What is a reasonable offer?

SPELLKASTER

Been to see some bungalows, and there is one that we really like.

Its currently on the market for £169,995.

Its has a sespit tank, needs rewiring (which would cost around £2500), new kitchen (around £3000), and new bathroom.

Also needs a new central heating system and boiler (approx £3000).

What would a reasonable offer be considered?

We were thinking of around £160K, due to the amount of work that needs doing.;)

antrobus

SPELLKASTER wrote: »

...What would a reasonable offer be considered?.....

One that the vendor accepts.

hazyjo

Is it NEED, or that you would like to replace? You might not get a mortgage (if needed) if it actually hasn't got a useable kitchen or bathroom.

We don't know if it's priced to sell, overpriced, or rock bottom to get offers in. We also don't know the market where you're looking (which area?).

Afraid you will have to compare against similar nearby SOLD properties. If there are only 'fit-to-move-in properties', obviously the value of the one you want should be considerably less (presuming things actually do NEED doing).

Jx

SPELLKASTER

Yes it does need replacing, especially the wiring. And there is no current combi boiler as the current heating runs of an old back boiler in the fireplace. Apart from that the bungalow is livable whilst the works is being carried out, so we can do one room at a time!!

Dimey

I'm sure the asking price would have taken the major work required, into account.

What are nearby bungalows going for? Check Zoopla.

Allow some contingency for the sums you are budgeting for new kitchen, bathroom & septic tank.

If the septic tank needs replacing it sounds like an older property so your survey may turn up hidden expense. Keep your options open to negotiate if its anything major, when the results are through

The vendor will expect to have to reduce a bit. Broadly speaking if you offer £160k the vendor might settle on £165.

Dan-Dan

Spellkaster , you managed to secure an offer on your place already?

StuC75

What would you expect the property to be worth in that area when the work has been done? It may be the case that it has been priced to reflect the work required. So you are unlikely to get a double discount on it..

If the boiler is working then its just a preference to replace that..

SPELLKASTER

Thanks Dimey.

Apparently the next door neighbour is also on a septic tank.

Vendor says it should be emptied at least once a year.

We will endeavour to have a full survey of course.

We will try and go for £160K, but as you say £165K might be better.

Its a lovely bungalow in a nice area of Portchester, in Hampshire.

And you only have one neighbour!!

Dimey

Wiring - re-wiring electrics will be pricey.

SPELLKASTER

Dimey wrote: »

Wiring - re-wiring electrics will be pricey.

We suspect it would cost around £2500 to rewire, its a small bungalow should should not that be too expensive.

jimbog

As someone said elsewhere - if the vendor isn't offended by your offer then it was too high