How much should we offer?

[Tiaramids]

Hi MN users

Long time lurker here :)

We viewed a 3 bed semi property earlier - liked it but the amount of work needed is daunting . The vendors description says it needs modernisation, which to me means 'updating', but I think this propery is a full renovation project !

Link here www.rightmove.co.uk/s6p/62242693

Not sure about the layout as well so potentially need to reconfigure the rooms and even extend as the bathroom is tiny.

A 4 bed done up house just across the road is on the market for 380k and has a south facing garden. I think the amount of work needed is c 50- 60k (need full rewiring, gch etc) and as this is 3 bed I think the value is probably around 305k at the current state?

Im not sure if this is how I should value the house but to me the asking price seems abit ambitious.

Any thoughts?

Thanks!

It could be a money pit so on top of the figure you've set aside you need an extra 10% contingency.
We put 15%. Make sure you get it properly looked at if you are thinking of buying and I would go in with a cheeky offer of 285k... you can always increase.

It has masses of potential and could be worth quite a bit more once done. It depends how much you want to do the work though because it seems to have a lot of damp from the photos, new kitchen, new bathroom, carpets etc. But the frontage and garden, wow.
Do you have the time and money to make it a great home? If not it doesn’t matter what you offer, it won’t work for you.

I think you are right on value and the amount of work needed.

Thanks all

I can see the house being lovely once all the work is done, but to be honest we have never done a renovation project before. DH is ok at DIY but to do as much of the work ourselves will probably take 18 months as we need to save to spend... I feel like it's a 'dream home' but looking at the amount of work it's just not practical at this point of our lives so I think we will pass!

That has loads of potential but could be a money pit!

I wonder why they have kept the garden nice but left the house like that?

I thought the same Baker. Garden is lovely but inside it looks like it has not been lived in/maintained for 5+ years but I was told the tenant has only recently moved!

I’m not sure that 50k would even scratch the surface. And it’s not a job for a DIYer. A team of two full-time professionals would need a few months to sort this house out. You’d also need to factor in that you wouldn’t be able to live in the property while it’s getting a rewire or central heating re-done. If 4 beds in the same road go for 385k, then buying this one would mean someone will be completely out of pocket having gone through the stress and expense of a refurb.