How much to offer on property which needs complete refurbishment

TheJP

sonub4ualt said:

TheJP said:

sonub4ualt said:

Polarkitto said:

40-50k for refurbs sounds high, are you replacing the roof, both bathrooms, filling in fireplaces throughout, conservatory need knocking down and redoing etc?

I'd recommend you send some pictures to tradesmen regarding whatever you think needs sorting, and use those quotes to get a realistic number for repairs/refurb to start with.

If a similar house went for 433k 4 years ago, them asking for 440k now, assuming the property isn't in total disrepair, seems like a fairly good deal. 

You're also admitting on zoopla the valuation is much higher than 440k so it's hard for you to argue 10k is make or break if it's otherwise a perfect size for your family.

What SHOULD be the best offer, is entirely subjective and even then based on a top of information we don't have. Right now the best offer is the one you're being told the owners won't go below.

Rewiring
Change of Radiators and pipeworks
New bathroom upstairs
New W/C shower downstairs including plumbing
Guttering and fascias
Skirting board replacement
Plastering as it is wallpaper throughout all the upstairs
Tiling and flooring
New carpets on 1st floor
Roofing was never changed except for when it leaked minor repairs were carried out to fix them.
Whole new kitchen

That is probably around £25-35K depending on the level of quality you are willing to stretch to. The big question is bearing in mind the kids is this something that is feasible? It could take you between 3-6 months to get a trade in to do the work. 

Kids and our family will move to my brothers place until the house gets to normal standard, at least the toilet and kitchen are redone.

I would be factoring in at least 9 months for that. Materials are a premium and hard to get and trades are booked up at least 3-6 months in advance.

canaldumidi

sonub4ualt said:

Hi all,

We live in Birmingham and have been looking for a property nearly a year now. We have been outbid on 3 properties by either cash buyers or chain free customers.. Our current property is SSTC and hence now in chain. Thought of renting to be chainfree but have 3 kids, difficult to do school run. We are looking for a house somewhere close to both primary and secondary.

But

sonub4ualt said:

Kids and our family will move to my brothers place until the house gets to normal standard, at least the toilet and kitchen are redone.

Could that be a way out?
Are there no other more recent sales anywhere in the area for price comparison? A sale in 2018 does not really help much, but I'd expect prices to have risen a fair bit. The EA's guess of £500K when done up might be close or might be optimistic, but certainly suggests £450 in current condition is not unreasonable.

Of course, much depends on the seller's urgency (or otherwise), their need for a minimum price (eg for onward purchase, mortgage redemption etc), the amount of interest from other buyers etc.

TheJP

canaldumidi said:

sonub4ualt said:

Hi all,

We live in Birmingham and have been looking for a property nearly a year now. We have been outbid on 3 properties by either cash buyers or chain free customers.. Our current property is SSTC and hence now in chain. Thought of renting to be chainfree but have 3 kids, difficult to do school run. We are looking for a house somewhere close to both primary and secondary.

 .

But

sonub4ualt said:

Kids and our family will move to my brothers place until the house gets to normal standard, at least the toilet and kitchen are redone.

Could that be a way out?

A way out of the family? It took 5 months for my ensuite to be done (small job), OPs wife and kids living at his brothers for potentially 6 months+ creates another problem. OP perhaps scope out local trades to see what their timelines are. This may help your decision.

sonub4ualt

powerful_Rogue said:

sonub4ualt said:

powerful_Rogue said:

Sounds like it was priced to take into account the work that needs doing.

Yes, but the repair costs have drastically gone up with the recent stamp duty exemption period. Also the prices quoted are for cosmetic repairs which were visible during our appointment, structural survey would satisfy what needs repairing and how critical is the damage. We do not want to just go by what the EA says, but also are mindful that anything could just crop up from nowhere once we buy and start repairing.

Are you a first time buyer by chance?

My first time house buying was smooth sailing, we were FTB and our property which we currently sold was chain free and empty. 

powerful_Rogue

sonub4ualt said:

powerful_Rogue said:

sonub4ualt said:

powerful_Rogue said:

Sounds like it was priced to take into account the work that needs doing.

Yes, but the repair costs have drastically gone up with the recent stamp duty exemption period. Also the prices quoted are for cosmetic repairs which were visible during our appointment, structural survey would satisfy what needs repairing and how critical is the damage. We do not want to just go by what the EA says, but also are mindful that anything could just crop up from nowhere once we buy and start repairing.

Are you a first time buyer by chance?

My first time house buying was smooth sailing, we were FTB and our property which we currently sold was chain free and empty. 

