What would you offer? Please help!

tom.senex

Just seen this on agency website and left message to arrange viewing.

Guide price £204,950 subject to contract ($426,296 / €295,128)
1 Reception room, 2 Bedrooms, 1 Bathroom
Leasehold with approximately 92 years remaining

A first floor period conversion flat offered with vacant possession for a quick sale, located moments from the Underground (zone 3). The property currently offers two bedroom accommodation, and is in need of complete modernisation.

cattie

You'll need to give us a bit more info, such as what area the property is situated in for instance.

It doesn't look too desirable from the outside I have to say & complete modernisation usually means central heating, kitchen & bathroom as well as the internal decoration & flooring.

tom.senex

It's in the Tooting area of London, Zone 3 - up and coming I should think. I have looked and flats usually sell for about 245 on the same street. I know a 1 bed flat in the area sells for about 200k.

I am a first time buyer and I would gamble on remodernising the property in ordert to add value to it. I could even continue to rent and get the basics done before I move in. Am also willing to do some of the work myself and could get my mates to help.

Would you rather buy a smaller place and just move in? Any advice on this?

Turnbull2000

Property that needs modernisation in an "up and coming" area, aka buying a shithole in a shithole.

Seems like quite a risk.

tom.senex

Can't afford to buy in the local area (Clapham) where 1 bed goes for 270-300 and Tooting is only up the road.

fc123

Do you love it + the area??
What's downstairs?..Is it in good order, knackered, BTL, DSS LET??

Can you afford it with a simple repayment mortgage.??
Would you rather love in Tooting or Clapham?

or you could wait 6 mths and see what happens after the new CGT tax law comes into play...could be a lot of flats come onto the market then.....but if you ask the above Q's and it's right for you now...just do it and live with the consequences of the decision...there is no right or wrong in these things.

guppy

Looks a bit scabby, but that doesn't mean anything is wrong with it structurally.

I would be concerned about who is downstairs though, if its rented out by the other leaseholder it could prove difficult persuading the other leasholder to fork out to paint it etc.

Downstairs actually looks nicer...which might be a good sign. What else can you get for the money in Tooting?

Angelboots

Hi

My Mum lives in Tooting, the property price seems about right even though it needs modernisation. Always try and negoiate on price though and work your way up.

Look at net houses prices to see the price of similar sold properties.

Also what kind of modernisation is needed? new kitchen, bathroom, double glazing, wall skimming etc, damp work? because that can add up to about £10k and then you havent really brought yourself a bargain.

Let us know how you get on.

K

tom.senex

Problem is I cant afford Clapham, where I have lived for the past 10 years! And where I want to be.
I am now ready to buy but need to look further afield.
I have seen other properties in the Tooting area for sale ie 1 bedroom ground floor garden flat going for 240K. See below.

A lovely ground floor period conversion comprising reception room, kitchen, spacious bathroom with w.c and bedroom. This property is situated within close proximity to Tooting Broadway tube station, local amenities and St George's Hospital, further benefiting from a private garden.

ashcarrot

Could do with some outside work, I'd work on the assumption that you would have to pay to do the whole outside (ie the other owner not cooperating) yourself when deciding what to offer.

cattie

The one bedroomed flat has a garden, which pushes up it's price & desirabilty. Looking at the photos it also appears to have been modernised & decorated to a decent standard.

With the 2 bedroom flat, if you are interested you need to work out what the cost of the work to bring it up to standard is likely to be & then factor your offer to reflect this. I'd be inclined to go in at least 10k less than asking. You can always increase offer if need be.

Tooting is a popular area because of the underground & it's proximity to clapham, wandsworth & other trendy areas so location will always appeal to buyers who can't stretch to those.

With the flat, if the roof space is included, it will give the option for future upwards extension should you so desire.