Price per sq m - good to justify an offer?

btcp

pinkpiglit said:

Well if that is what you are focusing on, go ahead and offer whatever you want to pay.  
No one on here can really advise what to offer as they are not the ones buying the property.  At the end of the day, the seller is only going to accept what THEY think the property is worth.....

I don't think I asked for a recommendation on what to offer. I asked for opinions of what to take into account when every variable for this house is the same as nearby sold properties, besides the size and condition. 

Irishpearce26

btcp said:

Irishpearce26 said:

 I think you are focusing too much on the sq m detail in my opinion. Yes you can use it as a guide for sizing but not to reduce by £k per sq m it just doesn't work that way. If you feel the size of the house, location, potential etc fits the bill then make an offer.

I am focusing on sq m and condition, because all other factors are the same for the houses sold nearby. Location, parking, garden size, year built, proximity to places - all the same. It leaves me with the size of the house and it's condition. If the house is the same size but in better condition, surely it should cost more and vice versa? 

That's fair enough but condition of the house wont affect the value greatly (not 50K) unless its structural or deemed to be in disrepair. If the kitchen and bathroom are functional then its a case of taste over value. As i said before I sold my house for a higher price than a house that is the same design which has a more modern kitchen and bathroom than mine. If the property warrants the value but doesn't fit your taste and you cant get a reduction then keep looking. Good luck with it and I hope you get something you will enjoy living in.

eidand

Look, you can focus on whatever you want, but at the end of the day, the vendor only cares about what you offer.
So, make your offer and move on with your life.
Whatever you feel the price should be is irrelevant, because you don't own the house and the vendor has a number in mind.
You either offer that number or you don't get that particular house, it's as simple as that.
No one here knows the particulars of the situation and no one can really say what you should offer. So, offer whatever the house is worth to you and see what happens.

eve824

Is this thread still going 
Just offer what its worth to you, no need to justify it, and either the vendor will accept, reject, or try and renegotiate. 

Cuddlybearman

Yep - a house is only worth what someone is willing to pay.........thats the bottom line

btcp

eve824 said:

Is this thread still going 
Just offer what its worth to you, no need to justify it, and either the vendor will accept, reject, or try and renegotiate. 

Any thread can be going as long as people are willing to add their 5 cents it’s a free country. 

btcp

Irishpearce26 

That's fair enough but condition of the house wont affect the value greatly (not 50K) unless its structural or deemed to be in disrepair. If the kitchen and bathroom are functional then its a case of taste over value. 

Good luck with it and I hope you get something you will enjoy living in.

Thank you! 

50k is around 5% of the price, I was reading that negotiation are generally acceptable within 10-15%. I will need to redo heating, windows are falling apart and floor in some areas is cement. I still have no offer in my house so
making an offer is a bit premature. I am just preparing. 

Irishpearce26

btcp said:

Irishpearce26 

That's fair enough but condition of the house wont affect the value greatly (not 50K) unless its structural or deemed to be in disrepair. If the kitchen and bathroom are functional then its a case of taste over value. 

Good luck with it and I hope you get something you will enjoy living in.

Thank you! 

50k is around 5% of the price, I was reading that negotiation are generally acceptable within 10-15%. I will need to redo heating, windows are falling apart and floor in some areas is cement. I still have no offer in my house so
making an offer is a bit premature. I am just preparing. 

Without a survey backing up your claim that the windows are falling apart and the heating needs to be replaced you will struggle in my opinion to get that much if anything off. The survey would tell you how much the house is worth factoring in anything the surveyor feels needs to be replaced. If you came to me asking for £50k off with assumptions id be telling you to do one.

btcp

Irishpearce26 said:

Without a survey backing up your claim that the windows are falling apart and the heating needs to be replaced you will struggle in my opinion to get that much if anything off. The survey would tell you how much the house is worth factoring in anything the surveyor feels needs to be replaced. If you came to me asking for £50k off with assumptions id be telling you to do one.

EPC certificate is saying that windows and wall insulation are "very poor", main heating "poor", floor "poor". There are guide prices in the certificate to fix each of the above. The prices seem quite low, say windows replacement is quoted as £6,500 and there is no way I can get this price for 3 bedroom house in central London. Are you saying this certificate is not official enough and I should get a different survey? 

As for 50K, this is an example. The house is expensive in the expensive area. % wise it is not so high, roughly 5%. 

Irishpearce26

btcp said:

EPC certificate is saying that windows and wall insulation are "very poor", main heating "poor", floor "poor". There are guide prices in the certificate to fix each of the above. The prices seem quite low, say windows replacement is quoted as £6,500 and there is no way I can get this price for 3 bedroom house in central London. Are you saying this certificate is not official enough and I should get a different survey? 

As for 50K, this is an example. The house is expensive in the expensive area. % wise it is not so high, roughly 5%. 

The EPC for the house im buying gives recommendations to improve the efficiency but it doesn't mean that the heating/insulation isn't fit for purpose just that if you want it can be better.

For me an EPC certificate wouldn't be enough reasoning to warrant a 5% reduction as its recommendations. The only way i would reduce the price by that much is if someone had an expert inspect each and value the house lower based on the condition of the heating/windows/floor. A homebuyer report will again give recommendations but in more detail than an EPC, they will also value the house based on its condition which you can use as a bargaining chip when negotiating.

I would see it like someone kicking the tyres on a car and saying the engines old and needs replacing take £2k off the price.