Ah  ok, because from the list of things you posted that 'need doing', sounds like you would be better buying a new build. You can't expect a discount because you don't like wallpaper, want new carpets, want a new bathroom etc etc.

sonub4ualt

canaldumidi said:

sonub4ualt said:

Hi all,

We live in Birmingham and have been looking for a property nearly a year now. We have been outbid on 3 properties by either cash buyers or chain free customers.. Our current property is SSTC and hence now in chain. Thought of renting to be chainfree but have 3 kids, difficult to do school run. We are looking for a house somewhere close to both primary and secondary.

 .

But

sonub4ualt said:

Kids and our family will move to my brothers place until the house gets to normal standard, at least the toilet and kitchen are redone.

Could that be a way out?

Thanks for your suggestions, but we may consider renting if timelines exceed our estimates and if tradesman play foul. 

TheJP

sonub4ualt said:

canaldumidi said:

sonub4ualt said:

Hi all,

We live in Birmingham and have been looking for a property nearly a year now. We have been outbid on 3 properties by either cash buyers or chain free customers.. Our current property is SSTC and hence now in chain. Thought of renting to be chainfree but have 3 kids, difficult to do school run. We are looking for a house somewhere close to both primary and secondary.

 .

But

sonub4ualt said:

Kids and our family will move to my brothers place until the house gets to normal standard, at least the toilet and kitchen are redone.

Could that be a way out?

Thanks for your suggestions, but we may consider renting if timelines exceed our estimates and if tradesman play foul. 

But want the vendors to pay for this with a low market offer?

sonub4ualt

powerful_Rogue said:

sonub4ualt said:

powerful_Rogue said:

sonub4ualt said:

powerful_Rogue said:

Sounds like it was priced to take into account the work that needs doing.

Yes, but the repair costs have drastically gone up with the recent stamp duty exemption period. Also the prices quoted are for cosmetic repairs which were visible during our appointment, structural survey would satisfy what needs repairing and how critical is the damage. We do not want to just go by what the EA says, but also are mindful that anything could just crop up from nowhere once we buy and start repairing.

Are you a first time buyer by chance?

My first time house buying was smooth sailing, we were FTB and our property which we currently sold was chain free and empty. 

Ah  ok, because from the list of things you posted that 'need doing', sounds like you would be better buying a new build. You can't expect a discount because you don't like wallpaper, want new carpets, want a new bathroom etc etc.

Wallpapers are flaking in every room, carpets shaded from original texture, bathroom and toilet very old with rusty laminates. I have had a look at nearly 20 houses since Aug’21, have an idea of properties where we can move in and make changes slowly, but this is completely different. 
Hard to get appointments through EA’s who say fully booked or sold, if we get viewing outbid by cash buyers or chainfree buyers, else properties overpriced. 

sonub4ualt

TheJP said:

canaldumidi said:

sonub4ualt said:

Hi all,

We live in Birmingham and have been looking for a property nearly a year now. We have been outbid on 3 properties by either cash buyers or chain free customers.. Our current property is SSTC and hence now in chain. Thought of renting to be chainfree but have 3 kids, difficult to do school run. We are looking for a house somewhere close to both primary and secondary.

 .

But

sonub4ualt said:

Kids and our family will move to my brothers place until the house gets to normal standard, at least the toilet and kitchen are redone.

Could that be a way out?

A way out of the family? It took 5 months for my ensuite to be done (small job), OPs wife and kids living at his brothers for potentially 6 months+ creates another problem. OP perhaps scope out local trades to see what their timelines are. This may help your decision.

Oops, thanks you reminded me of my brother’s wife, would be okay if staying for a month or two, but 3+ months would incite unwanted family feud.

powerful_Rogue

sonub4ualt said:

powerful_Rogue said:

sonub4ualt said:

powerful_Rogue said:

sonub4ualt said:

powerful_Rogue said:

Sounds like it was priced to take into account the work that needs doing.

Yes, but the repair costs have drastically gone up with the recent stamp duty exemption period. Also the prices quoted are for cosmetic repairs which were visible during our appointment, structural survey would satisfy what needs repairing and how critical is the damage. We do not want to just go by what the EA says, but also are mindful that anything could just crop up from nowhere once we buy and start repairing.

Are you a first time buyer by chance?

My first time house buying was smooth sailing, we were FTB and our property which we currently sold was chain free and empty. 

Ah  ok, because from the list of things you posted that 'need doing', sounds like you would be better buying a new build. You can't expect a discount because you don't like wallpaper, want new carpets, want a new bathroom etc etc.

Wallpapers are flaking in every room, carpets shaded from original texture, bathroom and toilet very old with rusty laminates. I have had a look at nearly 20 houses since Aug’21, have an idea of properties where we can move in and make changes slowly, but this is completely different. 
Hard to get appointments through EA’s who say fully booked or sold, if we get viewing outbid by cash buyers or chainfree buyers, else properties overpriced. 

So the majority of things you want a price reduction for are clearly visable and according to your original post have already semm to have been factored into the current price.

Either offer the £440k the vendor wants, or keep hunting.