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

StumpyPumpy

I assume it is this one...
http://www.rightmove.co.uk/property-for-sale/property-54150466.html


SP

Crashy_Time

glasgowdan wrote: »

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.

Or they could offer 20% over the odds, make sure some other "hot buyer" doesn`t step in and take their dream house :rotfl:


Any house riddled with cat p*iss I would be knocking at least 50 - 75k off from the start.

pinkfluffybabe

AFF8879 wrote: »

There is little more disgusting than a carpeted bathroom

But other than that, whilst the decorating is certainly done in a very old style, it doesn't look "old" as in much significant wear and tear - so I don't really think you could knock too much off for that, the owners just clearly have a unique taste.

With carpet along the side of the bath :eek:

It is old style and very cluttered, but a nice house with a good big garden. You'd need to look at local market to see what is reasonable to offer given the redecoration needed.

iantojones40

Assuming it is the property in the link I wouldn't say this 'needs work' other than new floor coverings, redecorating and maybe re tiling the bathrooms.
I think this one looks over priced, the nearest comparable example is the 4 bed detached in much nicer condition and with a large conservatory, which sold for £273k less than 2 years ago.

I'd disagree with other people on here who have said that 'most sellers' factor in the cost of improvements into their asking price... I'd say that happens very rarely and most vendors of houses requiring full refurbs try to get more or less full market value and don't come close to recognizing the extent and expense of work required on their houses.

lush_walrus

iantojones40 wrote: »

Assuming it is the property in the link I wouldn't say this 'needs work' other than new floor coverings, redecorating and maybe re tiling the bathrooms.
I think this one looks over priced, the nearest comparable example is the 4 bed detached in much nicer condition and with a large conservatory, which sold for £273k less than 2 years ago.

I'd disagree with other people on here who have said that 'most sellers' factor in the cost of improvements into their asking price... I'd say that happens very rarely and most vendors of houses requiring full refurbs try to get more or less full market value and don't come close to recognizing the extent and expense of work required on their houses.

Most vendors go with the EA valuation rather than their own. EA look at the attractiveness of a property compared to others sold and do take into account condition. So most do take into account condition, that is how a row of terrace houses identical in size have varying prices.

OP have a chat with the EA and ask what the venders position is, have they found somewhere to buy themselves etc. People who have found somewhere to go generally, unless they are over stretching themselves, are more open to offers than those who haven't.

Then the only way to work out if it is overpriced or not is to look at the other houses in the price range near here and think about whether it is better or worse than those. Then offer accordingly. Ignore the advice of offering 75 less but do have a think about what the 400 doc would buy in another house if it doesn't buy as much then it's probably quite competitively priced. If it buys more then it's probably too high. But do make an offer just pitch it right.

warby68

You could try chatting to the estate agent.

They work for the seller but will provide some useful information on occasion as to their onward plans or their receptiveness to offers, or indeed if they have rejected other offers and why.

As others say, avoid rationalising your offer based on a list of improvements you want to make. That just has potential for offence. Use it for your own calculations and guidance but not to try and persuade the seller with. Comparables, time on the market, urgency of sale needs and your position as a buyer are better bargaining tools.

iantojones40

You're wrong Walrus, most sellers only go with the EA valuation if the EA tells them what they want to hear, which the EA's are usually prepared to do initially in order to win the instruction, whilst EA's may take condition into account to an extent they will still almost inevitably give a very 'optimistic' valuation in order to win that instruction ... then once the property has been sat on the market for however long with little to no interest the EA hopes they can realign the vendors expectations as to what the property is actually worth.

If I had the time or inclination I could post endless examples of properties that require £20k-£30k of refurb work yet their asking price is only maybe £5k-£10k below full market value.... so yes they might have a 'varying price to other houses on the terrace' but it's still an asking price that comes no where near to acknowledging the amount of work required

glasgowdan

Scottish properties have a surveyor valuation done before sale so the price is less random

Niv

markman wrote: »

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!

If the link is to the house you are referring to then:
It does not need a new kitchen
It does not need 3 new bathrooms
It does not need every room redecorating - unless its due to your taste
It does not need new carpets throughout - although they are not to my taste they look in good condition and although they have pets the owners look like they keep the place clean so it wont we badly stained from pet wee etc

It is cluttered (this will be removed upon completion) and not to my taste but the condition of the d!cor is actually fine and I wouldn't expect to knock much off based on that.

Grenage

Damn, is that what people call a fixer-upper these days?