Considering putting in an offer on a property - any advice please?

LB_000

Me and my boyfriend have viewed a house and we're considering putting in an offer. The sellers want offers in excess of £190k; the house came on the market just before lockdown; it had 2 lots of people view it before lockdown; we are the only people to view it post-lockdown; it doesn't sound like any other viewings have been booked in for it at present; inherited by 3 people from their parents, they were renting it out to friends for a time but it is now unoccupied; we are first time buyers, no chain; we're likely to stay in the property 5 years. 

Before we even viewed it I thought it was over-priced. The downstairs needs modernising (the kitchen essentially needs replaced in full). Most semi-detached properties in this area come with a garage or some form of side extension, this one has neither. The reasoning behind the asking price is because it is located extremely close to the High School in the town and a Primary School. 

Before we viewed the house I had an idea of the price I would offer, but at the viewing we discovered it has a back boiler and we probably would want to replace this with a modern boiler system ASAP, so that's a pretty substantial cost on top of replacing the kitchen etc.

The boiler issue has made me wonder if we should put an offer in at all as it sounds like a lot of hassle. However, I did like the house (it has potential), plus we already rent on the same street as it so we know we like living in this location (although we don't have kids so being so close to the schools doesn't benefit us currently). I think it's maybe worth putting an offer in but the highest we're prepared to go is £170k. Obviously that's a fair bit less than the asking price so not feeling optimistic. Any advice on how to put it forward to the EA? I know a lot of people start with lower offers and increase accordingly, but our max offer is already so much lower than the asking price that it seems silly to offer even lower than that.

I also know a lot of people think it's best to wait and see what happens to the market - so my other question is, are we crazy to consider putting in an offer at all? The area is fairly popular and so I can't see house prices dropping drastically here. I've lived in a lot of rented properties over the last few years and the instability of them is starting to grate on me, so I am very keen to buy. The owners of our current house have told us they want to move back in (no formal notice given though) so we are going to need to move at some point anyway, whether we rent or buy.

Ozzuk

The offers over part doesn't sounds good for your plan, but if that is really your limit then offer that stating it is your absolute maximum, it is up to you what you offer, and up to them what they accept, it's as simple as that.  Good luck!

blue_max_3

Not sure if you felt you'd get a different response, but you seem to have made your case. Just go in and say the offer is your limit, but you can get it done quickly (assume you have a mortgage arranged). And fingers crossed! Good luck.

bucksbloke

You can only put your offer in and see what they say. 

Personally, I would not be paying for something I will not receive the benefit of. I would not be dropping the price because you want a new boiler.

Better, just to say, that that is what you think the house is worth. 

dinkylink

£170k is 'only' 10% off which actually isn't a bad offer in the current climate. If the owners have any sense they should seriously consider it. Though sounds like it could be hard work if there are 3 siblings and they are advertising it at offers over what you feel is already a high price. But definitely worth a punt at a best and only offer of £170k. I would agree with the previous poster though, don't go into detail, just give them your offer and leave it at that. Worst case is they say no, you move on and buy something cheaper and maybe even better....whilst the vendors end up chasing the market down.

Crashy_Time

Any chance of a link?

MysteryMe

If you can only afford £170,000 then all you can do is offer that and see what they say and if they say no look elsewhere. 
The boiler "issue " is one entirely of your own making. Assuming it's in working order, there is nothing wrong with them at all, they are great workhorses, well made and with very little to go wrong. 

LB_000

Thanks for all your comments, they have helped - most of them support my thinking, I guess I was looking for a sounding board.

My worry with the boiler is that it might be fine now but what happens when it breaks in the middle of winter and it can't simply be fixed. I'd just rather be proactive than reactive. Also the gas fire is pretty bulky and ugly - I know that's just an issue of aesthetic but I think it's still a valid point.

macman

It doesn't matter how you present your offer to the EA, he doesn't care. The owner can accept it, reject it, or counter-offer. We cannot tell you what it is worth to you, or to him. You don't want to be friends with him, you just want to reach a mutually acceptable price.
If he rejects £170K, you can increase your offer if you wish. 
The boiler is not a major factor, there will doubtless be other snags that come up on survey, but that is one of the pitfalls of home ownership. It's not like a rental, where you expect everything to be perfect from day one. It it breaks, you use your emergency fund to fix it.