Would you reduce the price?

sarah539_2

Hello,
A house which I love in the area I want to live in was put on the market for 300k (3 bed semi). Long story short, the house is now off the market as it turned out to be non standard construction and iss in the process of being repaired before being relisted as its pretty much unmortgageable as is. Since then, we also found out that the house is ex council (makes sense now with the non standard construction) and around 3/4 of the street is still housing association. I just want to be clear, that I have absolutely no issue with this however its generally the case that this does reduce the value a small amount.
With the prc repair it is also my understanding the insurance will be higher and also potentially also the mortgage rate.
The house was not under priced to start with.
Given the issues that have come to light since the property was originally listed at 300k would you expect the price to be reduced a decent amount when it comes back up? Or perhaps more open to accept a reduced offer as originally they wanted asking price.
I love it, but my gut is telling me that offering 300k would be silly. I'm a FTB so any help would be appreciated. 

hazyjo

Small amount? I'd suggest a large drop. I'd not touch it, even after it's been made mortgageable. If you could afford the full price, I suggest you pay it elsewhere and buy something else.

Good luck.

Crashy_Time

sarah539_2 said:

Hello,
A house which I love in the area I want to live in was put on the market for 300k (3 bed semi). Long story short, the house is now off the market as it turned out to be non standard construction and iss in the process of being repaired before being relisted as its pretty much unmortgageable as is. Since then, we also found out that the house is ex council (makes sense now with the non standard construction) and around 3/4 of the street is still housing association. I just want to be clear, that I have absolutely no issue with this however its generally the case that this does reduce the value a small amount.
With the prc repair it is also my understanding the insurance will be higher and also potentially also the mortgage rate.
The house was not under priced to start with.
Given the issues that have come to light since the property was originally listed at 300k would you expect the price to be reduced a decent amount when it comes back up? Or perhaps more open to accept a reduced offer as originally they wanted asking price.
I love it, but my gut is telling me that offering 300k would be silly. I'm a FTB so any help would be appreciated. 

No offence to anyone, but if 3/4 of the street is HA you don`t want to be spending nearly one third of a million to live there. My gut feeling is that after the "repair" it will pop back up at a higher much sillier price. Probably better to lace up your running shoes on this one I think....

jimbog

Find something else - it isn't worth the stress 

sarah539_2

Thanks all - think I needed to hear it from someone else! My heart loves the house and village but my head says the price is absolute madness. 

Crashy_Time

sarah539_2 said:

Thanks all - think I needed to hear it from someone else! My heart loves the house and village but my head says the price is absolute madness. 

As you won`t be buying it now can we see the link for a laugh?

sarah539_2

It's not listed anymore on the website. It was a beautiful house though, in a picturesque village. A real shame. 

Redwino222

Let this one go.

the repairs involved sound substantial.  Your gut is already telling you it’s over priced.  You are concerned about the social housing.  You have no idea when or if it will come back in the market, or how thorough the building work will be.

look elsewhere, even if you got this house, you would always Be worried about resale and repair bills.

Davesnave

sarah539_2 said:

It's not listed any more on the website. It was a beautiful house though, in a picturesque village. A real shame. 

PRC defective and repaired needs to be at a discounted price. Like any other property with a stigma, physical or legal, it ought to give you more bang for your buck, or it's over-priced. As we go more eco in the next decade, some PRC houses may take a further knock if they prove difficult and more costly to insulate than conventional builds.

Crashy_Time

sarah539_2 said:

It's not listed anymore on the website. It was a beautiful house though, in a picturesque village. A real shame. 

Maybe it will pop back up at a discount, who knows?

sarah539_2

Estate agent told me she would get back in touch with me in a couple of months when the work is done. I think the chances of it being relisted at the price I would be willing to pay is very unlikely