Ok a house we like is on at 385K and has been reduced from 450K. It needs loads of work to get it the way I would want( it hasn't been touched since the 1960)It also needs converting from 2 flats back to 1 large victorian semi.
The venders are a lovely elderly couple who have had the house on the market since Jan 10. We took an architect round yesterday and he thinks there is great potential for us to meet our family needs.
The vender is keen for us to make an offer as she said she thinks the EA valued it too high, plus the few properties she would like to buy are still on the market too.
A guestimate is that 150k would need spending to get it sound, new windows, heating electrics etc, which I think is realistic. Obviously we would need a survey which may highlight additional work we haven't considered.
A house next door which is slightly different went for 310k in June but that needs loads of work doing too and may have been in a worse state than the one we like.
We are cash buyers with no chain and could work to their time frame.
I am aware that any £££ I can save on the purchase price would be able to go towards the soft furnishing budget which is limited if the building/refurbishing works does cost 150k.
My DH thinks we should offer 300k but I think 285K as if they say yes to 300k we would always wonder if they could have gone lower. Plus they may move us up to 300k bit if we offer 300k they could ask for 320k?
Also whilst it is going to be a family home for life if it was on the market all done up now, I dont think you would get more than 500k and people would be looking for a % drop.
Go on please give me your thoughts.