opinions needed please

[dietstartsmonday]

I currently rent my house.

Have been there for 4 years and never been an issue.

I would like to approach my LL with an offer to buy to house. House is in need of updating, windows are rotten, kitchen falling apart ( 70's original). Houses next door exactly the same valued at 230K.
So how much less would this one be worth?

Also any LL out there, would you offer any kind of discount to someone who had rented from you for 4 years?

TIA

What kind of condition is the one next door in? And has it actually sold at that price or has it been sitting on the market for a while...

You can always get an estate agent or two to come and value the property, for free.

As regards any discount: on the one hand you are saving the LL estate agent fees and the hassle of finding a buyer, so that should be worht a discount. On the other hand he/she may not be in any hurry to sell right now, so maybe will only sell for a really good price. I think the two probably cancel each other out tbh and I'd expect to pay market price in your position.

thanks minipie

The house next door has accepted an offer of 225K, i have just spoken to her. Next door has been refurbed throughout, windows done etc so alot better condition than mine.

Ah ok. Can you get any idea of how much it cost to refurb to that standard? If so then take that away from 225k...

(and probably take off a bit more too since there is usually a "no hassle premium" for a fully done house)

Hi,

I sold to an existing tenant.

We got three estate agent valuations and I sold for the average of the top two.

TBH it didn't occur to me to give much of a discount because of avoiding estate agents fees, the tenant had just as much to save (moving costs, removal of uncertainty etc.)

If your LL is getting a good return on their investment then there will be no incentive to sell.

If they need to invest in the property to keep it rent-able then they may be interested in a quick sale.

You need to be careful, if you point out all the faults of the house in one breath and offer to buy in in another, they may think you are exaggerating to get a reduced price / rent.

Have you enquired whether you can get a mortgage to buy it?

situation is complicated, and just testing ideas at the moment.

I will be moving in with my DP, he has a house to sell, so will have a large deposit as he owns outright. Likely hood would be 60k mortgage, which i don't anticipate any issues getting due to low LTV figure and my salary is good.

Partly i would like to move, new house new start kind of thing, but if this one can be got cheap would be worth doing.

I would imagine my house would need 15 -20k spent on it, windows, rewiring, kitchen, bathroom, redeoration througout.

Agree it depends. If the house is in a decent condition for renting (rather than selling), its in an area where there is a demand for rental property, and presumably the LL has owned it for quite a while if you've been in it for at least 4 years, I wouldn't think that the LL would be in any hurry to sell and would probably only be interested if it was a very good offer and therefore worth his while.

We were in a similar position (although it sounds as if the house was in better condition) - we'd been in for about 18 months and wanted to get back on the property ladder so approached the landlord to ask him if he'd be looking to sell. We mooted a figure that we thought he'd be happy with, and he said not a chance!

thank Mandy21, this is what i wanted some perspective on the situation.

I shall probably ask the question anyway, its can only be a no at worst!

If no then i think an change of area will be on the cards

make sure the landlord knows that you will either buy or move out. that might help focus his mind when he thinks about the hassle of finding new tenants (who might not be as understanding about the condition of the house).