Or are first time home buyers expecting too much?

[ifherbumwereabungalow]

I think this is my first AIBU so am girding my loins to get blasted...
Background story - we put our house on the market last year and after following the agent's advice we didn't do any decorating but made sure everything was spick and span and decluttered. After what felt like a million viewings and no real offers we decided to take a break and try again. We fixed a crack in some plaster and repainted the living room and kitchen. We'd replaced the kitchen and bathroom since being here so they are looking good.
We had our first viewing with the new agent yesterday. The feedback from the young couple was that they thought it needed modernising. We live in a bog standard, three bed mid-terrace built in the early eighties. The rooms are a good size and we have a garden front and back and off road driveway parking in a cul-de-sac.
My issue is that the current crop of homebuyers seem to have very unreasonable expectations of what a house like mine is going to be like. I'm assuming that they think every house on the market has been transformed by Kevin McCloud or George Clarke and that a futuristic utopia should exist behind every front door. I'm looking at houses to move in to and my main criteria are based on the size and number of rooms and whether I can live with the kitchen and bathroom, the decor is secondary to that because I figure we are going to go in and change it all anyway.
So, am I being unreasonable in thinking that people are going into viewings with highly inflated ideas about what they are going to see? And if so, why don't they look at the photos online before they book an appointment??

planting I don't like OIEO, for 2 reasons.
1 is that I'd have no idea how much they are actually expecting, but the main reason is, each and every one of us likes to feel we have got a 'bit of a bargain' or a 'good deal' - you get that by putting in an offer under what is being asked and then negotiating your way to a compromise. You don't get that warm feeling by paying more than the number on the board in the first place.

Actively searching ftb here.

We are in an expensive area. Prices are dropping and people are still expecting huge prices- if I view a place that’s been on the market a year I am pretty sure the price is too high. We have a decent budget but if we need to renovate we won’t be able to spend so much. With 2 young children we would really prefer not to have to do more than decorate.

It’s a massive purchase. We are in our mid thirties and have been saving for a decade so aren’t willing to settle for something that’s not right.

I’m in two minds about OIEO from a buyers point of view.

It can be helpful to identify the delusional sellers who pitch the price too high and aren’t for budging. Cross them off your list.

If the price is sound, then it clarifies how the seller wants to do business and that works ok for me.

It’s a risky strategy for the seller. If you get it wrong you can lose a lot of potential interest and risk looking like a tool.

I've got an empty house on the market, it is an ex council house, been a rental for four years, the house needs work doing, definitely needs new kitchen, and decorating right through but is still livable and priced accordingly, it's the cheapest 3 bed semi in the area, next up in price are some tiny new builds (2beds) all done nicely but at least 10k above our asking price. But all we get is "it needs too much work" yes it needs work that's why its already so cheap, so go buy a rabbit hutch that is too small, that you will redecorate anyway. Other smaller 3 beds are at least 15k to 30k more than ours,I cant get my head round why you just wouldn't use the extra your paying for a smaller house to do up the bigger cheaper one?
I'm in no rush the right buyer will come along in time. But it seems like no one wants a doer upper these days.

But it seems like no one wants a doer upper these days.

I think people (rightly) place a high value on their time these days and are happy to pay extra for the convenience of 'turn key condition' to use the wanky estate agent phrase.

The first house I bought was a new build and moving in was a fucking dream. It was like moving into an unfurnished rental it was just that easy.

Then I moved countries and bought a doer upper because there was nothing else on the market. Never again. Months of upheaval, everything ended up costing much more than budget, total pain in the arse. So I understand why people avoid doer uppers.

But it seems like no one wants a doer upper these days.

Who would unless it's dirt cheap and they can do all the labour themselves? You have to pay VAT on most of it, it's a ballache when you've stretched yourself to get a mortgage due to tighter lending restrictions and house price rises and now you have to work all hours, you end up needing to spend twice what you budget for, you get ripped off or stood up by some tradespeople, you may run into larger problems once the project is started. AND the sellers still want pre-2008 prices for it.

yes it needs work that's why its already so cheap,

Obviously not cheap enough but that's your lookout.

A new kitchen and 'decorating throughout' is easily 10-£20k. You usually have to pay that out of your own dosh, you can't usually extend the mortgage to cover that cost.

Plus, it's a ballache to redo a kitchen.

But as you can afford to have a house sit empty, keep on.

laurie yes my 1st was also all done when we moved in, but over the years weve changed everything about it, when looking at 1st homes I dont think you have the foresight to imagine anything different, although now I know what's possible I'd much rather go for a doer upper . But yes, I totally get the time issue for some people it's why we haven't done the house up ourselves and are happy to sell cheaper and let someone else do the work.

As a first time buyer with no DIY skills, we would definitely be looking for more a more modern house. Another reason is because we wouldn't have the budget to spend on modernising ourselves, it's already hard enough to get on the ladder where we are so it's just being smart really, thinking long-term.
Having said that we wouldn't go and view a house that didn't look like it fit what we were looking for, although agents often phone us with properties new to market that don't have pictures and when we get there they don't fit our criteria at all, so it's a waste of everyone's time!

but over the years weve changed everything about it

A lot depends on your enthusiasm for home improvements. I haven’t the slightest interest and in my first place, in five years the most I did was wallpaper a ‘feature’ wall . I only ever bought a doer upper because there was literally no choice.

Lifestage also plays a part. If you’ve two parents working full time with small children, doing the house up is often the last thing you want to be at.

