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What offer would you give for a house that needs complete renovation

(30 Posts)
Heavywheezing Wed 01-May-13 18:40:45

We went to look at a house today.
It needs a complete renovation. Bathroom downstairs, new kitchen, new boiler. An old person had the house before.

It's on the market for £400,000 which for us would be too much to pay but it needs £30,000 minimum spent on it.

I just wonder what would could be a realistic offer of this house


throckenholt Thu 02-May-13 09:23:19

Equally a probate sale gives you more wriggle room. They are trying to maximise the value but have a time scale that a normal private seller might not. They may be happy to negotiate over the summer, but with a view to having sold before the cold weather comes - you don't want to have to deal with an empty house (potentially away from where you live) over the winter.

If you are interested take a builder round to give ball park figures for what is visible now. If that seems reasonable then go for a survey to try and cost up unforseen stuff. If you need a mortgage then you will have to have the survey anyway before they will give you the money. At that point you finally decide what you are willing (and able) to pay - then you make a firm offer (lower than you final price) and see how they react. Seems reasonable to tell the vendors that would be your likely path. If there are others around willing to pay more than you - then fine - they would pay more and you wouldn't get it anyway.

By the way - I know this from the other side having recently gone through selling my mum's house.

Heavywheezing Thu 02-May-13 10:41:24

Well we have sold our house, we are in rented accommodation in the village that the house is in but given the probable selling price + work needed during to it= out of our budget.

I haven't viewed any properties around here. There's been none I'd like to buy.ah well!

NorthernLurker Thu 02-May-13 10:48:49

Sorry i think that house is just too expensive for you. Given it's age and lack of maintainence I think you could be looking at a massive amount of work and at the end of it you'll have a pretty but small house in presumably a nice location.

Mintyy Thu 02-May-13 10:57:30

I think most agents, within reason, value a house taking into account the amount of work that needs doing to it.

I am thinking of putting my house on the market. It needs another £10 - £20,000 spent on it so I would bear that in mind with the asking price.

myron Thu 02-May-13 20:09:28

From the fact that it has generated quite a bit of interest as well as offers within days of going on the market, I would say that deducting the cost of renovations from the asking price is probably an overly optimistic strategy. Saying that, you never know unless you try! You might get lucky and everyone else is not actually proceedable.

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