I could really do with some strategic advice!
We're planning to relocating to a market town but we're not in a hurry to do so. Spring or summer time would be great, but so would be autumn 2013. We've started looking around now because the type of house we're after in this particular village only comes up very rarely as there aren't many of the type. We only want to move to this town if we can get a period house in central location.
So, in September the right house came up but we didn't contact the estate agents because it was too early and also it seemed to be on at an exaggerated asking price an.d we were hoping it would be reduced if it didn't sell before Christmas. It's a period three-bedroom townhouse and the asking price is 450K. There are 8 houses of the same type and the last one that sold was in 2007 for £320K. Apparently this house that sold in 2007 was in a bad state and required modernisation but also it had a parking space next to it which the one we're interested in doesn't have at all (and there's a double yellow line in front of the houses).
We viewed it last week and we really want to buy it but are concerned that the asking price is highly inflated and would not be a good investment if for any reason we need to sell in a few years' time. The downstairs is beautiful but it lacks a cloakroom and the upstairs leaves a lot to be desired. The bathroom is tiny and old and can only be made bigger if the boiler is moved. More worryingly, the current owner started converting the loft himself and a right mess of it: the space is OK as hanging space but is not a living space and the staircase is right in the way on the first floor landing. The carpet on the stairs and in the bedrooms is awful and would also need replacing. Basically, the house is not is tip top condition like the estate agent says. We're also concerned that the current owner may not have asked the Council permission to put velux windows in the loft.
Admittedly this house is in one of the best locations in this village. I really don't know how to go about the negotiations though...The market in this town has been very slow and lots of houses are reduced after a few months of being on. However, according to the estate agent, this street is a law onto itself...Also I hear that the buyer is not in a hurry to sell. We would be happy to pay around 350K for this house, maybe a little more, but can we make an offer of 100K below the asking price? We do need to sell our house to buy this one but we're told our house should sell very quickly as a family house in the catchment area of very good schools.
What to do? I would be very grateful for any advice!