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Flat needs a lot of work-how much to offer?
adele123_2
Posts: 6 Forumite
Hi,
I'm a first time buyer in Scotland. Viewed a property at offers over £39,999 with my BF, we have 10k savings for a deposit. We liked it in terms of location and size, but looked like it needs a lot of work so plan to go back to view at the weekend with his dad who is a joiner as he has experience in renovations/house building.
I've just looked at the home report and it says that there is timber decay on some of the floors and that the guttering needs replaced, this defective guttering has contributed damp staining on the main walls so the eroded areas of stone need and rendering needs repaired. The home report indicates this will cost a 'nominal' fee, and recommends to get quotes first. Im assuming it will cost quite a bit.
The home report valued the property at £40k. It says this price is reflective of the fact that a reasonable amount of work is required. So would I still offer over what they are asking or go in line with the home report? Or less depending on how much needs done?
Also, is it possible to get a mortgage that is higher than how much the house costs to allow us to do the work required? Or are we better getting a 10% mortgage, which would leave us with money left over from our savings to do the work?
Thanks!
I'm a first time buyer in Scotland. Viewed a property at offers over £39,999 with my BF, we have 10k savings for a deposit. We liked it in terms of location and size, but looked like it needs a lot of work so plan to go back to view at the weekend with his dad who is a joiner as he has experience in renovations/house building.
I've just looked at the home report and it says that there is timber decay on some of the floors and that the guttering needs replaced, this defective guttering has contributed damp staining on the main walls so the eroded areas of stone need and rendering needs repaired. The home report indicates this will cost a 'nominal' fee, and recommends to get quotes first. Im assuming it will cost quite a bit.
The home report valued the property at £40k. It says this price is reflective of the fact that a reasonable amount of work is required. So would I still offer over what they are asking or go in line with the home report? Or less depending on how much needs done?
Also, is it possible to get a mortgage that is higher than how much the house costs to allow us to do the work required? Or are we better getting a 10% mortgage, which would leave us with money left over from our savings to do the work?
Thanks!
0
Comments
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What have other similar properties locally sold for? In what condition? How much will the work cost?
What is the difference between the valuation and the asking price? £1?0 -
That's not the asking price, In Scotland we used to use O/O a lot, in the boom days it would be set lowish to attract interest with the final price being 20-30% more.What have other similar properties locally sold for? In what condition? How much will the work cost?
What is the difference between the valuation and the asking price? £1?
These days it's not used much but still just a guideline, with the home report only showing 40k it's no coincidence they set it at O/O that price.
The true figure should be based on final value when works are complete, this is what the renovators do, if there is any money in it they will be tempted but with a low house price in the first place it will have a ceiling that might not attract the renovators, but will attract the BTL market.0 -
One thing to think about is that in most cases the mortgage provider will work from the basis of the home report value, and you would have to cover anything over this yourself with cash.0
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