buying a house. what is the usual knock down offer rate?

[Tortington]

i am considering buying a flat. i have looked on the flat prices for the street - one next door was purchased for 95.5k in feb.

this one is being marketed at 109.950and is in need of complete refurbishment

i haven't fallen in love with it - the repayment on such a low price is attractive

its not the best area

am going to see it tonight at 5.30

am assuming new kit and bath and decoration

look i haven't done this before and am scared shitless

any views

Is it to live in, or to make a Property Ladder style profit on ?

I'd be prepared to pay more for a house I was going to live in than I would for the same house if I was planning to make a profit from it in the short-term.

Work out how much (ballpark) it will cost you to do the remedial and updating work and work backwards from there with your offer.

Custy where is it?Is it online anywhere?You need to make a list of exactly what needs doing to it Once you have that I can give you a rough estimate for how much and how hassly the works are.I would think they are looking for at least 100k up to 105 but if it a real tip you are in a good position.Ask teh agent how much a refurbished one would sell for.

Also make sure the lease is a decent length A short lease affects the value and you would have to pay to extend it later on in order to sell it.85 yrs plus is good.60 or less is not mortgageable

In the Sunday Times this week (Home section) it reckons property is fetching 95% of the asking price - but that's an average, obviously. I agree you have to work out how much it will cost (plus the aggro factor of living through the work) and see if it's worth the total. HTH.

thats helpful thanks.
xxxx

it was shithole - but your advice will come in handy