We're first time buyers currently considering putting an offer on an end terrace requiring extensive modernisation. Three bed, living room, medium kitchen, downstairs WC, utility and side lean to. Upstairs bathroom and toilet are separate.
Property is listed for £187k in the West Midlands. The highest a property has sold for on the street is £225k but was a semi. The highest an updated terrace has sold for on the street is £191k this year.
A builder has estimated £35-40k for the work. The property is also listed as off road parking as there is a driveway, however the kerb although low already (as is the norm on the whole street) hasn't been officially dropped as you have to drive up a grass verge to park - it's currently messy and muddy so definitely not off road parking - this will need to be reflected in offer.
The house is a deceased estate and had an offer fall through already so it's been relisted for 4 months now.
We're thinking £160k would be the a absolute most to pay without overspending, considering the likely resale value and making an offer of £150k, maybe even lower given the cost of work needed? Does this sound reasonable? We've not done this before! Thank you
Please or to access all these features
Please
or
to access all these features
Join our Property forum for renovation, DIY, and house selling advice.
Property/DIY
Is this a sensible offer?
18 replies
katsucurry · 03/12/2019 11:16
OP posts:
Please create an account
To comment on this thread you need to create a Mumsnet account.