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Join our Property forum for renovation, DIY, and house selling advice.

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Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

How much would you offer?

32 replies

CheltenhamLady · 14/10/2021 12:07

We are cash buyers. Additionally, our own house is sold to cash buyers.

We have lost two properties we loved - one we were gazumped after the offer was accepted. The second needed 100k spending on it and went for 400k which was very over priced.

We saw a house almost 4 months ago which was on at 475k which was over priced. It has bee reduced to 450k and still no offers. We would want to spend 80k on a new kitchen and possibly and Orangery.

It is in a great location, but still clearly overpriced. 4 bed, 2 bath detached.

What would you start at?

OP posts:

Report

BringPizza · 14/10/2021 12:11

425? It’s not for them to cover the cost of the orangery, and if everything is overpriced (your word) it’s clearly just a strong market. Good luck.

FleasInMyKnees · 14/10/2021 12:20

What are similar houses going for. Is it advertised as needing refurb or is it perfectly acceptable but not to your taste. You cant knock down the price because you want an orangy and a new kitchen. Its impossible to say without seeing it.

TwoBlueFish · 14/10/2021 12:23

Sounds like it’s a sellers market at the moment. It really depends on how much you love the house and want to secure it. Without a link we have no way of knowing if it’s overpriced.

Offer what it’s worth to you. Have you chatted with the agent to see if there is likely to be wiggle room on the price?

sst1234 · 14/10/2021 21:51

How can anyone possibly say without knowing location, condition, sold prices locally. Link?

Duchess379 · 14/10/2021 22:12

£80k for a kitchen?! Are you getting it from Fortnum & Mason?? I've literally just sold my 4 bed, 2.5 bath detached on the south coast for £450k.

RealDinosaurofBarnardCastle · 14/10/2021 22:15

It doesn’t matter what you want to spend, they won’t care. Start at £400k I would and be prepared to go up.

Georgist · 14/10/2021 22:17

www.rightmove.co.uk/properties/106848326#/?channel=RES_BUY

catfunk · 14/10/2021 22:25

I'd start at 425 and go up to 440 but how much do you think it's worth to you?

Duchess379 · 14/10/2021 22:29

They're asking for offers in excess of £450k. I certainly wouldn't take a £30k hit because you want an £80k kitchen & an orangery... 🤷🏼‍♀️

Monty27 · 14/10/2021 22:38

Your plans are not their plans. They want to sell the house to get on with their lives not to deal with a buyer's issues. You want it or you don't.
Good luck

mobear · 14/10/2021 22:43

It's a strong market. Not all these houses are overpriced. They're worth what someone will pay for them.

Rummikubfan · 14/10/2021 23:08

Depending on what price other houses have gone for i don’t think you can go in low because you want to spend money. I don’t love the house but it’s in good decorative order and the kitchen is new and modern and they won’t take a hit just because it’s not your style. Try 420 but expect to be pushed back and to need to go close to 450

Rummikubfan · 14/10/2021 23:10

It might not be selling as it’s through purple bricks. I won’t view houses through them and I always think people who use them aren’t that desperate to sell

MrsElijahMikaelson1 · 14/10/2021 23:11

I’d go img at £420000 and expect to be pushed to £43500

SockFluffInTheBath · 15/10/2021 08:27

Just seen the link- that house has just been done up. The kitchen might not be to your taste but it’s new enough that it’s not a price bargaining point. It’s also not the sort of house that normally have an orangery. I was expecting an Edwardian pile needing work. You’d be a bit of a CF to offer much under what they’re asking.

FleasInMyKnees · 15/10/2021 09:46

I dont think its overpriced at all. Its had quite a bit of work done recently and the kitchen is fine.

CheltenhamLady · 15/10/2021 13:48

That is not the link to the house I am posting about!

It is overpriced as another similar house in the same road is on at offers over 400k and is also not selling.

The location is excellent, but both these properties require work and have been on the market (which is strong around here) for approx 4 months.

OP posts:

Outnumbered99 · 15/10/2021 13:55

Whereabouts in Cheltenham are you hoping to get a 4 bed detached house worth spending 80k on a kitchen in for less than 450k?

FakeFruitShoot · 15/10/2021 14:01

Are you a cash buyer? As in, have the whole amount cash (in bank accts obviously!) ready? Or do you need it from the sale of your house, in which case, you have a chain and are definitely not a "cash buyer"?

I just don't want you to think you're coming from a stronger bargaining position that you really are in a sellers' market...

FleasInMyKnees · 15/10/2021 15:40

OP, do you want to post a link to the right house

MissCreeAnt · 15/10/2021 17:38

Can't possibly say, but generally with an overpriced house it's very difficult to find a price both buyer and seller will accept. It's more about timing. You might happen to get lucky on being the people who make a lower offer at the same time as the vendors shift down a gear in their expectations. But more often, vendors don't shift down a gear and the house remains unsold, or sometimes they get lucky and find someone who will pay the premium.

Give it a go but try not to get emotionally invested in it. It's hard I know. But it really does come down to what you personally are prepared to pay, not what % of whatever number they have whipped up from thin air. Maybe think of it in terms of extra months on the mortgage. Eg £10k, double it to allow for mortgage costs (very generous these days) to £20k, how many months would it take you to earn that extra?

Daisydoesnt · 15/10/2021 21:01

Are you a cash buyer? As in, have the whole amount cash (in bank accts obviously!) ready? Or do you need it from the sale of your house, in which case, you have a chain and are definitely not a "cash buyer"?

I just don't want you to think you're coming from a stronger bargaining position that you really are in a sellers' market...

Quite….glad somebody else said this!!

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CheltenhamLady · 16/10/2021 11:53

The house isn't in Cheltenham and it isn't for us to live in long term.

We are selling our own house and relocating abroad, but buying a house to return to in a couple of years whilst we find the house to retire to.

One of our children will live there in the interim period, but prior to us going overseas we will move in and do the renovations.

We are cash buyers without the need to sell our property.

I would rather not post a link as it is outing!

We offered 420k and are waiting to hear from the agent what the seller has said.

OP posts:

CheltenhamLady · 16/10/2021 11:56

The 80k was for a kitchen/orangery and new bathrooms.

OP posts:

sunshinesupermum · 16/10/2021 11:59

You cannot expect the vendors to lower the price by £80k because you want to update the house. Anyway best of luck with your offer.

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