Buying a house, needs work, how much can I knock off the asking price

markman_2

Hi Forumites! I've been lurking for a while, picking up others advice, but now I need some help. We've just found a house we really like, but it needs work, hopefully ok structurally (subject to survey!) but every single room needs redecorating as its very tired and it will probably need 3 new bathrooms and a kitchen :S It also has a stair lift, that the owners will (hopefully) remove so stairs may need redoing. The owners have cats and dogs so will need new carpet throughout.

Unfortunately I cant post a link to the property as I'm a newbie, but if you search rightmove for a property in Motcombe, Dorset with min and max set to £425k, you'll see it (Multiple listings for the same 6 bed house in Stainers Mead).

Looking forward to your thoughts, thanks!

19lottie82

How does the price compare to similar properties that don't need any work doing?

Has it been on the market long?

glasgowdan

None. 100k. Or somewhere inbetween. But probably none. It depends on how much the seller wants. We can't help you. They will have priced it according to the condition.

And doesn't everyone get new decor and carpets when they move? You couldn't in a month of Sundays 'expect' a lower price because of that.

marksoton

You offer what you think it's worth with the refurb costs in mind.

I'd say offering low based on redocaration is bad form as everyone wants different decor.

markman_2

Thanks for the replies so far! I'm glad I asked, the last thing I want to do is put off the seller with a silly offer

The other thing I forgot to mention is that we can offer an instant cash purchase, would we be able to negotiate a discount for that?

AdrianC

markman wrote: »

The other thing I forgot to mention is that we can offer an instant cash purchase, would we be able to negotiate a discount for that?

You can ask.

Bear in mind it still won't be "instant" - because, I presume, you're still going to go through the usual legals?

If not, then I have a bridge for you to buy... VERY good price for genuinely instant cash purchase...

AnotherJoe

markman wrote: »

Thanks for the replies so far! I'm glad I asked, the last thing I want to do is put off the seller with a silly offer

The other thing I forgot to mention is that we can offer an instant cash purchase, would we be able to negotiate a discount for that?

There are no rules, "it depends".

-Maybe they've got nowhere to move to yet so a quick move isn't what they want, or
-Maybe they are desperate to move and they would snatch the money out of your hands or
-Maybe they absolutely need a certain minimum amount from the sale in order to afford their next house.

Surrey_EA

markman wrote: »

The other thing I forgot to mention is that we can offer an instant cash purchase, would we be able to negotiate a discount for that?

It depends on the circumstances the seller is in. Some vendors would find your position attractive, others may not be in a rush and are happy to wait for a better price.

Impossible for anyone on here to tell you which group this particular vendor falls in to.

danslenoir

marksoton wrote: »

You offer what you think it's worth with the refurb costs in mind.

I'd say offering low based on redocaration is bad form as everyone wants different decor.

I disagree.

I don't think this is an issue of taste, but upkeep/condition. OP references tiredness, not that he/she thinks that the current owners must have been on hallucinogenics when they chose the wall colour/bathroom tiles.

So I think cosmetic condition definitely should factor into the overall valuation of a property, though as has been pointed out, the current owners set an asking price for their house based on its condition now.

OP - offer what you think the property is worth in its current state. If your survey throws up something major that you cannot have been realistically expected to be aware of, then perhaps you can negotiate a reduction.

G_M

If the seller has priced the property to reflect its condition (which most sensible sellers do!), then you cannot use its condition to offer less.

as others have said, what matters is the market price - ie what do similar properties, in similar condition, fetch in that area?

goodwithsaving

It's likely the property has been marketed with cost of improvement factord in. You could perhaps negotiate but be prepared for a 'no'. Likewise a cash buyer wouldn't get a discount if it were me as I'd need the money to buy somewhere else.