Advice on what to offer

Bibbity

Hello all,

My partner & I are considering making an offer on the below property, & hoped some of you might be able to offer advice on how much to offer (& whether we are missing any glaring problems!). We are first time buyers with a mortgage Agreement in Principle. We have £24k saved for deposit, fees & work to do, & the maximum we can borrow is £180k.

I can't post a link as a new user, but will try to add it in a comment. The house is on Rightmove - Mason Road in Stroud, 3 bed semi, on at £199,950.

Thanks for any help you can offer.

middleclassbutpoor

This one?

https://www.rightmove.co.uk/property-for-sale/property-76754573.html

Just looking on street view - is the scrap car/recovery vehicle still present?

Looks a clean enough home- Note that in one of the rooms that the electrics are on the external of the wall.

What do you think it is worth with what else is locally available?

Looks like no 20 sold a year ago for £195k and looking at the EPC - the certificates between this and 40 look like they are similarly priced and similarly sized from a floor space perspective. Price therefore looks on face value to be reasonable for the market.

Clearly needs some local awareness of the street/area but having only been on the market a short time, I would suspect you will need to offer close to asking to secure...

datlex

Is it this one https://www.rightmove.co.uk/property-for-sale/property-76754573.html?

Cakeguts

It looks to me as if the area is pretty rough. If you look at the gate to the football field it has sharp metal over the top to stop people from climbing over. The road you are looking at seems to have a parking problem and also seems to be a bit rough from the pictures. However this is why it is cheap. It is cheap because it is an ex local authority house in a not very desirable area.

Marvel1

Cakeguts wrote: »

It looks to me as if the area is pretty rough. If you look at the gate to the football field it has sharp metal over the top to stop people from climbing over.

I wouldn't class that as a rough area, it's to stop dog walkers not picking after their dog on what is a football field.

Bibbity

Thanks so much to those who have commented. Yes, that's the right house.

I'd say there has been a fair amount of improvement since the street view photos were taken - lots of the houses are being done up, which strikes me as a good sign. It's definitely not the most salubrious area, but the posher bits of Stroud are well outside our budget.

Offering near the asking price is the conclusion we had come to, as well.

Thanks all, for taking the time to help.

lookstraightahead

Personally I would always start at 10% below asking price.

Cakeguts

Bibbity wrote: »

Thanks so much to those who have commented. Yes, that's the right house.

I'd say there has been a fair amount of improvement since the street view photos were taken - lots of the houses are being done up, which strikes me as a good sign. It's definitely not the most salubrious area, but the posher bits of Stroud are well outside our budget.

Offering near the asking price is the conclusion we had come to, as well.

Thanks all, for taking the time to help.

If you buy this house you need to remember that if you come to sell it you need to sell it cheaper than a non ex council house in a better area.



There have been threads on here recently where people have bought ex council houses and then spent a lot of money on them modernising them and then tried to sell them at the amount it has cost them to do the modernising and then find that they can't. An ex council house is always going to sell for a cheaper price than a non ex council house. The reason for this is the same reason as you have for buying it. Only someone who can't afford a better area will buy it so you will have to budget very carefully how much money you spend on it because the chances are you won't get it back.


The person who buys it from you will do so because it is what they can afford. As you are buying it cheap you will have to sell it cheap.


Don't expect to spend a lot of money modernising it and then sell it on for the same amount as a non ex council house in a much better area. This house is never going to fetch that kind of money.


Only buy it if you expect to live in it for several years.

Morata_

Its sold?
Hope you moved quickly?

Bibbity

Yes, sold to us! Thanks for all advice, fingers crossed it was a sensible purchase. Will wait to see what comes back on the survey.

seriouslyunsurprising

Great news congrats OP!:beer: