Realistic discounts?

mr_munchem

Looking at buying my first property, a 3 bed terraced house, been listed since Sep 17 at £~160,000, recently reduced to £155,000. It needs a lot of work (complete gutting and starting again with all but plumbing and electrics); what do you think is a realistic discount aim, and what are your top tips before I put an offer in?

[Deleted User]

mr_munchem wrote: »

what do you think is a realistic discount aim, and what are your top tips before I put an offer in?

One that reflects what it is worth to you, taking into account the work that needs to be done.

Make sure your offer is genuine and don't go out of your way to annoy the vendor.

BoGoF

Depends if current price reflects work needing done. Has there been similar houses sold recently in the area - how does the price compare?

mr_munchem

Thanks, I will most likely make an offer that reflects my affordability too!

mr_munchem

I think it is priced with some of that in mind, but not all - some recently have sold for just a little bit more that are as outdated but require minor work.

mr_munchem

Should have added for extra info that it has been un-tenanted for 10 months!

pjcox2005

mr_munchem wrote: »

Should have added for extra info that it has been un-tenanted for 10 months!

That can work both ways though, you see it as a sign that the property is less desirable and maybe able to negotiate on price. It may be that the seller sees it as no need to sell unless they get their price and are less willing to negotiate.


Saying that, you won't know the outcome unless you put an offer in.

mr_munchem

All very true - thanks. The agent said there have been no offers, only 2nd viewings, so I'm hoping that if we put an offer in, the agent might work in our favour.

mr_munchem

Offered today around 10% off, which got rejected (which I’m not surprised about), will be re offering in the morning less than 5% off, so fingers crossed!