Need some help on what to offer for a house we really like !!

bikingbarney

Ladies, Gents we could really do with your help.

We have seen a house we have fell in love with, its in the area we want to buy in and eventually settle down.

This is the house here......

http://www.rightmove.co.uk/property-for-sale/property-18301275.html

As you can see by the advert it needs a lot or modernisation/refurbishment.

Ive not seen it yet but my wife has and she has so far come back with a list of things that would need doing....

full rewire
new kitchen
new boiler
new bathroom
new roof on garage(maybe just refelting?)
rear garden needs gutting and starting again.
complete redcoration.

The estate agent who showed my wife around explained that it was an persons house and they have been put into a care home and the house is being sold by his children to pay for care home fees.

The estate agaent alsoi told my wife that she had warned the sellers that they would have to move on the price due to the amaount of work that needs doing to the property.

Now we have had our own house valued by the estate agent and they have valued it £7500 less than when we had it valued last year by a different agent even though we have in that time fitted a new kichen and had the whole of downstairs redecorated and carpeted.

however the estate agent did tell my wife that an offer of £150000 would be reasonable ??


how would you go about offering on this property then without offending the vendors.

regards

steve

poppysarah

It's not been on long?
12 March 2011

• Initial entry found.

So they might not accept any offers at the moment.

Price up the work.(z)
Then look at what houses have sold for on street. (x)
x-z = offer price. But I'd add on an extra 10-20% for costs you don't realise like plastering work, etc

bikingbarney

The house next door but two is up for sale at £184950 but i believe this has been up for sale for a while now and it also has a massive conservatory on the back too.

it is also in a much better condtion

here it is.....

http://www.rightmove.co.uk/property-for-sale/property-27755401.html

kford224

I think go in low. We got £10,000 off of the asking price on our house and it had only been on the market for 9 days. You can always go up

If the EA said £150,000 would be reasonable, I would go in at £140,000 but that is just my personal opinion

poppysarah

since
16 September 2010

• Initial entry found.

What's the postcode?


http://www.houseprices.co.uk/severndale-droitwich-wr9/

Look on there for houses nearby/similar that have sold recently
12/03/2010£175,000Ter.F/HNoMap16, Severndale, Droitwich, Worcestershire, WR9 8PD

So assume it's in good condition and work back from there.

I reckon you could easily spend £20k doing it up.
So maybe your offer of 150 is about right... (but 140 sounds better)

But you'd need to have the money to do it up then on top of paying the mortgage and not living in it for a few weeks...

Thomo2710

Go in at whatever you feel comfortable at.

We brought ours Last Jan (FTB) and it was ont he market for 175,000. It needed a bit of modernising so i rang the agent, told him i like it but wasnt overly bothered if we didnt get it.
Told him we were not going to mess around with creeping offfers and i will make a once only offer of 153,000 and if declined i walk away.

2 days later it was accepted.

Budget for the worst though - i put aside £7500 but in reality its cost me £12,000 becuase i didnt account for plastering every room once the 30 year old wallpaper has ripped half the wall off with it etc, new copper/rads etc. Things you dont immeditely think of!

kford224

Thomo2710 wrote: »

Go in at whatever you feel comfortable at.

We brought ours Last Jan (FTB) and it was ont he market for 175,000. It needed a bit of modernising so i rang the agent, told him i like it but wasnt overly bothered if we didnt get it.
Told him we were not going to mess around with creeping offfers and i will make a once only offer of 153,000 and if declined i walk away.

2 days later it was accepted.

Budget for the worst though - i put aside £7500 but in reality its cost me £12,000 becuase i didnt account for plastering every room once the 30 year old wallpaper has ripped half the wall off with it etc, new copper/rads etc. Things you dont immeditely think of!

I think that is the perfect way to do it - just wish I had had the patience and balls to do it that way too!!

bikingbarney

thanks for the replies,

to be fair we wernt really looking at buying at the mnoment but this has come up at such a good price.

we havent really got any cash to do it up at the moment, it would be done one room at a time, i guess we could get it liveable though for the time being.

it is a case of it being the worsed house on the street which is good .

Thomo2710

kford224 wrote: »

I think that is the perfect way to do it - just wish I had had the patience and balls to do it that way too!!

I didnt at first at the start of our house search but after getting screwed over by 1 agent on a house we really liked 2 months before (had offer accepted and aggreed to take off the market only for the agent to stab us and re-sell it 3 weeks later after we had got soliciotrs etc in motion) i decided i wasnt going to play any more games and Mr reasonable went out the window.

After that any chat i had with any EA was blunt, short and straight to the point, i wasnt going to let them get into sales speech to butter me up.

gingertips

Thomo2710 wrote: »

Go in at whatever you feel comfortable at.

We brought ours Last Jan (FTB) and it was ont he market for 175,000. It needed a bit of modernising so i rang the agent, told him i like it but wasnt overly bothered if we didnt get it.
Told him we were not going to mess around with creeping offfers and i will make a once only offer of 153,000 and if declined i walk away.

2 days later it was accepted.

Budget for the worst though - i put aside £7500 but in reality its cost me £12,000 becuase i didnt account for plastering every room once the 30 year old wallpaper has ripped half the wall off with it etc, new copper/rads etc. Things you dont immeditely think of!

always a good idea with any project new to you is to work out the total realistic cost you believe it will be & then add 50% contingency

kford224

Thomo2710 wrote: »

I didnt at first at the start of our house search but after getting screwed over by 1 agent on a house we really liked 2 months before (had offer accepted and aggreed to take off the market only for the agent to stab us and re-sell it 3 weeks later after we had got soliciotrs etc in motion) i decided i wasnt going to play any more games and Mr reasonable went out the window.

After that any chat i had with any EA was blunt, short and straight to the point, i wasnt going to let them get into sales speech to butter me up.

I can see why it made you a bit more assertive! Obviously paid off in the long run