Help on knowing what to offer

Bradyle

Myself and my partner have just started looking at houses. We've seen a house that we are interested in but we're not really sure what to offer.

I looked at Rightmove and Zoopla for what house in the area have sold for in the past. However there really isn't a lot of information/recent sales and the road is made up of a lot of different styles so even the ones that are there I'm not sure if I should be comparing to it!

A house in the same style sold in 2014 for £240k but there are no pictures to know what state it was in. Another similar house sold for £275k in 2015, once again no pictures.

This house will need full cosmetic work the flooring will need to be changed, walls plastered along with the artex ceilling, kitchen and bathrooms need to be replaced and the garden needs a complete overhaul as it's on the over grown side and the paving slabs are dodgy and uneven! The estate agent has said they've previously gotten too the point where someone did the house survey and the was nothing wing with the house itself. (He mentioned previous offer was 393k)

It could be a lot of work but we are willing to do it because we are looking for a family home that will do is for at least 10 years and it has potential to expand if we need more side in the future.

But I'm stumped on how to work out the value. It's on the market at the minute for 400k and had been in since may, however they reduced it from 450k at the start of the month. There aren't a lot of 3 beds for sale in the area at the minute but those that are are in for 425, but are in a better state cosmetically.

We're not in any rush to buy as we've currently got somewhere with a decent rent, but we do want our own place and have gotten a mortgage in principle for £310k and have £90k deposit.

I would appreciate any tips you could give on how we can make sure we don't over offer.

Thank you!!

dimbo61

House prices seem to be falling in parts of London and the south east. While remaining steady if not going up a little in other parts of the country.
The type of refurb your talking about could cost £70/100,000

Cakeguts

You don't generally get money off for cosmetic changes like artex ceilings new kitchens and bathroom because those are down to taste. You might get money off for things like repairs.



What you have to do is to offer what it is worth to you.

Bradyle

Thanks!!

Yea we're looking outside of London, just outside the m25 so I think it's in the area where prices are coming down a bit.

Yea it's not cheap, we wouldn't be doing it all at once, id need to accept a bright pink bathroom for awhile and probably leave the garden for awhile too, but the work will all need to be done eventually which I'm trying to take into account in our offer. however if the house was in perfect condition I'd imagine it would be on for more than 425 because it is bigger than the other house that are at 425K