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First time buyer unsure what to offer ...
trumpetjim
Posts: 15 Forumite
Hi there.
I'm trying to buy my first house and I think I've found the right property which would be a nice mix of a decent home and a project that I think I could make some money on eventually. It's currently on at 59k, it includes a cellar which is a usable space but currently just a bare room which has never been treated. The seller (who showed me round on both viewings) has already told me he'd be willing to drop the price by 5k as he believes that's what it would take to convert the basement to a usable area but a builder friend of mine who came round on my second viewing noticed damp in the house which he thinks comes from the flashing wearing away on the roof and coming into the house. Minimum to make the house usable and the basement ready would mean re-flashing (is this the right term?) the roof, treating the internal damp, tanking the basemen. Oh and the boiler doesn't work so it'd need a new boiler.
Now I'm willing to spend time and money on this property and my gut is to make an offer of 48.5k considering the potential work that needs to be done. Is that too low and insulting? I'm completely new to this whole thing so any help or advice would be greatly appreciated.
Many thanks
Jim
I'm trying to buy my first house and I think I've found the right property which would be a nice mix of a decent home and a project that I think I could make some money on eventually. It's currently on at 59k, it includes a cellar which is a usable space but currently just a bare room which has never been treated. The seller (who showed me round on both viewings) has already told me he'd be willing to drop the price by 5k as he believes that's what it would take to convert the basement to a usable area but a builder friend of mine who came round on my second viewing noticed damp in the house which he thinks comes from the flashing wearing away on the roof and coming into the house. Minimum to make the house usable and the basement ready would mean re-flashing (is this the right term?) the roof, treating the internal damp, tanking the basemen. Oh and the boiler doesn't work so it'd need a new boiler.
Now I'm willing to spend time and money on this property and my gut is to make an offer of 48.5k considering the potential work that needs to be done. Is that too low and insulting? I'm completely new to this whole thing so any help or advice would be greatly appreciated.
Many thanks
Jim
0
Comments
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Go with your gut. If it insults anyone, I suspect they will get over it.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks amnblog!0
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My strategy was decide your max then try two lower bids. If £50K is your max, you could try £45K, then £48K, then £50K 'final offer'.
Don't underestimate the cost of the work.0 -
Thanks Mark
RE the work, the tough part is that I've no idea how bad the damp is until, if I buy the property, I get in and take away some of the facades and see for myself, even the surveys apparently can't lift carpets or remove wooden fronts. 45k was my initial thinking, based on the fact that he told me he'd consider 55k, but since the property is officially still on for 59k I didn't want to insult with a "very low" offer and get on the wrong side of the seller0 -
I'm not sure people are personally insulted by offers, as they can reject them or make a counter-offer.
I was offered £80K for a £110K house. I laughed a bit, but was at least glad for some interest rather than no offers at all.0 -
Research your market as this reduces the risk of you having a low offer accepted and incurring expense in starting the purchase process only for the seller to accept a higher offer at a later time.
- Start with what are modernised/finished houses selling for in the area.
- Does this house have any location issues that make it more or less attractive i.e. off street parking, next to a school or business etc.
- Is the price to modernise based on mates rates/DIY or on getting in trades people.
~Laugh and the world laughs with you, weep and you weep alone.~:)
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Placed a bid of 46k today and am waiting to hear back. Thanks for your help guys0
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