What is the right price

wellatori

Hi Every,

I am interested in a 2 bedroom detached bungalow with a dinning room which can be used as a third bedroom also including a good size sun room.

The property has been in the market since Sep 2016, no offers so far, Its in Peterborough, within 2 miles of the town center.

The house is advertised for 250K, which looks bit high to me, considering it is going require full renovation.

Now the question is what could be the reasonable price to make an offer and how to work this out?

Any guidance / help will be highly appreciated.

Regards

booksurr

http://www.rightmove.co.uk/property-for-sale/property-44592213.html

lincroft1710

http://www.rightmove.co.uk/property-for-sale/property-44592213.html#tab=floorplan

There's a lot of house there for the money, but it's not well laid out. Detached bungalows command a premium usually and don't stay on the market long. This seems to offer better value to the identically priced one in beautiful downtown Stanground.

Decide on the max you want to pay and go in at £225K with the reasoning that no interest so far and emphasise the need for upgrading and renovation. Your offer will be turned down but see if there is a counter offer. Remember that some sellers can be very stubborn, others just want to offload the property

wellatori

lincroft1710

I believe 225k is a reasonable, I had similar figure in my mind and I was not sure, but you gave me some confidence to go ahead, though I would still be interested to hear from other members.

Thanks

booksurr

so rightmove lists 6 bungalows within 3 mile radius of yours with asking prices ranging from 250k - 280k

yours is 249,950

however there are a further 59 cheaper competitors within a 3 mile radius so how set are you on that precise street/location?

Your property must have been in the same owners since 1997 as there is no record of its sales price since that date. No 1 Airdale Close is the only other bungalow of the 7 properties in that street but is last sold in 2013 for 127,500 which possibly was some sort of "special circumstance" given it had sold in 2012 for 158k. However, No 1 is only 2 beds and has no mention of dining room so a comparison may not be fair??

at the end of the day therefore it appears turnover in your street is infrequent and that 249,950 is towards the upper end of the alternatives. So it comes down to whether you have looked at all of those competitors and how they compare against what you actually want from a property - assuming 3 mile radius is within your acceptability?

wellatori

location within 3 miles is not a problem, but I have seen only three bungalows so far and overall this doesn't look bad so I wanted to make an offer, however, I would buy this if this is sold at a reasonable price. I would only pay 250K for a property which has already been upgraded.

kinger101

You say it's going to require renovation, but looking at those pictures, it mainly cosmetic. It's the sort where you could move in and do one room at a time. I'm rarely keen on bungalows but that has decent sized rooms and a good sized plot to boot.

Probably wouldn't be too difficult to get planning permission to make it two stories given what else is on the street.

glasgowdan

I don't know, but the neighbour directly across the cul de sac seems VERY concerned about security! I see another 2 bed bungalow neighbour sold for £127k in 2013, but maybe the electric scooter in the lead photo put people off that one!

wellatori

it requires new flooring/carpets, bathroom, kitchen, new clock room and colour but I dont know this is my understanding

Cakeguts

I am sorry but I think this is an awful property. The dustbins are in the front under the carport because the only way to get them into the back garden is through the garage. You are buying a detached house but it could just as well be a terraced because you don't have access to the back garden without either going through the garage or through the house. To get to the bathroom you have to go through the front hall from both bedrooms. The front door is on the opposite side from the garage so you will only ever use the door to the utility. There is a second toilet which backs onto the bathroom what is the point of that?

It is being sold as a detached but it is not even as detached from the boundary as a semi. The rooms are small. The back garden backs onto a business centre and a small mews which looks as if it has a yard which is part of another business. For me it looks about 100k overpriced but I don't know the area. The only way you could improve it is if you demolished some of it. I think it may be overpriced for the plot it is on and the road that it is in.

Crashy_Time

glasgowdan wrote: »

I don't know, but the neighbour directly across the cul de sac seems VERY concerned about security! I see another 2 bed bungalow neighbour sold for £127k in 2013, but maybe the electric scooter in the lead photo put people off that one!

Ouch, even paying a premium for aged alcohol is overrated, offer 107k tops for this pile of carp IMO.