Valuation - how much would you offer?

Lost123

Hi

I'm looking at placing an offer on a property with an asking price of 'offers over £180,000. I don't know how much to offer though as just dumping the price by 10% may only annoy the current owner (its been his cherish family home for 37 years). The closest similar properties seem to go for wildly different prices last year from £142k to £189k for similar build and sq foot.

It needs a new bathroom, kitchen and also some carpets replaced but otherwise seems in good condition. They had an offer on previously which fell through and its been back on the market for about 5 weeks for 'some interest'. There3's no rush for the vendor to sell as he's downsizing and doesn't have anywhere confirmed yet. I get the feeling the market in this area doesn't move very fast so don't think there's a great deal of competition.

rightmove.co.uk/property-for-sale/property-63271753.htm

My husband and i really love the house and location and would hate to loose out but also don't want to pay more than its worth.

Any advice? Thanks x

Surrey_EA

http://www.rightmove.co.uk/property-for-sale/property-63271753.html

Goath

Nice gaff!


Picture 13..


What is growing over the shed...I am no expert in this field, but it's not Japanese Knotweed is it?




Work out what comparable properties are going for, and offer what YOU think it's worth. and is comparable to similar properties. (Sorry not much help to you, but that's all the advice I can give based on experience)

spadoosh

I take offers over literally. As such i wouldnt offer below £180k. If i thought it wasnt worth £180k i wouldnt buy or entertain it.

Most would say offer over means little and always worth making an offer.

If the seller was willing to accept less, then they shouldnt state 'offers over'.

I appreciate you wanting to update the bathroom and kitchen. However the price listed will not be for some mythical house that has had the bathroom and kitchen newly fitted. Its for that house, in its current state (theyll be aware of what the kitchen and bathroom look like). The benefit you have is being able to pick the kitchen/bathroom you like. I mean im sure the seller would be more than happy to spend £6k on a new kitchen whilst adding £6k on to the selling price to confirm the sale but if youre wanting to update it i doubt youd have matching tastes.

Im assuming you wanted to offer less on the basis you want to fit a new kitchen etc. Its a bit unreasonable to expect the vendor to pay for that for you in terms of a reduction in offer.

However i cant say whether its over/under valued not knowing the area nor willing to research much so it might be possible to get the exact same house yet updated cheaper. Im guessing youve spent a long time looking and have a good idea of whats on the market locally to be able to gauge if its a good buy for you or not.

The intention of the house also makes a difference. If youre planning on being out of there in 5 years, youre more likely to see smaller, if any, returns. Where as if youre planning on being in there till you die, it really doesnt matter what you pay for it, as long as its affordsable to you.

Cakeguts

I thought it was a really nice house and I would have paid £180k for it until I realised it was leasehold. That put me off.

JoJo1978

Bags of potential and I think it's fairly priced. Although I'd basically want to cosmetically 'start again' because nothing is to my taste, it's clearly been lovingly well-maintained. It's also well-proportioned.

...but I wouldn't buy a leasehold house though.

glentoran99

Cakeguts wrote: »

I thought it was a really nice house and I would have paid £180k for it until I realised it was leasehold. That put me off.

Why? Could be peppercorn rent for 900 years etc, think all these new build leasehold scare stories are making people lose sight of reality

Cakeguts

glentoran99 wrote: »

Why? Could be peppercorn rent for 900 years etc, think all these new build leasehold scare stories are making people lose sight of reality

One of the reasons for buying it is that there is room for an extension on the side but if it is leasehold you might not be able to do this. They have also altered the interior and added a conservatory but did they ask the freeholder first if they could make these alterations?

NaughtiusMaximus

Cakeguts wrote: »

I thought it was a really nice house and I would have paid £180k for it until I realised it was leasehold. That put me off.

JoJo1978 wrote: »

...but I wouldn't buy a leasehold house though.

Depends on the terms of the lease, the real rip offs tend to be on new build leaseholds.

If this is an ex council house with the council being the freeholder, the annual lease and covenants may not be too onerous, they definitely weren't on the ex council house we sold last year.

glentoran99

Cakeguts wrote: »

One of the reasons for buying it is that there is room for an extension on the side but if it is leasehold you might not be able to do this. They have also altered the interior and added a conservatory but did they ask the freeholder first if they could make these alterations?

Its possible, but its also possible none of these problems exist, just to rule out leasehold seems a bit extreme, up to the person though

davidmcn

glentoran99 wrote: »

Its possible, but its also possible none of these problems exist

And it's also possible for freehold properties to be subject to covenants which make such alterations problematic. If you've got some specific change in mind then best to look at the titles rather than just assume things based on the type of tenure.