Giving and offer on a house that needs renovation(7 Posts)
Two houses on the same road, in fact opposite each other, advertised at the exact same price on the same day.
One is recently renovated, nice new kitchen, proper conservatory, proper downstairs w.c., in general in a good condition. This property has had an offer accepted and has gone off the market.
The other is a bit dated, would certainly need new carpets and wall paper taken off, repainted etc. Kitchen is old and doesn't have an extractor and not that many units. Old boiler. This house has a veranda instead of conservatory. No downstairs w.c.. It's not falling apart but is lacking some stuff compared to the other.
They are both advertised as 230k. I honestly don't think they are of equal value. What's the best way to approach this... considering the work that needs tk be done and that it's over priced anyway... would 185k seem like a cheeky offer?
Nothing wrong with a cheeky offer! Have you actually viewed both houses? Is 230 the price you think the other house should have sold for or was it priced to sell quickly or priced to distract buyers from some collosal problem like insane neighbours or a mobile mast in the garden.
Sounds like mainly cosmetic stuff tbh. Did the house that sold straightaway go for asking price or above? I think you are looking at over £200k to get the other house. Depends on what the conservatory was like, it's age, etc.
Put yourself in the vendor's shoes: unless something actually needs doing, would you consider a low offer, based on what the purchaser wants to do, as a fair one?
Could be an opportunity to do the place up to your own tastes.
Hmm I don't know how much the other place actually went for. So just going by the asking price. I didn't get to view the other property as when I called a week after it was advertised online it had had an offer on it. I just don't feel they compare anyway as apart from the decor there's the conservatory and downstairs w.c. I'll have a think about if I want to offer. Thanks for the opinions.
Don't presume the imrovements woukd be cosmetic only. Old kitchen and boiler, plus wallpaper needing removed could imply a need to rewire, reskim walls, replace or upgrade heating system more generally. Unless the doer-upper has planning potential, better aspect, or some other asset .... tread carefully.
BE VERY CAREFUL Let me share my experience, I house that was 10k cheaper than a pretty nice corner plot 10K more than an old knacker. To us looked like an amazing bargain, turns out we bought it (withour survey I know we are stupid) the house had been plasterboarded everywhere, cheaply skimmed, laminate laid, skirting over the top and then huge coving on top of that!!!!! point being its very easy for a seller to spend 1500 quid on a quick flip and hoping that the buyer is as naive as me comes along.
Get a good trades person or survey and go and walk round the property with them.
Luckly (although it pains me) I sold onto a house builder and got a new build which pains me just as much
That one that's already sold could have gone for over the asking price if it appears to be in good condition.
I would say always go in with a lower offer than you are happy to pay to give the seller room to refuse and then you to up the offer a bit more. Unless, of course, there are lots of buyers interested in it as well as you. Have you had a really good look round it to see the extent of the work needed - in the loft/attic, fusebox, pipework etc? Cosmetic stuff is just a matter of taste really, but they may drop their price further if there is other stuff to do like a rewire.
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