Cheeky offer

zoemk12

lookstraightahead said:

[Deleted User] said:

TheJP said:

zoemk12 said:

Morning

i can’t really comment on structural or major work until after tomorrow at least. We don’t know if it needs a new boiler, rewire etc. 

It needs new windows, has an avocado bathroom, the kitchen is half out and then rest needs to follow. It has the standard falling down lean to conservatory that needs to go. The garden is a mess and we wonder if the garage has asbestos. However, the rest is cosmetic, as you say strip the walls and reskim. We’d also make some internal layout changes- which I know is a choice thing. It also has an old 2 bar heater in the lounge so we’d need that come out. We’d render outside maybe. 

Can’t comment on internal doors, skirtings etc. 

At this stage we would not extend, although we’d replace the lean to with some sort of glass structure. We might eventually add a dormer to create a new master in the loft but not factoring in that with current view of price or costs of renovation. 

And no we don’t want Grey flooring and live, laugh, love signs but I tend not to look down my nose at petiole who do- it’s all personal choice! 

I think here is you need to be realistic as to what you take into consideration on what constitutes a reduction in price. The rotting windows and half missing kitchen yes but an avocado bathroom and a messy garden no.  Again the boiler may be old but if it works doesn't really mean you can reduce your offer because you want a new one. I've had people make 'cheeky' offers because the kitchen, bathroom etc wasn't to their liking, they were both functioning  and i didn't consider their offer and was weary of them as a serious buyer as i knew there may be more reductions if a survey was carried out.

I feel a lot of what you are looking a reduction for is cosmetic and wouldn't warrant a reduction and it sounds like you have a vision of a turn key house but want the seller to foot the majority of the bill for what you want.

Make sure you are clear on what things you are prepared to live with and update at your cost and what is non-negotiable if you do buy the house.

An old boiler absolutely is a reason to offer less. You wouldn't pay new price for a used car, because its useful life is going to be less. If the boiler is only a few years away from needing replacement, and less efficient than a modern one, then that definitely has to factor into the price.

Depending on the situation it could be a few thousand to get it sorted, plus all the disruption.

I've got an old house with old everything. You don't pay less for an old house, you usually pay more. To be honest it's usually factored in. I can't reduce my offer based on old floor tiles. It's the original overall price I always negotiate on, based on it probably being overpriced in the first place.

So if 2 houses are identical, eg both 1930s semi’s but one has been done up to a good standard, etc it’s worth the same as the house that hasn’t been touched for 30 years?

YoungBlueEyes

zoemk12 said:

YoungBlueEyes said:

I didn’t realise old stuff was a reason to offer less. When sis and I sold the family home (big ol’ Edwardian terrace) it was full of all kinds of old! Original mosaic tiled hall floor, decades old handmade solid oak kitchen, huge fireplace…. 

Man we really struck lucky with our (also ignorant, evidently) buyer! *phew*

I think you might be purposely misinterpreting what I was saying. There is obviously a whole market that is dedicated to buying rundown properties for renovation. There are also wonderful older properties full of period features and expensive finishes that people would pay a premium for. 

Nope, not purposely misinterpreting. It was a continuation of this - 

lookstraightahead said:

[Deleted User] said:

An old boiler absolutely is a reason to offer less. You wouldn't pay new price for a used car, because its useful life is going to be less. If the boiler is only a few years away from needing replacement, and less efficient than a modern one, then that definitely has to factor into the price.

Depending on the situation it could be a few thousand to get it sorted, plus all the disruption.

I've got an old house with old everything. You don't pay less for an old house, you usually pay more. To be honest it's usually factored in. I can't reduce my offer based on old floor tiles. It's the original overall price I always negotiate on, based on it probably being overpriced in the first place.

The fact that something is old is not, in itself, a reason to get a reduction. 

mi-key

zoemk12 said:

As I probably already knew we love the house and can see the potential of it. It does need a lot of work, apart from wiring and a new boiler it’s had nothing  done for 30 years. 

Agents lie but he says they’ve had lots of interest but all parties need to sale. It’s not in probate but is being sold by the Son of the deceased. 

We think we will start at 310 with a max counter up to 320. After that for us it’s not worth it. 

You are going to offer £310K on a house that is on for £375K ??? based on the fact you will want to modernise it for your benefit in the future. So you are expecting the seller to basically pay for your refurbishment? 

Ah well, I'm sure they will find someone else to sell it to

mi-key

I've got an old house with old everything. You don't pay less for an old house, you usually pay more. To be honest it's usually factored in. I can't reduce my offer based on old floor tiles. It's the original overall price I always negotiate on, based on it probably being overpriced in the first place.

So if 2 houses are identical, eg both 1930s semi’s but one has been done up to a good standard, etc it’s worth the same as the house that hasn’t been touched for 30 years?

People will often pay a premium if a house still has its period features. That is a lot different from 'not being touched for 30 years'

YoungBlueEyes

It depends what hasn't been touched for 30 years. Mosaic tiled floor and original cornicing? Fine. Electrics/wiring etc? They'll want looking at, certainly, from a safety point of view. Avocado bathroom? You can see that on RM pics/your viewing so as a seller I wouldn't be reducing for it.

zoemk12

mi-key said:

zoemk12 said:

As I probably already knew we love the house and can see the potential of it. It does need a lot of work, apart from wiring and a new boiler it’s had nothing  done for 30 years. 

Agents lie but he says they’ve had lots of interest but all parties need to sale. It’s not in probate but is being sold by the Son of the deceased. 

We think we will start at 310 with a max counter up to 320. After that for us it’s not worth it. 

