To except this offer on my property? So torn

[sellingmylifeaway]

First time seller, would rather not post a link just incase.

I bought my 2 bedroom flat 4 years ago for 72k, 80% shared ownership whilst the other shareholder owns 20%. It’s been on the market since the end of December. It was originally listed for 94k then reduced in April to 89 due to having hardly any views. A couple of people have been to view but no offers made. Someone came to view last week and have now put in an offer for 80. I rejected and said it was too low and was hoping for closer to the asking price. They’ve now come back with 82 and said that’s their final offer. I’ve not made a decision yet.

They’ve given feedback to the estate agent and said that the flat needs a lot of cosmetic work that wasn’t shown in the pictures for example, new radiators need putting in as their marked/discoloured, the bathroom radiator is all rusted (which is true I won’t disagree), the glass cooker hob needs replacing as it’s all marked as are some of the worktops, it needs painting and some other issues that they mentioned but I can’t remember what they are. They said had the property been in immaculate condition as shown in the pictures they probably would have offered a bit more.

I feel torn really. I’m not exactly in a rush to move (hoping to buy a house with my boyfriend) and we haven’t even started looking yet as we were waiting to see what happened with the flat, but I’m also concerned that I might reject this offer and not get another for god knows how long. I know that flats and shared ownership aren’t everyone’s cup of tea, but it’s in a lovely location, on a fairly new build estate and the flat could be made lovely if someone really wanted it.

Am I asking too much, given the issues that I’ve listed or should I hold out and possibly risk not getting another offer for however long?

Personally I would either take the offer or do the cosmetic work and hang on for a better offer.

Does sound like you are asking too much considering all of the issues. Can you paint the flat even a neutral colour? And you could paint the radiators. Cooker there isn't much you can do unless you pay to replace it. Sounds like it needs a new kitchen, which can be a lot of money.

Without seeing it, it's difficult to say. But it does sound like a lot of work to get it looking nice again.

I’d take it. Can’t be arsed going back and forwards as long as it’s gone up since you bought it (which it has). Like you say, you don’t know when another offer might come along. Don’t go creating stress. Take the offer and get house hunting ☺️ Exciting!

Is it being sold only on a shared ownership basis?

If so, is there the opportunity to get permission to sell 100% instead to attract more interest?

Hard to say without seeing it, but if it's getting few views and low offers, then it is, sadly, overpriced. It's worth only what people will pay for it. Arguably, the only reason a property doesn't sell is because it's overpriced for what it is...

I guess it depends on how badly you need to move. But I find that few people who "hold out" after clear signs that their property is priced too high do get their ideal offer, especially if they don't improve the property.

It's only worth what someone is willing to pay for it and given how long it's been on the market I'd accept their offer.

I would take the offer. But I think their reasons are pretty crappy, sounds cosmetic to me and who doesn't replace those kind of things anyway when you buy a new place? I know I have replaced the kitchen, every radiator and flooring despite my house being nice enough when I moved in.

At least cost up how much it will cost you for new radiators if they are rusty, just paint them if they are discoloured, new glass and new worktops. Then make your decision

If someone wants to make it lovely, they'll need money to do that so they won't want to raise their offer. You should do the work yourself or accept the lower offer.

The market for flats is pretty terrible right now, so I’d accept the offer and run. Why was it marketed at £94k when you bought it for £72k four years ago and don’t appear to have done any upgrades in that time? £82k is still a pretty good offer considering the market and that you haven’t done any improvements.

Personally I’d accept it’s doubtful you’ll get more.

Market for flats is awful. Take the offer and run

What about funding an onward purchase? Is the amount you'd have to drop the difference between buying with your boyfriend and being priced out of the sort of properties you want? That would have to be my deciding factor. If I really needed to sell at the higher price I would definitely do some of the cosmetic work talked about above, like painting radiators.

I suspect the comments on minor cosmetic work is to justify their offer.

Only you can decide but if its been on the market a while then it might make sense to sell.
I suspect though in time people will forget covid and flats will be more popular- but that might not be this year!

I would take it, flats are not popular right now and it’s hard to make money on them. I feel your pain as l bought around the same time as you and recently sold. I barely broke even so l think 13.8% increase is quite good

@TippledPink

I would take the offer. But I think their reasons are pretty crappy, sounds cosmetic to me and who doesn't replace those kind of things anyway when you buy a new place? I know I have replaced the kitchen, every radiator and flooring despite my house being nice enough when I moved in.

Logically you may be right, but it depends on just how much cosmetic work needs to be done and the nature of it. If it's going to come to many thousands, it's not unreasonable to insist the house is priced to reflect that. Also, attractively presented things are always easier to sell. People buy from their feelings. Some renovation enthusiasts might be able to see past rust, gloom and dilapidation, but if a house makes me feel sad when I walk in, I'm not going to buy it.

I have owned three houses and a flat. We have not automatically replaced radiator. In fact, only in the bathrooms as we put in towel rail radiators. Radiators are not routinely replaced so if your radiators need doing, then you should either do this or replace (if painting will not solve the cosmetic issue)

Glass tops to cooker - can this be replaced (the actual part)? Painting a neutral colour will definitely help with a more finished look to the flat

If you don’t want to do the work, then may be more prudent to accept the offer.

Have any other similar flats sold in your area and if so, how did they compare to your flat? May help you get a better understanding

Wow lots of replies already! Still reading through them...

@ApplePie86 yes, it is only being sold on a shared ownership basis and we are unable to increase it to 100% unfortunately. Most of the flats and some houses on the estate have been sold via shared ownership

Having looked on Rightmove and zoopla, most of the flats have been sold on a 50% ownership basis. One in the same block sold for 48k last year

Take the offer. You have a much smaller pool of buyers for shared ownership.

Get the money and get on with thr next phase of your life.

I think if it's been on the market since December, that's your best offer and you want to move, I would accept and move on. You've given it a good chance.

It sounds like you'd be taking a risk to not take the offer considering how long it's been on the market with little interest.

In the city near me, normally extremely popular for flats, they're not selling at all. My nephew is about to lower the price on his after hardly any interest and no offers. I'm sure it would have sold no bother a year ago.

If I were you I would accept the offer as who knows when things will change,

Take the offer. We sold our house for less than we wanted (in fact lost money on it but it was a new build and we were naive). At the time I was really wondering whether we had done the right thing but having moved and found somewhere we do want to live I don’t regret it for a moment.
You may not have found somewhere yet but given the market you’re in a much better position to make quick offers now and can get things lined up to move. As long as the offer means you can afford the next thing then grab it with both hands and start planning the next chapter.

I would take the offer.