Should i put in an offer?

ant.1986

Hi,

Me and my wife are looking at buying our first house and we have seen an ideal one on the same street as we rent now.
The bedrooms are a good size decent size kitchen and living room and it has front and rear gardens.
We went to view it and got afew shocks it needs alot of modernising, has no boiler/central heating system, very old upvc windows and doors and may well need a rewire.
My wife really likes this house and wants to go for it, its not that i don't like the house its the amount of work that needs doing and after a talk to the EA who said its been on sale just over a year, no one has had a 2nd viewing or put an offer in and the price has not been reduced in the 15 months its been for sale im wondering if the seller would only accept the asking price? Paying thay amount with that much work needing to be done would be beyond our budget.

Do you reckon it could be worth it or should we look else where?

Thanks

Niv

offer what you think its worth to you. If its refused then you know you can move one with no regrets.

Dan-Dan

right move link ?

ant.1986

Dan-Dan wrote: »

right move link ?

I wasn't sure if it was ok to post a link to a property

Dan-Dan

it is ! , space it out as a user user it wont post other wise


w w w . etc

Mojisola

ant.1986 wrote: »

My wife really likes this house and wants to go for it, its not that i don't like the house its the amount of work that needs doing and after a talk to the EA who said its been on sale just over a year, no one has had a 2nd viewing or put an offer in and the price has not been reduced in the 15 months its been for sale im wondering if the seller would only accept the asking price? Paying thay amount with that much work needing to be done would be beyond our budget.

Do you reckon it could be worth it or should we look else where?

Get an estimate from the EA as to the house's value if it was updated.

Get estimates from a couple of builders to see how much the improvements would cost.

Put an offer in at the appropriate amount.

If the sellers aren't going to be realistic about what the house is worth, walk away.

ant.1986

Thank you for the advice so far,

After searching land registry, zoopla and a call to EA other houses on the street sell for 10-15 thousand higher than the one we have looked at, my wife is now in the process of getting quotes for the central heating and having new pvc or jst the units replaced

Realopinion

As this is your first time you are looking at the property with different eyes to those who have bought many properties.

Aesthetics are the cheapest things to update and the easiest to quantify when putting in an offer. You are in such a strong position to negotiate on price because if the property has been on a year the seller will be very accommodating to any offer.

Some key questions you should be thinking about are - What can I do to this property to make it sell for more?

Can you extend?
Can you open up the inside?
Can you add a loft conversion?
Is there space for a garden room (they cost about £2-3k but can add £10k)

Rubbish boilers and duff windows are annoying to replace, but can be easilly fixed, especially if you negotiate them in the price. The key things to look for are what can you do to the property to make it sell for more? (with that said, if the boiler is duff and the windows blown, you may have some damp and mould - all superficial but this will put off most buyers)

Structure you offer

When putting your offer in, take the asking price and deduct off works to be done.

£300,000 Asking
£5,000 New windows
£1,300 New boiler

Also, it may already be overpriced. Check the Land Registry for properties in the area as an average, and then Zoopla for recently sold.

I would say put an offer in for what it is worth taking into account the works and condition and if it is accepted get a RICS surveyor into the property ASAP to check for any major concerns; I would suggest a Building Survey if the property is in a real bad condition.

gazfocus

We've just bought our new house which is hopefully going to be our forever home. We knew we wanted to buy the house before we even viewed it and we only viewed the house as a formality.

When we were working out our offer, we knew that the house next door had sold last year for the price our vendors were asking, so we did a rough plan of what we'd change and very rough costs. Deducted that from the asking price and set the figure as our maximum.

We then went in at £15k below asking (house had been on the market for 15 months) and settled on £7k below asking price which was how much we'd planned on spending on the house.

jules888

We have been living in our forever home for just over a year now.Have spent 11k on it so far and about another 11k to go!
In that year have replaced every door and window,facia boards,cladding,garage doors,fusebox,lights,loft hatch and mirrored wardrobe doors.
Theres been more to do than we thought at first but we love the house!
Good luck!

cattie

Beware that even when getting estimates, you will not know the true cost of refurbishing the house. Whatever you think it will cost, double the figure to be closer to the truth.

There are always unseen pitfalls to any property that needs work, it truly becomes a voyage of discovery & you tend to need quite deep pockets unless you are capable &/or willing to do a lot of the work yourselves.