First time buyer - advice needed on what to offer

serious_saver

We viewed a house on Saturday. It had been on the market for £165,000 but was dropped within a week to £155,000. The place is very sound and seems to have avoided some of the structural problems and cracks that have been common in the other houses in that style.

However the inside is an absolute state! The EA are also asking more because it has an extension although we honestly think would need to come down. The roof needs doing and the inside needs complete redecoration, rewiring and new plumbing. We think that getting it to a standard that we can live with will cost about £15,000. That’s including a new kitchen and bathroom (because they had been converted for an elderly person with a disability) so we’re not looking to push the boat out on ridiculously expensive fittings.

We are thinking of offering well below the asking price. Because there is so much work think it’s worth between £125,000 and £130,000.

The problem is we’re worried that if we offer too little they won’t take us seriously. On the other hand we’re worried that if we offer what we think the house is worth they’ll hold out for more.

What do you think is a good amount to consider offering?

We are going for another viewing this Saturday and I would like to have a clearer idea before we see it again. Any advice/suggestions would be very welcome.

hcb42

offer what you think it is worth, impossible for anyone else to advise based on limited info

hazyjo

Do you need a mortgage on it? What deposit do you have? Might be that it's not mortgageable so tread carefully before spending too much money on buying it.

Have you checked the windows? Do they need doing too? I'd be surprised if not considering how much else needs doing. There also might be damp, and you don't know what's going on underneath floorboards.

What age is the property?

Jx

serious_saver

hcb42 wrote: »

offer what you think it is worth, impossible for anyone else to advise based on limited info

What info do you need?

GAH

Post a link of the property.

If you are offering lower, make sure that you put your offer forward postively so the agent knows your serious.

End of the day though you pay what you feel its worth to you, have a maximum price in mind and if don't get it for that, then walk away.

Radiantsoul

No reason you should offer more than you think it is worth.

doire_2

Go in low...they can only say no

serious_saver

hazyjo wrote: »

Do you need a mortgage on it? What deposit do you have? Might be that it's not mortgageable so tread carefully before spending too much money on buying it.

Have you checked the windows? Do they need doing too? I'd be surprised if not considering how much else needs doing. There also might be damp, and you don't know what's going on underneath floorboards.

What age is the property?

Jx

- It is a 3 bed, mock dormer bungalow
- Built in the 1960's by Wimpey homes
- It has a downstairs bathroom. This doesn't bother me but a lot of the houses in the area have had the bathrooms moved and turned into 2 beds.
- The house is probate so they are keen to sell quickly to settle the estate.

-The last house in the street sold for £148,000.
-There is a similar house round the corner that has been on the market for 10 months and they are asking £165,000 but it doesn't need the work doing to it.
-On the other hand one in slightly worse condition sold for £108,000
-Really good ones have been known to sell for upwards of £185,000

My father came and had a look at it. He's a retired surveyor and saw no obvious reason for it to be turned down. The house is double glazed and the only problem window is the master bedroom which has developed bad condensation. It's fixable but we could live with it for a while.

There is a history of damp caused by a leak around the dormer which was 'fixed'. however I can see that they've done a real cowboy job on it. The house is now dry but the damage will need to be fixed.

If we can get it at the right price we will have the money to do the work. We would also end up with a much smaller mortgage (and mortgage payments) so long term it could be a very good buy. The problem is I just don't know what the right price is.

hazyjo

serious_saver wrote: »

-The last house in the street sold for £148,000.

-On the other hand one in slightly worse condition sold for £108,000

-Really good ones have been known to sell for upwards of £185,000

Not much help without dates, I'm afraid...

Jx

gingertips

if you think its worth £125k, what do you think your mortgage company will think it is worth? more than likely they will probably say a similar number particularly if the property needs work.

Nothing wrong with offering low & then coming up later - its a lot tougher to go the other way though once the vendor has a number in the head you were willing to pay!