Thinking of buying Landlords house - good idea?

Pumpkin_Pie_5

Hi all,

We are in the position of being able to buy our own home and after having our vendor pull out of our dream home last year, we are thinking of buying in our local area, which has a lower average asking price.

Our landlord is thinking of selling (I don't think he liked being asked to come and fix things;)), and we have asked for first refusal as it were as we do love the area and this house could be lovely after work! He has had 3 estate agents come and value the property to give him a price, but I am worried that agents do't really look at a house properly when giving a price and may give him an optimistic idea of value.

I know what similar houses go for in the area, but we are also painfully aware of all the work that needs doing:eek:. Do you think its worth getting a survey done before we make the offer to allow us to show him what the estate agent won't have picked up?

Also, is it possible to allow any 'discount' as there wil be no agent and it will be a quick sale?

All advice as always gratefully received
Pumpkin xx

Pumpkin_Pie_5

Update

As I have said the agents have come and I have been Property-Bee-ing for all I am worth to look at prices in our area. A LOT of houses are showing a 5 - 10K drop over the last week or so - That seems to indicate a slow market here... Which hopefully puts us in a good position.... I am on tenterhooks waiting for Landlord to come back with his asking price.

Oh and can anyone help - Flat roof extensions: I know they are not considered "good" but will a survey note it in any way - Is it possible that that will give us more costly work to done?

Phirefly

Dig your heels in. You're in a strong position.

lynzpower

How much do you anticipate ( given what others are selling for) the selling price for the house will be?

bear in mind
a) you are no chain
b) you are a private seller ( therefore saving the fees of the EA)
c) you know about the issues with the house, and knowing what needs to be done.

Personally, If say you know the boiler is dodgy, I would use this time to get quotes from tradesman about how much these jobs will cost to put right.

If hes asking for 100k and the work is quoted at say 10, plus he will save 5 ( ish) on EA fees, then you should offer 80. These figs are just a guide, but having a clear idea of what the work will cost and the upheaval needed should give you a good base to start from.

Keep us informed x

subjecttocontract

Oh and can anyone help - Flat roof extensions: I know they are not considered "good" but will a survey note it in any way - Is it possible that that will give us more costly work to done?

Flat roofs have a life span of 10-15 years before they need recovering. A surveyor will usually comment on this and more so if the roof is showing signs of deterioration.

Pumpkin_Pie_5

lynzpower wrote: »

How much do you anticipate ( given what others are selling for) the selling price for the house will be?

I reckon the estate agents will bring a price of about 200K, I think a fair asking price would be about 170 - 180 - Hard to say as not much is shifting around here! (Less than 400 sales last year)

I will let you all know what he comes back with!:o

Trollfever

As a starting point what would the guide price at auction be with you as a sitting tenant?

Pumpkin_Pie_5

An update: The valuations came in at about 205K as I thought - Which is apparently too low for landlord (even though all the other houses in the area (if they even sell) are going for 180 ish and this one needs a LOT of work) and so he's decided not to sell. And after saying that we probably would be able to, has decided that we can;t get a pet.

And now he's decided that a rolling contract is no lpnger any good and he wants to tie us in for another year, even though in the 2.5 years we've been here we've yet to see a gas safety certificate and we had to buy our own cooker and fridge and washer, but got left with his 1970s furniture. Sorry dropped into a whinge there...

Am pretty gutted but we'll spend some time deciding
Thanks for the advice guys
PPxxx

jonesMUFCforever

If its that bad you can always move out to a better house.

PasturesNew

Pumpkin_Pie wrote: »

The valuations came in at about 205K as I thought - Which is apparently too low for landlord (even though all the other houses in the area (if they even sell) are going for 180 ish and this one needs a LOT of work) and so he's decided not to sell. And after saying that we probably would be able to, has decided that we can;t get a pet.

So he's either in over his neck or greedy.

Pumpkin_Pie wrote: »

And now he's decided that a rolling contract is no lpnger any good and he wants to tie us in for another year,

If you want to buy the house and are prepared to sit it out, sign that agreement and by then the house will be cheaper and he might be desperate so you might get it for the price you want

Pumpkin_Pie wrote: »

in the 2.5 years we've been here we've yet to see a gas safety certificate

That's illegal. He has to provide you with this every year.

Pumpkin_Pie wrote: »

we had to buy our own cooker and fridge and washer,

That isn't unusual. Private rentals come with differing arrays of equipment from nothing all the way through to one I saw that even provided the bed linen and towels.

It is better from a landlord's perspective not to provide white goods because then he's also lumbered with maintaining them.

Pumpkin_Pie wrote: »

but got left with his 1970s furniture.

Furniture (soft ones like sofas/beds, etc) MUST comply with the fire regulations for the flammability of the coverings/filings. They must have a tag on them.

I can't remember the years/dates precisely but 1970s furniture (or even 1980s) if it is sofas/beds or similar would also be illegal.

Trollfever

Find a landlord who does not act illegally.