To ask how much you’d offer for this property?

[Swiftier]

First time buyers and we have seen a flat which ticks a lot of boxes but it’s in a bit of a state. It’s liveable and everything works/there’s no obvious structural issues and it’s in a very well maintained block. The building is Grade 2 listed so well kept and attractive. But the owners haven’t updated anything in 40 years...

We love the flat, the location and can see how it would be amazing, but it would need a new kitchen, bathroom, new windows, new flooring and repainting. It would also need a wall being built in (they removed a bedroom to make more living space - we would want to put it back in!)

Other flats in the block with the same number of bedrooms sell for between 700k and 800k - they all have slightly different layouts, some have balconies etc and some are bigger than others hence there’s a range in prices. The most recent one sold in the block went for 800k but it was larger than this flat (by 20 square metres) and it was in perfect condition.

It’s currently on the market for 800k and has been for over a year - it was originally on for 850k but was lowered a few months ago. Basically they are asking for the very top end of the value of the property and haven’t taken into account the work that would need to be done.

As first time buyers we’re not sure how much lower to offer for given the work that’s needed. We could work out a rough idea of what the work would cost and deduct that from the asking price but how much more would you deduct for the inconvenience and time needed to get it up to scratch? We also are aware it might need even more work than we realise so want to give ourselves some flexibility.

So anyone who has been through the same or has any ideas, what would you offer? 😊

That kitchen is not 40 years old! Nothing wrong with either kitchen or bathroom. I can’t see why either would need replacing. Love the hatch.

Bloody hell, whoever likened the flat to a caravan wasn't wrong. But it doesn't seem that bad if you get rid of the pelmets and the chandaliers(!)

I was imagining a burgundy bathroom and mismatched flowery wallpaper. It's quite neutral under all the frills and flounces, that don't come with the sale presumably. Fugly exterior though.

I think I've been unlucky as most of the listed buildings I've worked on have had part of the interior on the listing. For example in Hampstead garden suburb it included the some of the original kitchen (which was a pretty awesome built in dresser), another one I worked on included the bathroom and another one all the plasterwork, wall panelling and fireplaces.
Some conservation officers can be pragmatic (the one in my local authority is awesome and great to work with) others are pedantic you just need to do your research.

Gorgeous interiors and views OP. However seems to be quite a lot of other properties on at similar price as well?

When I say interior - I mean space. Not the decor obvs!

Maybe offer £700k or £690 to see the reaction?

When I say interior - I mean space. Not the decor obvs!

Thank god for that, I was trying to decide which emergency service to send to you! 🤣

They don’t half like a bit of net.

The kitchen & bathroom DO need replacing. It’s an £800,000 house, in London. It needs to look like an £800,000 house in London.

@Swiftier OP I'm keen to know, did you put an offer in? Hope all went well!