Cheeky offer

JGreenwood

30% under value is an insult

RelievedSheff

JGreenwood said:

30% under value is an insult

Indeed.

Personally if someone offered 30% under asking price on a home I had for sale then I would refuse to deal with them any further.

tooldle

MobileSaver said:

lookstraightahead said:

a boiler can last ages with the right care. Mine is 18 years old now.

RelievedSheff said:

The boiler in our last house was 26 years old when we sold the house.

Heresy from both of you! Don't you know that anyone buying a house, regardless of its age, has to replace the boiler at huge cost every five years. I saw that on the HPC site so it must be true.

Ha ha, our last house had an ‘older’ boiler, when we moved in. We stayed 17 years and did not replace the boiler. It was working well when we sold up. We believe it was around 10 years old when we moved in, and British Gas who installed it had been servicing it ever since.

Niv

My 'tactic' if you will, when I bought my current home was to offer my final price from the offset and I made it clear that was my max. It was under the guide but only about 5% under. I felt my honesty may have gone some way to make the whole process run smoothly or maybe I was just lucky. I couldn't be bothered with all the game playing.

If I were the OP and £320k were my max in the situation they describe I would just go in with that. At least that way there is no perception of playing a game, its a  case of 'that's my highest offer, take it or leave it'. They can not believe you if they like but you will simply walk away as it is your max end of.

RelievedSheff

Niv said:

My 'tactic' if you will, when I bought my current home was to offer my final price from the offset and I made it clear that was my max. It was under the guide but only about 5% under. I felt my honesty may have gone some way to make the whole process run smoothly or maybe I was just lucky. I couldn't be bothered with all the game playing.

If I were the OP and £320k were my max in the situation they describe I would just go in with that. At least that way there is no perception of playing a game, its a  case of 'that's my highest offer, take it or leave it'. They can not believe you if they like but you will simply walk away as it is your max end of.

We have done similar. We offered asking price on both of our purchases because we thought that both were a fair price for the property.

The offers on both were accepted straight away.

No messing about, no game playing and both times we secured the home that we wanted quickly.

BikingBud

JGreenwood said:

30% under value is an insult

But the discussion is not about 30% below valuation though is it?

Sunsaru

Niv said:

My 'tactic' if you will, when I bought my current home was to offer my final price from the offset and I made it clear that was my max. It was under the guide but only about 5% under. I felt my honesty may have gone some way to make the whole process run smoothly or maybe I was just lucky. I couldn't be bothered with all the game playing.

If I were the OP and £320k were my max in the situation they describe I would just go in with that. At least that way there is no perception of playing a game, its a  case of 'that's my highest offer, take it or leave it'. They can not believe you if they like but you will simply walk away as it is your max end of.

Again, that was my approach. Put my offer on the table and said "Thats all I've got. Take it or leave it" (I was 6% under IIRC). It was rejected and then they came back a week later.

zoemk12

mi-key said:

MobileSaver said:

lookstraightahead said:

a boiler can last ages with the right care. Mine is 18 years old now.

RelievedSheff said:

The boiler in our last house was 26 years old when we sold the house.

Heresy from both of you! Don't you know that anyone buying a house, regardless of its age, has to replace the boiler at huge cost every five years. I saw that on the HPC site so it must be true.

Yeah, but you can knock at least £50K off your offer because the boiler is more than 2 years old ! Have you learned nothing on here? 

I’m confused as to why you’re talking about the state of the boiler! It’s definitely a factor when buying an old property but only as part of an assessment of the whole state of the house. Even the agents are advertising the hse as a fixer upper needing work so I am not sure why I’m getting flax for stating that it needs a lot spending on it. 

zoemk12

I can’t quote but our offer won’t be 30% below valuation and let’s be honest this is a vacant property being sold by the deceased children, they are not in any hurry so can afford to over value and see what happens. If we offer 320 and it’s not to their liking what harm is done? If someone comes along and offers more then it’s our loss. 

zoemk12

Noneforit999 said:

lookstraightahead said:

[Deleted User] 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.

This is just nonsense. An old house is worth more because it's bigger or something like that, not because it needs more money spending on it.

Nobody pays extra to get an old boiler. Nobody gets a boiler grade 2 listed. It's a cost, nothing more.

I've seen it happen in a street of identical houses. The insides don't matter much at all. It's the potential that counts.

Assuming you have the money of course.

Things cost a lot these days, we are realising that with our kitchen fitting prices. Looking online from posts a couple of years old, I was expecting around £5k or there abouts. Four quotes, lowest of which was £8k. Clearly my expectations were miles off.

A simple garage conversion we were looking at, bearing in mind it has a door from the house, cavity walls and a window already was coming in at £13k-£15k based on several quotes. I couldn't fathom how it was so much but totting up materials was around £5k. 

I wonder if adding value is a thing anymore unless you genuinely have got a bargain with a house price but where we are in the SE, people have been paying top end for stuff that needs £30k+ putting into it. 

Yep materials and labour are sky high these days. We got a quote in 2021 to add a garage and loft dormer, just a room no en-suite and it was 160k! We too are in the SE.