Am i being too cheeky or realistic?

Carlos77

I am looking at buying a house for a BTL, and have put in an offer on a house I have viewed today.

Now the house needs a lot of work doing to it, i.e. new kitchen, bathroom, boiler, downstairs re-plastering, decorating throughout, and a few other odds and sods to make it rentable/liveable. It has been empty on the market for 2 years, and is an inheritance property between a couple of sisters.

Now the house is on the market for £124,500 with a local estate agent, and several others are on the market in much better rentable condition for between £120,000 and £125,000, but they are all Semi-detatched (this property is link-detatched) and not in as good location. There is a good one for sale on the same street thats up for £137,000
The other thing i have found out is that a repossession 5 doors down from this house went for £87,500 at auction in september. Now i have estimated that to get the house up to scratch (given a fair bit of elbow grease will take between £15,000-£20,000.

With all this in mind, i have but in an initial offer of £90,000 for the house. Am i being too cheeky for a first offer and risking offending them, as to not deal with me?

mummyroysof3

Just wait and see what they say. If its no then try to get an indication from ea as to what they may accept.

thelem

If it's a BTL investment then you need to get a good deal in order to get the best rental yeild, but you've got a much wider choice of properties than an owner-occupier would because you don't have so many restrictions (e.g. easy to get to your workplace, the right size for your household etc).

Put in a lower offer, raise it if necessary but don't overpay. If you can't get it for a good price then just buy a different property.

Bear in mind that the vendors may have done a land registry search and seen all these other "identical" (in their opinion) properties going for around £125k so might want to stick close to that, especially if they think it's actually worth more but are reluctantly marketing it just below the stamp duty threshold.

I_have_spoken

£90k sounds generous.