,I cant get my head round why you just wouldn't use the extra your paying for a smaller house to do up the bigger cheaper one?

For the same reason YOU can’t be fucked to don’t up yourself!

It takes time, money and effort.

If people are so stupid, why don’t you do up your own house (piece of piss since you’re not even living there) and selling for loads more money?!?

I agree with bluesky to an extent.

If updating a house is so cheap and easy and buyers are stupid not to realise that, then why haven't you done it yourself?

When we sold our flat (ex LA) the buyer started haggling about the price because the outside wasn't aesthetically very nice. Errr this is the first thing you see so couldn't possibly have been a surprise (and the main reason it was probably 50-100k cheaper than pretty victorian conversions in the same road)

Where i live (south east commuter town) the doer uppers are usualy barely any cheaper than a walk straight in place. My DH would love a project (I'm not as keen having been a diy widow for first about 8 years of living in current house!!) but mostly by the time we'd spent on house + stamp duty + costs and then renovated we would end up spending the same or more than buying a ready to live in house.

I totally get the time issue for some people it's why we haven't done the house up ourselves and are happy to sell cheaper and let someone else do the work.

Except it's not selling so your favour of 'letting' someone else do the work hasn't worked.

A lot of buyers seem to act like insurance company loss-adjusters (or a certain company that buys any car, so I hear) in actively looking for anything they can to justify paying you less, even if there's nothing actually wrong.

who in their right mind would want to pay top price for a house? Of course you try to bring the price down as much as the market allows. A few years ago, you were lucky if your full asking price offer was accepted, properties were flying off the shelves. (in my area I mean). The market has massively slowed down, buyers can afford to negotiate.
If you do not like their lower offer, just ... say no?
It's a business negotiation, sounds more than reasonable to try to move the price.

With regards to doer upper, I've bought a couple in the past, the price was reflective of the properties at the time. If there's a house of similar price needing next to no work, why on earth would I buy something that needs gutted and started again?

Some people seem to think that spending money means increasing the value of the property, it clearly is not, so why wasting your cash.

My parents house would have been a doer upper - falling to bits kitchen, avocado bathroom suite, last decorated a decade ago, swirly carpets, the lot. The only potential buyer would have been a developer.

I put in new windows and exterior doors, a new kitchen and bathroom, redecorated and recarpeted throughout. It cost £29k and I didn’t do a stroke of work myself. The price I sold it for was £62k more than the probate valuation.

We want to move now and I’d love a doer upper but I can’t find one! I really don’t want to pay a premium for someone else’s taste.

Btw way, what are old people’s bathroom fittings?

Why is everyone getting so bent out of shape? I never said buyers were stupid? I get people dont want to do it up I dont want to either, it's very cheaply priced to reflect that, but people want to pay the reduced price and expect it to be a walk in, I'm obviously thinking as if I'm the buyer, and I'd be happy to pay less for a bigger house that needs work. Each to their own, and it's only been on the market a month so I'm not worrying about that as yet. We'll reduce it again if it's still waiting in a few months.

I've viewed plenty houses that don't live up to their photos for one reason or another!
It's not personal. But I bought one that needed very little doing to it. We aren't overly handy and it wouldn't ever get done!
If they aren't buying yours, presumably they are buying someone else's? Have a look at what's sold.

It’s only worth what someone else is prepared to pay for it.

Buying a property is most people’s biggest ever purchase, so they can afford to be picky. If they’re viewing the average, say 5/6 properties, buyers are looking for the wow factor or best bang for their buck?

Do you think you may be over priced in comparison to the local market?

We were looking for a doer-upper, since we wanted a home that was exactly to our tastes and if we'd bought one that'd had a lot of work done we'd be paying twice - once for the 'added value' and once replacing everything. But we were fortunate to have the spare budget to do work, flexible-ish jobs, no kids (we do have a newborn now), a bit of DIY nous, a willingness to camp in a couple of rooms for a while, and plenty of time. Not to mention enthusiasm and confidence. Some people don't want to do it like that, and some don't have the means in whatever sense.

I think we'll spend at least 15k renovating our house, and that's with doing much of the work ourselves (including designing, building and fitting our own kitchen units), and before we add an extension which we hope to do a few years down the line. It's a slog - I see why other people wouldn't necessarily want this, I don't think it's an FTB thing, it's a 'what do you want from your house?' thing. We were eager to take on the work, but buying a house is so huge, I can't fault anyone for wanting it how they want it.

usually that's another thing the photos look way better than in reality. I have told the EA to tell viewers it needs a refurb. I have a man interested but hes still waiting to sell his house. Due to the circumstances we wont actually make any money on the house no matter what it sells for in the end so it's not a case of being greedy on the price.

It is a financial issue. A 10% deposit on a £300,000 house needing no work will be £30,000. A 10% deposit on a £250,000 house needing £50,000 work will still be £25,000. Leaving a shortfall of £45,000 that can't be borrowed on mortgage terms.

House owner and mother of three here. We did all major changes - kitchen and bathroom - before having children and am extremely glad we did. The thought of major renovations now and all the disruption it causes would be a nightmare. I could cope with some small changes but even that is enough of a ball ache to make me think carefully about it.

We're in a popular school area and anything that sits on the market is overpriced. If houses are selling more slowly where you are, you may just need to wait for a while, but if everything else is selling quickly you might want to think about redecorating or lowering the price.