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How much should I offer?
Charlie_21
Posts: 123 Forumite
I found a small 2 bed flat I really like in Scotland. The home reports is all 1s (including electricity) and its valued at £60k with offers around £58k however it needs rewiring throughout the flat. Can anyone give me some advice on how much I should offer on this flat considering it needs rewired?
Debt | £224.10 / £471.90 M1 | £131.88 / £858.65 Mobile | £443.45 / £3,370.22 L1 | £383 / £6,460 CC2 | £26.25 / £0 M2 | £1,159.55 / £1,159.55 CC1 | £2,368.23 / £12,309.32 Total
Savings | £953.64 / £1,233 Other | £1,000 / £1,000 EF | £1,953.64 / £2,233 Total
Savings | £953.64 / £1,233 Other | £1,000 / £1,000 EF | £1,953.64 / £2,233 Total
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Comments
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How long has it been on the market?
Is it a hot market where it is?0 -
It's only been on the market a couple of weeks and its an average marketDebt | £224.10 / £471.90 M1 | £131.88 / £858.65 Mobile | £443.45 / £3,370.22 L1 | £383 / £6,460 CC2 | £26.25 / £0 M2 | £1,159.55 / £1,159.55 CC1 | £2,368.23 / £12,309.32 Total
Savings | £953.64 / £1,233 Other | £1,000 / £1,000 EF | £1,953.64 / £2,233 Total0 -
Charlie_21 wrote: »I found a small 2 bed flat I really like in Scotland. The home reports is all 1s (including electricity) and its valued at £60k with offers around £58k however it needs rewiring throughout the flat. Can anyone give me some advice on how much I should offer on this flat considering it needs rewired?
£45,000 and not a penny more.
See what they come back with then meet them half way.
How do you know it needs rewiring? Have you had an electrician look over it? Modern wiring can last more than 50 years in most standard residential conditions....i.e when not exposed to sunlight, very high or very low humidity, excessive heat or excessive cold.Charlie_21 wrote: »It's only been on the market a couple of weeks and its an average market
That's nothing. Try the low offer and work your way up. It depends on how much you love this property and how desperate they are to sell. Do you have an urgent need to move in?:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Id expect a rewire in a place that size to be between £2-2.5k. Thats what my electrician said about similar sized properties in yorkshire anyway.
I wish I'd know my house needed it before i bought it (nothing on bloody survey!) And cost us £2.8k. Id have knocked £3k off the offer if Id known.Money Saving since 2016 and determined to be debt free by 2020.0 -
Wow £60k for a 2 bed flat. I wish they were that cheap where I live (South England), for a 2 bed here you are talking £190k
Either way I would offer a really low price and see what they say. You never know you might be in luck0 -
Charlie_21 wrote: »I found a small 2 bed flat I really like in Scotland. The home reports is all 1s (including electricity) and its valued at £60k with offers around £58k however it needs rewiring throughout the flat. Can anyone give me some advice on how much I should offer on this flat considering it needs rewired?
Is that the value taking into account that a rewire is needed?
The last house I sold was priced lower than could be expected in the area because it needed some work done on it and that was stated in the paperwork.
Anyone who tried to knock more off the price got a straight refusal.0 -
What does your solicitor think? They should know the local market but if I were selling my property valued at £60k on the home report and it had only been on the market for a couple of weeks then I'd probably tell you to bolt if you put in a offer of £45k.0
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If you really want it, then don't offer 45k. You'll annoy people who might ignore your contact in future. I'd say £55k firm and fair.0
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