodating my wife & 4 kids on a building site, I would stick to what i originally said and go in at the £150k mark. Potentially the work could come in below the £70k I estimated off the top of my head, but I would want some form of contingency built into those numbers in case the costs overrun. Because so much work is required, it really does cut down the potential buyers - mainly to developers (or people that fall in love with the potential, such as yourself). This means that there aren't going to be many buyers and in the case of the developers, they will be looking to acquire at the cheapest price possible.

£150k seems a good starting position therefore, and then you can increase to whatever you see fit as necessary. I would just be ready to play hard ball with the seller because I just don't think in the current climate he's going to realise much more.

Good luck with whatever you decide!

Thanks mate , will keep you posted

neverdespairgirl

What a terrible listing! No floorplan, no overall size, no measurements given for the kitchen, bathroom, conservatory, or bedroom 2.

Davesnave

johnwey wrote: »

Its a mistake its 12 foot wide , looking at front of house , by 9 foot long

dining room is same width but 9 foot long also

so really its one big room as there is an archway that measures 12 foot x 18 foot .

Thanks for clarifying, but it is still small, relative to our old semi in Bath, which we felt was adequate for four of us, but on the tight side when we had guests to fit around a dining table etc.

We had the small, walk-through kitchen too, but in the end extended sideways to solve the space issues there. In fact, we bought that house because it had extension capability.

My comment about larger semi versus smaller detached was based on our experiences, where we had more space, flexibility and privacy in the semi than in the 'posher' detached we later rented. The difference between those price-wise was about £50k.

I appreciate that in a semi, one is more dependent on having a reasonable neighbour and there's no getting around that. However, in over 30 years, no one in our neighbourhood had such issues (and I'm sure we'd have heard!)

Good luck with it, whatever you decide. Could do a lot worse than the Weymouth area! Schools are pretty good too.

johnwey

Davesnave wrote: »

Thanks for clarifying, but it is still small, relative to our old semi in Bath, which we felt was adequate for four of us, but on the tight side when we had guests to fit around a dining table etc.

We had the small, walk-through kitchen too, but in the end extended sideways to solve the space issues there. In fact, we bought that house because it had extension capability.

My comment about larger semi versus smaller detached was based on our experiences, where we had more space, flexibility and privacy in the semi than in the 'posher' detached we later rented. The difference between those price-wise was about £50k.

I appreciate that in a semi, one is more dependent on having a reasonable neighbour and there's no getting around that. However, in over 30 years, no one in our neighbourhood had such issues (and I'm sure we'd have heard!)

Good luck with it, whatever you decide. Could do a lot worse than the Weymouth area! Schools are pretty good too.

I have lived here for 20 years and know the area well and yes the schools are great , our kids went to them

johnwey

OK , put an offer in for 170k yesterday . the estate agent said he has already had a few offers in and they are over our offer . he said they werent too far off the asking price ? Wow , that really surprised me , as I dont think it would be worth more than 250k done up ...........

there is scope for extensions , but this wouldnt be cheap to do and I think you would only get your money back and not make a profit on it if you had it done

Jackinbox99

Looks like a lovely house to me, pretty much the same as mine. I completely did my house up and it cost me about 30k to do. That included landscaping garden, building double garage, decorating throughout, some replastering, new flooring throughout, new bathroom, new kitchen, new stairs / bannisters, new doors, double glazing through most of the house, boarding loft out, new gates, new driveway and thats the stuff I can remember.

I wouldnt have thought much would be wrong with the electrics, mine were fine, even tho they were very old. However, a full rewire would have cost me £1600. Likewise, my boiler is ancient... 1970`s. But it still works fine so I kept it. Why does it need a new roof? My house still has its original 1930`s roof and its perfectly fine. Some people in the street have re-roofed theirs, but mine is fine.

So all in all, based upon my experience of doing the same, and doing a lot of the work myself, id say it would cost about 30->35k So, if the house is "worth" £250k, that means the asking price is spot on.

Although the actual area the house is in can change that. For Example: My house which ive just spent the 30k on doing up has just been valued at only 10k more than houses in the same area which need everything doing to them and have a much smaller plot than mine! So based upon that, if that house was where I live, it could be worth £240k!!!! Go figure!

johnwey

Jackinbox99 wrote: »

Looks like a lovely house to me, pretty much the same as mine. I completely did my house up and it cost me about 30k to do. That included landscaping garden, building double garage, decorating throughout, some replastering, new flooring throughout, new bathroom, new kitchen, new stairs / bannisters, new doors, double glazing through most of the house, boarding loft out, new gates, new driveway and thats the stuff I can remember.

I wouldnt have thought much would be wrong with the electrics, mine were fine, even tho they were very old. However, a full rewire would have cost me £1600. Likewise, my boiler is ancient... 1970`s. But it still works fine so I kept it. Why does it need a new roof? My house still has its original 1930`s roof and its perfectly fine. Some people in the street have re-roofed theirs, but mine is fine.

So all in all, based upon my experience of doing the same, and doing a lot of the work myself, id say it would cost about 30->35k So, if the house is "worth" £250k, that means the asking price is spot on.

Although the actual area the house is in can change that. For Example: My house which ive just spent the 30k on doing up has just been valued at only 10k more than houses in the same area which need everything doing to them and have a much smaller plot than mine! So based upon that, if that house was where I live, it could be worth £240k!!!! Go figure!

the roof is shot , GSH not working and youarent going to do all that work for no profit at all .............. oh and im pants at DIY so mine is a minimum of 50k

Jackinbox99

johnwey wrote: »

the roof is shot , GSH not working and youarent going to do all that work for no profit at all .............. oh and im pants at DIY so mine is a minimum of 50k

But is the roof completely in need of replacement or can it be repaired? My brothers house had missing roof tiles and all sorts, but 30mins with a ladder and a few new tiles sorted it all out.

With regards to work for no profit - depends on what you want, my house I couldnt afford to get professional people in, and didnt expect that improving my house would not add any value to it at all.

But, if you dont want to do the work yourself, you will have to factor in the cost of getting professionals in which would easily double the cost when you take into account their high labour costs. So, your right, 50->60k maybe. So, if the house is worth 250k then you`d have to buy it for 190k in order to break even. If you wanted to make a profit on it you`d have to offer even less.

The problem these days, is that there are so many professional property developers out there who have teams of tradesmen working for them, they can whizz through a house quick & cheap and do it up, so their costs of doing the house up are much less than yours - they could probably do it for 30k. Likewise, you have those people like myself who would do most of the work themselves, so also may cost 30k. And with "profit margins" very low on property developemnt and high competition you find that if the house is worth 250k and will cost 30k to do up, it is likely to fetch 210->220k.

mark5

johnwey wrote: »

OK , put an offer in for 170k yesterday . the estate agent said he has already had a few offers in and they are over our offer . he said they werent too far off the asking price ? Wow , that really surprised me , as I dont think it would be worth more than 250k done up ...........

there is scope for extensions , but this wouldnt be cheap to do and I think you would only get your money back and not make a profit on it if you had it done

Dont believe what estate agents tell you!