What to offer on this house ? Advice please.

bikingbarney

We have seen a house we like in a nice area of town where houses don't often come up for sale.

I believe it's owned by an old couple and as such needs a thorough renovation done on it. Think kitchen, bathroom etc.

The main thing for me is that it still has warm air heating fitted and i would want to change it to a newer central heating system with boiler and rads. With removing the warm air comes the chance that there might be asbestos to remove which isn't cheap.

It's been on the market for a while now and was on for 200k but then got reduced to 195k and then got removed from the market for three weeks.

It's now cone on with another agent at 195k again but also now has planning permission for an extension over the garage and to the back of the house.

The house directly opposite was on for oieo 200k and sold a week. However this house already had the extension on the back and they had converted the loft into another room.

How would you go about offering on this house then ?

Cheers

Steve.

Cakeguts

Offer what it is worth to you. A house is worth what someone will pay for it. The owners may not want to sell it for much less than it is on the marked for and that is their choice. It is their choice how long they decide to wait.

Sausage11

Do you know what internal state the property that sold within a week was? If it's even half decent then the property you're looking at looks way overpriced in comparison.

If you're looking at kitchen, bathroom, central heating, possible rewire AND loft and above-garage extension in order to get it to the same state as the other house then you must be talking at least 60-70K of work. The only upside would be that it was done to your specifications.

It might be worth calling the agent and talking this through with them. They may be well aware that the price is ridiculous and hoping that the vendor will see sense.

But I suspect the bottom line is going to be that if the house is really vastly overvalued, you're not going to get the vendor to drop the price to anywhere near the level where you could put it into the state of the property across the road for 200K or so.

marksoton

How on earth do you expect us to tell you?

Have you even viewed it?

bikingbarney

marksoton wrote: »

How on earth do you expect us to tell you?

Have you even viewed it?

We are going to view it next Saturday.

I'm not expecting you to tell me I'm juist after advice on how to put my offer in the the EA.

Its on at 195 k and the EA says its had a fair but of interest but the reports back are saying it needs to much work doing.

I was thinking of going in at 185k to start with.

csgohan4

Offer what you think it's worth, only you will know, not some random internet strangers


we do not know how quick moving or popular the area is, unless you give a link

amateur_house

bikingbarney wrote: »

We have seen a house we like in a nice area of town where houses don't often come up for sale.

I believe it's owned by an old couple and as such needs a thorough renovation done on it. Think kitchen, bathroom etc.

The main thing for me is that it still has warm air heating fitted and i would want to change it to a newer central heating system with boiler and rads. With removing the warm air comes the chance that there might be asbestos to remove which isn't cheap.

It's been on the market for a while now and was on for 200k but then got reduced to 195k and then got removed from the market for three weeks.

It's now cone on with another agent at 195k again but also now has planning permission for an extension over the garage and to the back of the house.

The house directly opposite was on for oieo 200k and sold a week. However this house already had the extension on the back and they had converted the loft into another room.

How would you go about offering on this house then ?

Cheers

Steve.

I would try to get some idea of how much the work to bring it up to the same standard as the other houses on the road would cost, then knock that much off the asking price. In hindsight it's what I should have done with the house I offered on. I had an offer accepted but am only now getting estimates for the work. I think I've wasted everyone's time by offering more than the house is actually worth and am probably going to have to withdraw my offer. Better by far to find out the bad news first.

glasgowdan

So by the time you've brought it up to the standard of the one that's sold for around 200k, how much will you have spent? Going in at 185 sounds too high, from the sparse info we have.

bikingbarney

This is the property in question......

http://www.rightmove.co.uk/property-for-sale/property-44612097.html


And this is the one that sold for oieo 200k.......


http://www.rightmove.co.uk/property-for-sale/property-59749499.html

walwyn1978

I think you'll struggle to get that for a price where you can do the work and not end up with a house worth far less than the price you paid and the cost of the work.

The other house has similar kitchen and bathroom but as you say there's the cost of new central heating plus extension. Unless they want a quick sale and take very low offers and assuming the other property price is about right for the area, I think I'd look elsewhere

Edit - if it was me offering, based on what you've said I'd be at the 150-155 mark, 160 tops. Which I think they would refuse, based on evidence of the sale over the road.

phoebe1989seb

walwyn1978 wrote: »

I think you'll struggle to get that for a price where you can do the work and not end up with a house worth far less than the price you paid and the cost of the work.

The other house has similar kitchen and bathroom but as you say there's the cost of new central heating plus extension. Unless they want a quick sale and take very low offers and assuming the other property price is about right for the area, I think I'd look elsewhere

Edit - if it was me offering, based on what you've said I'd be at the 150-155 mark, 160 tops. Which I think they would refuse, based on evidence of the sale over the road.

This ^

Although I don't think it would cost as much £60-70k as mentioned by a previous poster, more like £40-50k, but I speak from experience of DIYing most of the jobs in the major projects we've taken on. For example we added a 500 sq ft single storey, architect designed extension on a 5 bed, 2000 sq ft, non-listed period house in Wilts, as well as fitting a new solid timber kitchen, limestone/engineered oak flooring, rewired, three new high-end bathrooms, re-landscaped the third of an acre garden and redecorated throughout. Our budget was £100k and we got all the work done within that.

IMHO, the £200k house looks very similar to the other one, with the exception of a slightly newer looking kitchen and obviously the heating issue......