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Advice re house purchase

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  • millie84
    millie84 Posts: 96
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    My partner is really interested in a house which needs renovating, but the sellers refuse to accept offers more than £5k below the current asking price (they've recently dropped it £5k too) . It needs completely redecorating, plastering, carpets, new kitchen and bathroom, likely roof issues too. The boundary wall is a state, and the path directly around the house (it's raised from the road on a corner plot) is in a poor condition underneath.
    I have no idea about the electrics and heating, the fuse box looks pretty old.
    He wants to wait it out with his lower offer (£15k below), but the vendor is being stubborn and say they just want to sit on it.
    We're still looking out for others, but he is taken with this one, and it's proving difficult to find a detached house within the same budget in the area with a garage and adequate parking.
  • anselld
    anselld Posts: 8,262
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    millie84 wrote: »
    He wants to wait it out with his lower offer (£15k below), but the vendor is being stubborn and say they just want to sit on it.
    It takes two to be stubborn.

    millie84 wrote: »
    it's proving difficult to find a detached house within the same budget in the area with a garage and adequate parking.
    Perhaps that tells you something about the asking price.
  • GDB2222
    GDB2222 Posts: 24,453
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    millie84 wrote: »
    My partner is really interested in a house which needs renovating, but the sellers refuse to accept offers more than £5k below the current asking price (they've recently dropped it £5k too) . It needs completely redecorating, plastering, carpets, new kitchen and bathroom, likely roof issues too. The boundary wall is a state, and the path directly around the house (it's raised from the road on a corner plot) is in a poor condition underneath.
    I have no idea about the electrics and heating, the fuse box looks pretty old.
    He wants to wait it out with his lower offer (£15k below), but the vendor is being stubborn and say they just want to sit on it.
    We're still looking out for others, but he is taken with this one, and it's proving difficult to find a detached house within the same budget in the area with a garage and adequate parking.

    Looking at this from the vendors' point of view:-

    Redecorating and new carpets. That's a matter of taste, so you can't expect anything off for that.

    Kitchen and bathroom. I assume the sellers are living there happily, using these at the moment?

    Electrics last for ages, so may be absolutely fine.

    Roof issues. You need a report saying what needs doing, if anything.

    It does sound like you want a totally renovated house for the price of a tired old one. The spring is just round the corner, so lots of buyers will be around very soon.

    From your POV:-

    I'd be worried if the plot is raised up and the supporting wall is in bad condition. The whole thing could fall down eventually. And it's quite a big engineering job to fix it.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • sparky130a
    sparky130a Posts: 660 Forumite
    smmeadow wrote: »
    Currently trying to buy my first house absolute minefield! Having no experience doesn't help.

    House is in a state we knew this, needs complete refurb. A house that is done up nicely would sell right now for 125-130k It's a 3 bed terrace on a main road in the midlands.

    We originally had an offer accepted for 115k. It needs central heating new kitchen new bathroom. Plastering skimming complete redecoration. The house has been on the market since November and previously had offers from one person below 110k.

    Just had a survey done which highlighted dodgy wiring and possible rising damp. Electrician did a check of the house and said it's the most unsafe system he's ever seen and he's disconnected it to prevent harm. He quoted 3.5k for retire. The property is currently vacant. Still waiting for a damp report. I don't think the damp is too bad from the survey but still need the report.

    The owners paid 82k in 2011 and have basically made the house worse since then not better!

    I am a cash buyer so I don't have a mortgage valuation to fall back on and I am worried about getting shafted. The seller is very difficult to deal with and originally listed the house for sale at 135k. I am definitely dropping my offer from 115k but I don't know how low to go. Waiting for damp report but I am worried about spending more money on the house than it is eventually worth done up.

    I am reculant to pull out as I really want to get out of the renting trap. I am doing post grad study so can't get a mortgage for a better house.

    Any advice is greatly appreciated

    So an unsuitable property for an unsuitable buyer.
  • millie84
    millie84 Posts: 96
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    anselld wrote: »
    It takes two to be stubborn.



