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what to offer?
noyk
Posts: 253 Forumite
Hi all,
I'm going to look at a house on saturday which i quite like the look of. It's on the market for 270k and the advert says it has planning permission. I checked with the planning office and there appears to be no record of an application but i will confirm with EA on saturday.
I also checked https://www.houseprices.co.uk, It was bought this time last year for 200k. The most a similar house has sold for is £215k at the end of last year but that has a much larger garden and in a slightly better location on the road.
I bought the land reg docs (£6 quid, rip off!) and it appears they present owners have no mortgage on the house (they are not living in it) so i'm guessing they are doer-uppers.
Now if we like it i may be tempted to put in an offer (we have saved hard for a decent deposit) and if we can get them down in price our mortgage payments would be more or less the same as the rent we currently pay.
As they are probably business people, i wonder there motivation for selling up now. They have done it up slightly, new kitchen, bathroom (low/mid range from B&Q) and new paint - but why no extension if it is granted?
I thought to do some simple sums and make an offer on this basis (if we like it that is!):
Purchase costs: Est. £3k
Interest lost on their £200k @ 5%: 10k
Doing up costs: Est. £8k
Profit margin (to make them feel ok about it!): £6k
Thus i was thinking of making an offer of £230k, any thoughts?!
Thanks
PS: I'm all for an HPC but if the sums make sense and combined with the fact i want to get on with my life i _may_ take the plunge.
I'm going to look at a house on saturday which i quite like the look of. It's on the market for 270k and the advert says it has planning permission. I checked with the planning office and there appears to be no record of an application but i will confirm with EA on saturday.
I also checked https://www.houseprices.co.uk, It was bought this time last year for 200k. The most a similar house has sold for is £215k at the end of last year but that has a much larger garden and in a slightly better location on the road.
I bought the land reg docs (£6 quid, rip off!) and it appears they present owners have no mortgage on the house (they are not living in it) so i'm guessing they are doer-uppers.
Now if we like it i may be tempted to put in an offer (we have saved hard for a decent deposit) and if we can get them down in price our mortgage payments would be more or less the same as the rent we currently pay.
As they are probably business people, i wonder there motivation for selling up now. They have done it up slightly, new kitchen, bathroom (low/mid range from B&Q) and new paint - but why no extension if it is granted?
I thought to do some simple sums and make an offer on this basis (if we like it that is!):
Purchase costs: Est. £3k
Interest lost on their £200k @ 5%: 10k
Doing up costs: Est. £8k
Profit margin (to make them feel ok about it!): £6k
Thus i was thinking of making an offer of £230k, any thoughts?!
Thanks
PS: I'm all for an HPC but if the sums make sense and combined with the fact i want to get on with my life i _may_ take the plunge.
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Comments
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Profit margin (to make them feel ok about it!): £6k
How thoughtful,
bought the land reg docs (£6 quid, rip off!) and it appears they present owners have no mortgage on the house (they are not living in it) so i'm guessing they are doer-uppers
Nothing worse than someone ripping you off.:rolleyes:0 -
Go for it, see what they say, theres plenty of houses up for sale at the moment anyway.0
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It turned out to be in a just off a !!!!-hole road, not worth anywhere near that money. Thanks for reply's though, and i hope that wasn't a sarky comment mr PL
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