To ask what you would offer on a house?

[PurpleFlower1983]

Hi everyone, we’ve had some unexpected inheritance and have been round the houses (literally) with how to spend it. We considered buying abroad and staying in our current home which I love but is too small downstairs really now we have our DD.

We have seen an amazing period property, it’s on at £420k (Yorkshire). We viewed it yesterday and it is stunning, 12ft high ceilings, original features, gorgeous. There are compromises though, only 2 bedrooms on the first floor, 2 more in the attic and they’re not ideal, quite small space in terms of full head height and a spiral staircase to access. The boiler works but is coming up to 20 years old. There are damp patches in the corners of the upstairs rooms, probably to be expected at this age of house but needs investigating as it has damaged the cornicing in places. Also the original land has been cut up and sold meaning the garden is quite small for what you would expect at this price/property and the drive at the back has to have right of access for the two flats next door. It has been on the market for a year, we are hoping to keep our current property to rent out so this will mean we will be pulling out all the stops financially to get it as the mortgage will only be in my name. Plus there will be over 20k of stamp duty to factor in.

What do you think would be a good opening offer? The seller said he had had a couple of offers but the estate agent didn’t mention them. She said he was open to offers and ready to sell.

[TowelHoarder]

First of all I wouldn’t make an offer until you actually have the money in the bank.

Usually when you get a valuation from an estate agent they say they’ll market the property at £x value and would expect to get £x- 5 or 10k. So if it’s up for £420k and she really wants to sell I expect she’d accept maybe £410k, maybe worth a cheeky offer of £400k. But obviously you need to add up what the repairs and new boiler will cost you and factor those costs in plus a buffer of maybe 15%.

[PurpleFlower1983]

I do know all the negatives, we have previously discounted it for these reasons but we were just blown away when we saw it as it’s a rare find. We’re not rushing into it but it’s on the radar.

[PurpleFlower1983]

We absolutely won’t be offering until the money is in the bank, it wouldn’t be taken seriously anyway. We’re just trying to be organised.

[amymel2016]

Has the estate agent not already taken into account those negatives before pricing it? What do other similar houses go for?

[PurpleFlower1983]

@StillCoughingandLaughing Thank you for your post. It’s where I’m coming from. When I bought this house I was advised against it by many people, it was an old Victorian wreck but I have restored it and love it, to the point that we decided to stay in it which will still might. This other property is like much grander version of our current house.

[PurpleFlower1983]

@amymel2016 There are no other houses like it; that is the problem. It’s half of a 200 year old Georgian hall.

[Coldemort]

I thought the title said horse
No idea on the house
Shuffles off back to animal threads

[memememe]

do you have a link @PurpleFlower1983 i would probably offer 390 if its the house you really really want then go from there

[TowelHoarder]

@PurpleFlower1983 I only mentioned waiting until you’ve got the money in the bank because I work in probate and people often (ok, always) think they will get the money quicker than they will. There are all sorts of things that could hold up the money coming to you, especially in the current circumstances where banks and government departments aren’t fully staffed, so don’t count on 4-6 weeks.

The worst thing is when people start spending money before they’ve got it and get very upset and frustrated or have to let people down.

[HellSmith]

12 ft high ceilings are an absolute mare when you’re balancing on top of a ladder trying to paint them. I wouldn’t buy it.

[wiltingflower]

I wouldn't but the house, it sounds like a money pit. I'd offer well below asking price because it's just not worth the hassle in the long term and I'm comparing against similarly priced but far better homes.

For that money you can buy a nice detached house in the south east or super large home in the north- both with a decent garden, own driveway and no major problems. Or even a second holiday home if you wanted in the UK if you buy a cheaper home. You might even have lots of money left over to put into savings or investments for your daughter when she's older if you buy well within your means.

[WombatStewForTea]

I also encourage you to stop and think. If the house is as amazing as you're now saying it is, then why has it been on the market for a year...

This!
OP if you're keeping your current house anyway I wouldn't rush into anything. I reckon a survey would bring up some interesting issues

[Viviennemary]

This house certainly doesn't sound ideal. I wouldn't offer anything on it and wait to see what else comes up.

[wiltingflower]

*buy not but

[YouDirtyMare]

How many bathrooms?

[Lightsabre]

@PurpleFlower1983, the reason it hasn't sold is that it's an overpriced two bed. The attic rooms will almost certainly be illegal bedrooms ie; not meet current regulations for a bedroom if they have a spiral staircase. How does the price compare to other two bed houses with loft space?

Along with the other money pit issues I'd reconsider or at the very least, get a full structural survey and make your mind up from there.

[PicsInRed]

[quote PurpleFlower1983]@amymel2016 There are no other houses like it; that is the problem. It’s half of a 200 year old Georgian hall.[/quote]
There are, on the surface, stunning 500 year old country piles which go for the same money as a 20 year old new build, simply due to the cost of deferred repairs and ongoing maintenance.

Be very wary.

[Emmapeeler1]

I also would not offer on this house now you have a family, because of the compromised garden and spiral stairs to two bedrooms.

[callmeadoctor]

I would be slightly concerned at the fact that it has been beautifully restored and yet has signs of damp and has an old boiler. (Unless you mean that it was beautifully restored 20 year sago)

[PurpleFlower1983]

Love the quote about a fool and his money. I have two properties already and have made money on both. We could sell them and buy this house outright but don’t necessarily want to do that. I was just asking for advice re offers.

[PurpleFlower1983]

The garden is not small. It’s probably double what you would get in most new builds but not necessarily huge for a property of this type.

[GreyishDays]

How long has it been on the market?

Being nosey, how do you know when the money is coming through? Is thy how long they’re giving probable at the moment? Is it very straightforward? I had an inheritance that took 18 months to all come in.

[PurpleFlower1983]

@Lightsabre I have just spoken to my husband about this as I know the regulations have changed recently.

The restoration was 15 years ago, the boiler is 15 years old not 20, I was mistaken but it will still need replacing.

[Mytimetogo]

We thought we would never move. We did. We bought a 'dilapidated' Edwardian house and basically saved it from demolition. We spent a lot of money on it, new roof down to new drains and everything in between BUT it's everything we would hope it to be. It had wet rot, dry rot, pigeons living in it... Today it stands proud again.

We spent more because we made it suitable for us, not to sell. Of course, buying any house has its drawbacks. You'll never tick every box on your 'want' list. Yes, we would've CHOSEN and bigger garden or more parking, but it ticked plenty of boxes and made me emotional just waking around it.

The high ceilings are beautiful and plaster can be fixed (save up!).

We still haven't finished (it'll be a long project) but it was 100% the right option for us.

I would advise against keeping the old house though. If you're doing it because you're attached to it and might want to move back- you won't once this new house is yours. I NEVER thought we'd leave the old house. Walked past it the other evening, didn't miss it, didn't feel a thing. Also being a landlord is stressful and not something I'd recommend, especially if you are emotionally attached to the property.

Price-wise, do your homework and offer what you think it is worth. What's more important, getting the dream house or getting a bargain??!

Good luck!

[PurpleFlower1983]

@GreyishDays The inheritance tax had been paid and house sold, not waiting on letter of probate to release the funds. It’s usually 3 weeks to issue them but accounting for the situation will likely take longer.