    Perhaps that tells you something about the asking price.

    Yeah, he's really tempted to go for it. They won't drop below £135k. Whilst it is affordable, we don't want to stretch ourselves too much.
    We viewed another one which is semi detached, huge garden (not sure if this is a plus or a minus though!) and beautifully decorated. It wouldn't need any work except maybe rebuilding the garage in the future. We could get that for £125k, but we can't get away from the fact that it's not detached.
    We've lived in a rented detached house for 2 years in a very quiet estate so we're used to no neighbour noise and not worrying about disturbing next door with our surround sound and general noise. The vendors said they never hear their neighbours, but they would say that! It's a bit of a gamble really, it's an expensive mistake if we hate it there.
  • millie84
    millie84 Posts: 96
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    GDB2222 wrote: »
    Looking at this from the vendors' point of view:-

    Redecorating and new carpets. That's a matter of taste, so you can't expect anything off for that.

    Kitchen and bathroom. I assume the sellers are living there happily, using these at the moment?

    Electrics last for ages, so may be absolutely fine.

    Roof issues. You need a report saying what needs doing, if anything.

    It does sound like you want a totally renovated house for the price of a tired old one. The spring is just round the corner, so lots of buyers will be around very soon.

    From your POV:-

    I'd be worried if the plot is raised up and the supporting wall is in bad condition. The whole thing could fall down eventually. And it's quite a big engineering job to fix it.

    It's currently empty. I should have said, it has no carpets at all. It's down to floorboards throughout, and the walls are stripped bare, with plaster coming off in places. I understand that the owner has been moved into a care home, so assume it is his family selling it.
    The kitchen is very old but just about usable.
    I know the interior isn't a massive job, and we would decorate to our tastes anyway, it's more the wall that concerns me. I think we need someone with knowledge to take a look at it.
  • smmeadow
    smmeadow Posts: 53 Forumite
    I would definitely avoid the potential money trap and go for the non detached finished house. Trust me I wish I never got into this process at all! Buying a house is the most stressful thing ever you dont need to add refurb into it if your not experienced. It will end up being a money pit.
  • GDB2222
    GDB2222 Posts: 24,453
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    millie84 wrote: »
    It's currently empty. I should have said, it has no carpets at all. It's down to floorboards throughout, and the walls are stripped bare, with plaster coming off in places. I understand that the owner has been moved into a care home, so assume it is his family selling it.
    The kitchen is very old but just about usable.
    I know the interior isn't a massive job, and we would decorate to our tastes anyway, it's more the wall that concerns me. I think we need someone with knowledge to take a look at it.

    Elderly people don't want the upheaval of building work, so they put up with things that new owners would not.

    My experience is that people overpay for houses that need a lot of work. So, even if you're right about your offer, someone less clued up will offer more.

    Good luck.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • GDB2222
    GDB2222 Posts: 24,453
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    smmeadow wrote: »
    I would definitely avoid the potential money trap and go for the non detached finished house. Trust me I wish I never got into this process at all! Buying a house is the most stressful thing ever you dont need to add refurb into it if your not experienced. It will end up being a money pit.

    So, just back out now?
    No reliance should be placed on the above! Absolutely none, do you hear?
  • millie84
    millie84 Posts: 96
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    smmeadow wrote: »
    I would definitely avoid the potential money trap and go for the non detached finished house. Trust me I wish I never got into this process at all! Buying a house is the most stressful thing ever you dont need to add refurb into it if your not experienced. It will end up being a money pit.

    Another downside to the semidetached house is that it is next door to a pub. We really liked the internal finishes, and its clearly had a lot of money spent on it, but the pub and the attached neighbour is putting us off. It's hard to decide.
    My partner has experience of renovation with previous houses, although to a lesser extent, and he has built garages before. We could do most of the work ourselves. He's also a heating engineer and plumber, which is handy.
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