Making an offer on a house that needs work

Cintakins

housebuyer143 said:

The house will almost certainly need more work than you think and can see. If you think it needs a bit of work, it probably needs a lot so will cost more than expected. 

If you can live with it how it is while you save for the work then it might be worth it, but if not then it's a non starter 

From what I gather, the owner had been letting it out prior to putting it up for sale. So I presume that means works can wait

Cintakins

MeteredOut said:

Cintakins said:

Hi,
I've made an offer on a house. I've not offered the full amount that I could because the place needs a lot of work. They have come back to me giving me the price they would accept and it's the maximum I can get a mortgage for. I'm not sure what my next move should be. The place needs insulation and windows replaced and eventually some refurbishment. I'm a first time buyer living in a semi-furnished flat, so I'll need to buy some furniture also. Should I accept their counter-offer, and hope for the best, or should I move on from this property and wait till I get a larger deposit/better job, or find a cheaper house.

You've missed the other option, which is to say your offer is all you can afford/are willing to pay due to the repairs needed, and put the ball back in the vendors court. You could throw in some words about the current market outlook too, to put the pressure on.

They're already offering me a price that's a little more than 10% off the asking price. I wouldn't feel good about countering that offer. But maybe I shoul consider it, but I don't know

Cintakins

Gavin83 said:

Cintakins said:

Hi,
I've made an offer on a house. I've not offered the full amount that I could because the place needs a lot of work. They have come back to me giving me the price they would accept and it's the maximum I can get a mortgage for. I'm not sure what my next move should be. The place needs insulation and windows replaced and eventually some refurbishment. I'm a first time buyer living in a semi-furnished flat, so I'll need to buy some furniture also. Should I accept their counter-offer, and hope for the best, or should I move on from this property and wait till I get a larger deposit/better job, or find a cheaper house.

How much are you offering and how much are they asking?

I would expect the required work to have been included in the original asking price so I can see why they're reluctant to reduce further. Ultimately though it depends on how desperate they are and what other interest they've had. If they're desperate to sell and have had no other interest they may well want more but will have little choice than to accept your offer. If they've several other interested parties you may well lose out. It's a gamble at the end of the day.

If you found out they'd sold the house to someone else and you'd missed the chance how would you feel?

Yes the asking price is already low for what it is and they're willing to sell it to me for slightly more than 10% off. It'd be a good deal, but I'm a single mum, so I'm looking for a 3 bedroom house on a single person income, so I don't think I'd get a better deal tbh. I'm just worried that it'll need more work than I realise, just for us to live in it

youth_leader

If you like the location, and have looked at Zoopla to see what these houses sell for in good condition and think their offer is fair, I'd accept.  Do accept help from your parents, I also help my kids out, it gives me pleasure to do it while I'm still here.

Once the vendor completes the chain you would then be able to have a survey to see what the true structural condition the house is in. If there is any smell of damp at all I would also pay for a damp/timber survey.  I didn't smell it when I looked at this bungalow, but an envious woman who was also after it said 'congratulations - and I hope you can find the source of the damp'.  I asked the surveyor to look - but he couldn't lift carpets/move furniture.  I only found out when the curtain fitter came and nearly went through the floor, all the floors here were rotten, cost me every penny I had.

Good luck.

Postik

housebuyer143 said:

4. The bathroom waste just poured through the ceiling the moment the bath got too full.

Maybe they are like me and never use the bath, I've been in my house 7 months now and not once filled up the bath

housebuyer143 said:

I honestly have never seen a house with so many water stains on the ceiling... I mean how?!

Okay, maybe not!

theartfullodger

housebuyer143 said:

The house will almost certainly need more work than you think and can see. If you think it needs a bit of work, it probably needs a lot so will cost more than expected. 
...

Agreed: My rule of thumb (I've bought 3 needing a lot of work..) is that whatever you've guesstimated it will take (££, time) it will end up as 2x the ££, 3 times the time... .. - Or was it 2 x the time and 3 times the ££... 

You'll hopefully get the point... 

BungalowBel

We knew our bungalow needed work and could smell the damp as soon as we walked in.  It was priced accordingly.

We knew the kitchen floor needed work up one corner.  We didn't know the whole floor needed replacing, plus some remedial work to the floors in other rooms.

We knew the garage needed work as it was literally running with water.  We didn't know we would have to have it demolished and replaced.  (We never did replace it).

We knew the windows would need replacing at some point.  We didn't know that a couple of them were so bad that we had to have them  replaced straight away (so therefore had them all done at once).

We had budgeted for the rewiring and replastering throughout.  But it was more than our budget and the electrician disappeared at the last minute and we had to find another one sharpish.

If you can't afford to do the work (is all the work necessary or just things that you would like?  Can any of it wait?), then don't buy the house.  The work will be more than you have bargained for or budgeted for.

FreeBear

theartfullodger said:

housebuyer143 said:

The house will almost certainly need more work than you think and can see. If you think it needs a bit of work, it probably needs a lot so will cost more than expected. 
...

Agreed: My rule of thumb (I've bought 3 needing a lot of work..) is that whatever you've guesstimated it will take (££, time) it will end up as 2x the ££, 3 times the time... .. - Or was it 2 x the time and 3 times the ££... 

You'll hopefully get the point... 

Eight years in, and I'm not even half way through doing everything. The real big jobs are now done (doors/windows, roof, CH heating, and kitchen), so hopefully, I can avoid spending too much more. Just a case of finding the time and enthusiasm now.

Cintakins

youth_leader said:

If you like the location, and have looked at Zoopla to see what these houses sell for in good condition and think their offer is fair, I'd accept.  Do accept help from your parents, I also help my kids out, it gives me pleasure to do it while I'm still here.

Once the vendor completes the chain you would then be able to have a survey to see what the true structural condition the house is in. If there is any smell of damp at all I would also pay for a damp/timber survey.  I didn't smell it when I looked at this bungalow, but an envious woman who was also after it said 'congratulations - and I hope you can find the source of the damp'.  I asked the surveyor to look - but he couldn't lift carpets/move furniture.  I only found out when the curtain fitter came and nearly went through the floor, all the floors here were rotten, cost me every penny I had.

Good luck.

oh dear, that's quite scary

Cintakins

BungalowBel said:

We knew our bungalow needed work and could smell the damp as soon as we walked in.  It was priced accordingly.

We knew the kitchen floor needed work up one corner.  We didn't know the whole floor needed replacing, plus some remedial work to the floors in other rooms.

We knew the garage needed work as it was literally running with water.  We didn't know we would have to have it demolished and replaced.  (We never did replace it).

We knew the windows would need replacing at some point.  We didn't know that a couple of them were so bad that we had to have them  replaced straight away (so therefore had them all done at once).

We had budgeted for the rewiring and replastering throughout.  But it was more than our budget and the electrician disappeared at the last minute and we had to find another one sharpish.

If you can't afford to do the work (is all the work necessary or just things that you would like?  Can any of it wait?), then don't buy the house.  The work will be more than you have bargained for or budgeted for.

I'm not entirely sure what sorta work needs done other than the windows needing replacing and it's not at the current standard of insulation