What shall I offer?

drummer_666

I've seen a house today that is up for £89,950. In Birmingham.
The estate agent said there's about £5k to play with.

I've seen so many houses, didn't really want a downstairs bathroom, but this is my compromise.

The E.A said I could move the bathroom upstairs and extend the kitchen. Do I use this for bargaining power? i.e I offer this becaus of the cost of moving the bathroom upstairs?

Also baring in mind the E.A basically said the vendor would prob accept about £5k less, do I offer £84,950
OR do I think that £84,950 is the realistic asking price, and offer around £80k?

If the E.A hadn't mentioned anything about price I would have probably offered £85 kand not gone above £88k

This house has this history:
March 2009 - £99,950 asking price
Nov 2009 - £550/month rent asking price
Nov 2010 - £105,000 asking price
End 11/Early 12 - £89,950 asking price (it says this is reduced, but I can't find the price before it was reduced or the date - Property Bee doesn't work on this particular website)

The vendor still has some of his things there and his car in the drive, but he's moved out and no chain.

Thank you

go_cat

It has been on the market for nearly 3 years so I would go at lot lower

you then have room to negotiate

What have other similar houses gone for ?

Have a price in mind and don't go over it

G_M

The EA said this, the EA said that...

so what? He works for the vendor. Ignore him.

As for extending the kitchen and moving the bathroom, that is your choice. You are buying the house as it is. What you decide to do later is your affair.

EscapetoSnowdon

We are also buying. I would recommend that you go in at £80-£82k based on the reasoning you have to reconfigure the floor plan, building and redecoration expenses. In the current property market and mortgages like golddust, what is the worst that could happen? He could decline your offer and you could start negotiations? Aim to knock 5% off the purchase price especially as you have the upper hand of having no chain and he has already vacated the property and likely to be paying council tax and building/contents insurance on an unoccupied property therefore if you can mutually agree a price you are helping him to save money! Sell your enviable position as well - chain free, mortgage in principle or mortgage approved, whether local resident etc

cattie

Don't compromise on the bathroom whatever you do, it just isn't worth it. If you turn one of the bedrooms into a bathroom then you will reduce the value of the house. If it's a 3 bed house then you will turn it into a 2 bed & this can reduce the price by about £10k in some cases, but would imagine it would reduce it by at least £5k. Add that to the cost of moving the bathroom upstairs & the sheer hassle & consider is it really worth thinking about?

EscapetoSnowdon

cattie wrote: »

Don't compromise on the bathroom whatever you do, it just isn't worth it. If you turn one of the bedrooms into a bathroom then you will reduce the value of the house. If it's a 3 bed house then you will turn it into a 2 bed & this can reduce the price by about £10k in some cases, but would imagine it would reduce it by at least £5k. Add that to the cost of moving the bathroom upstairs & the sheer hassle & consider is it really worth thinking about?

I think you just need to weigh it up. Our new house is within the Snowdonia National Park, very few houses home on the market on our side of the road as there are mountain and lake views. A factor to consider is whether the area you intend to buy a house in has a shortage of affordable housing stock or houses in your preferred style. Our bathroom is downstairs, but we are relocating it to the single bedroom on the 1st floor and also creating a staircase to create a master bedroom with en-suite with fabulous views than on the 1st floor. I suppose ultimately it depends on how much you love the house, how affordable and feasible are your plans and most importantly whether the current floorplan can be reconfigured with minimal works to enable you to relocate the bathroom. If you still love it enough to go ahead, try a cheeky £80k.

drummer_666

cattie wrote: »

Don't compromise on the bathroom whatever you do, it just isn't worth it. If you turn one of the bedrooms into a bathroom then you will reduce the value of the house. If it's a 3 bed house then you will turn it into a 2 bed & this can reduce the price by about £10k in some cases, but would imagine it would reduce it by at least £5k. Add that to the cost of moving the bathroom upstairs & the sheer hassle & consider is it really worth thinking about?

hi, i wouldn't actually move the bathroom - i'd just say that to try get some money off! i'd prob put an ensuite in the master bedroom at somepoint tho

drummer_666

go_cat wrote: »

It has been on the market for nearly 3 years so I would go at lot lower

you then have room to negotiate

What have other similar houses gone for ?

Have a price in mind and don't go over it

nothing done this road has sold recently, well no terraces. a semi sold in oct 2010 for £125k

nothing similar on any roads nearby has sold recently either, so hard to tell hmmm

Trollfever

Spambump.....

amyjay_2

We have just had an offer accepted on a house we love, ideal location, ideal bedrooms, garage etc. just what we wanted. It's up to you but why not throw in a cheeky offer of £80? They can only say no and then you can up it to £82? If your starting point originally was going to be £85 what do you have to lose if you end up offering £85 when you may even get it for less.
Hope this helps.

DannyboyMidlands

£75k maximum.