Would you pay slightly over the odds...

LEJC

I'm going to take the minority opinion and say...possibly dont buy it...

I understand all about no moving costs and knowing the area etc but why not have a look at other houses on the estate or in the locality...

On what basis are you saying its slightly overpriced...? a property is worth what someone will pay for it..

The way I see it is that the property is 17 years old and if major things like kitchen bathroom heating system and windows are still original then those are major items that you will need to replace within the lifetime that you intend to stay in the property.....its also likely that the electrics may also need some attention within the next 10 years..

Having just been in the position of taking on a renovation project..albeit an older house we have spent AT LEAST £20k on those things mentioned...our total bill will be double once other bits are taken into account...we havent done the property lavishly,in fact we have done it for the rental market and I hope that the fixtures and fittings thats we have put in will last a good few years...although even I am not so naieve to think the kitchen and bathroom wont need replacing certainly within the next 17!!

if you were to move out the landlord would probably be looking at needing to do the work if not soon then certainly after the next couple of years and I think possibly he is thinking that this is a great opportunity to get a good return on his proprty by selling it to you rather than having to spend money on an update.....he can then go and take that money and reinvest in a newer or less maintainence property.

And thats what I think you should be looking at too....a boiler for example that is 17 years old is on borrowed time,whilst others have said you can do the work as you go along and over 10 years create a nice home...a sentiment I agree with in parts,do you have £2k for example that if that boiler broke in 6 months time and the part was obselete that you could afford to replace the whole boiler as thats the most cost effective option?...a cost that could increase if you also decide that the radiators need changing too..

Having potentially spent over the odds to buy the house it seems in my mind that you will no doubt be facing further work and costs to update the house,and thats why I'd suggest that before you take the leap at least make sure that there are no similar or better maintained properties available in your area...or at least you know the true cost in time and money in enhancing and updating this house.

The landlord may not need a sale but if you do leave he will need a tennant...and possibly in order to secure a tennant he will either need to upgrade the property or reduce the rental cost...
You say that he will have to pay a fee to the letting agent if he sells to you...this may be the case...but it may be that if he uses the money fom the sale to purchase another property that he lets with the same letting agent,that fee may be reduced or not even count....I am certain that if I were in that position then I would hope to negotiate...so in some ways you shouldnt feel obliged to pay over the odds to compensate him in the sale...

Within a quarter mile radius of your home there must be other comparable properties for sale,if you really are serious about moving go and look at those...you will be in a better position to negotiate on price and could even find that on a different property your cheeky offer of 5k below the asking price is accepted....

happycamel_2

Go and have a look at what else is on the market that you can afford, weigh up what you might lose if the seller pulls out after you've paid for surveys etc (which does happen) or if they come back with bad news and you want to look elsewhere. Have a think about the moving costs (£800 to move 1 mile in my case).

If there are other houses you love that are within budget and in good condition then don't proceed with your landlord but from what you've said it sounds like buying where you live would be the best bet. It's less hassle, less costs, it's less likely to fall through, if the mortgage valuation comes back lower than you can renegotiate. To put it in perspective, you are talking about 3% which is well within the margin of error for any valuation so have think about what is making you think it is worth £5k less.

All houses need work and one that age will probably need less urgent/structural work and if you choose to do cosmetic work then it's on your timescale.