You are going to offer £310K on a house that is on for £375K ??? based on the fact you will want to modernise it for your benefit in the future. So you are expecting the seller to basically pay for your refurbishment? 

Ah well, I'm sure they will find someone else to sell it to

We’re going to offer 310 as a starting point based on: 
Same hse sold for 330k end of 2021 but was in far better condition 
detached house on same road, massive plot, beautifully restored sold for 430 Dec
2022
area has a ceiling price and they will not get 375k for this house. Anyone would need to improve and not just for their own tastes, even a minimal spend
would breech the ceiling. 

But if they do get a higher price then I will  be happy for them. 

sugar-walsh

mi-key said:

zoemk12 said:

As I probably already knew we love the house and can see the potential of it. It does need a lot of work, apart from wiring and a new boiler it’s had nothing  done for 30 years. 

Agents lie but he says they’ve had lots of interest but all parties need to sale. It’s not in probate but is being sold by the Son of the deceased. 

We think we will start at 310 with a max counter up to 320. After that for us it’s not worth it. 

You are going to offer £310K on a house that is on for £375K ??? based on the fact you will want to modernise it for your benefit in the future. So you are expecting the seller to basically pay for your refurbishment? 

Ah well, I'm sure they will find someone else to sell it to

The op is entitled to offer this, as the seller is entitled to reject it, should they deem it unacceptable. The op has clearly decided that's all it's worth to them, others may disagree.

It is expensive to modernise a house. It's also expensive to have a house stood empty for any length of time, so the sellers may well accept the offer. 

zoemk12

It doesn’t have period features. It’s a victim of the 1970s trend of ripping them out. It does have 2 wonderful stained glass panels. 

zoemk12

sugar-walsh said:

mi-key said:

zoemk12 said:

As I probably already knew we love the house and can see the potential of it. It does need a lot of work, apart from wiring and a new boiler it’s had nothing  done for 30 years. 

Agents lie but he says they’ve had lots of interest but all parties need to sale. It’s not in probate but is being sold by the Son of the deceased. 

We think we will start at 310 with a max counter up to 320. After that for us it’s not worth it. 

You are going to offer £310K on a house that is on for £375K ??? based on the fact you will want to modernise it for your benefit in the future. So you are expecting the seller to basically pay for your refurbishment? 

Ah well, I'm sure they will find someone else to sell it to

The op is entitled to offer this, as the seller is entitled to reject it, should they deem it unacceptable. The op has clearly decided that's all it's worth to them, others may disagree.

It is expensive to modernise a house. It's also expensive to have a house stood empty for any length of time, so the sellers may well accept the offer. 

Quite. 310 is our starter, we don’t expect them to accept this but no point in starting at 320 which is our max. Of course they may say go away & we’re prepared to take that risk. Isn’t that house buying/ selling works? 

lookstraightahead

zoemk12 said:

lookstraightahead said:

[Deleted User] said:

TheJP said:

zoemk12 said:

Morning

i can’t really comment on structural or major work until after tomorrow at least. We don’t know if it needs a new boiler, rewire etc. 

It needs new windows, has an avocado bathroom, the kitchen is half out and then rest needs to follow. It has the standard falling down lean to conservatory that needs to go. The garden is a mess and we wonder if the garage has asbestos. However, the rest is cosmetic, as you say strip the walls and reskim. We’d also make some internal layout changes- which I know is a choice thing. It also has an old 2 bar heater in the lounge so we’d need that come out. We’d render outside maybe. 

Can’t comment on internal doors, skirtings etc. 

At this stage we would not extend, although we’d replace the lean to with some sort of glass structure. We might eventually add a dormer to create a new master in the loft but not factoring in that with current view of price or costs of renovation. 

And no we don’t want Grey flooring and live, laugh, love signs but I tend not to look down my nose at petiole who do- it’s all personal choice! 

I think here is you need to be realistic as to what you take into consideration on what constitutes a reduction in price. The rotting windows and half missing kitchen yes but an avocado bathroom and a messy garden no.  Again the boiler may be old but if it works doesn't really mean you can reduce your offer because you want a new one. I've had people make 'cheeky' offers because the kitchen, bathroom etc wasn't to their liking, they were both functioning  and i didn't consider their offer and was weary of them as a serious buyer as i knew there may be more reductions if a survey was carried out.

I feel a lot of what you are looking a reduction for is cosmetic and wouldn't warrant a reduction and it sounds like you have a vision of a turn key house but want the seller to foot the majority of the bill for what you want.

Make sure you are clear on what things you are prepared to live with and update at your cost and what is non-negotiable if you do buy the house.

An old boiler absolutely is a reason to offer less. You wouldn't pay new price for a used car, because its useful life is going to be less. If the boiler is only a few years away from needing replacement, and less efficient than a modern one, then that definitely has to factor into the price.

Depending on the situation it could be a few thousand to get it sorted, plus all the disruption.

I've got an old house with old everything. You don't pay less for an old house, you usually pay more. To be honest it's usually factored in. I can't reduce my offer based on old floor tiles. It's the original overall price I always negotiate on, based on it probably being overpriced in the first place.

So if 2 houses are identical, eg both 1930s semi’s but one has been done up to a good standard, etc it’s worth the same as the house that hasn’t been touched for 30 years?

We sold my deceased MIL Victorian town house without touching a thing and got the same price as the one two doors down. My MIL hadnt really updated for 50 years (except things like central heating etc) - carpets 20 years old, boiler about 12. The one two doors down had been modernised completely. New owners moved in and ripped everything out, causing much more work than the ones who bought MIL and hadn't really got much to rip out.
I suppose the only difference was that MIL had some nice old bits still around.