How much less do I offer?

[dany174]

I'm looking at a flat that looks like has not been updated since the 60's.

So it needs a new kitchen (4x4), new bathroom (it has a tiny bathroom and separate toilet that we would probable make into one bathroom), new flooring throughout and it looks like the electricity might not be earthed so it might need rewiring.

However it does seem to have a newish boiler and double glazing.

At the moment the asking price is the same as what flats that have been updated are going for in that building.

I'm trying to figure out how much it is going to cost us to have all of the above fixed. Does anyone have any idea what it might roughly cost?

I think realistically to get all that done would be about £15-20k, so I'd go in at about 25k under the asking price. However if the seller thinks they can get the same asking price as the updated flats in the building, they might not be realistic enough to accept that offer, but you can try.

I was just going to say sth similar to KitKat. The seller might be deluded. If you do the electrics, you'll need to replaster as well so I'd be budgeting 20k+ (although depends on where you live and if you're going to do anything yourselves). And personally, I'd expect to make a profit rather than barely break given the time and stress it will cost you, so I'd want to pay considerably less than done up places go for at least 50k).

Thanks KitKat and JoJo. That was very helpful to give me a rough idea. I also emailed a local builder asking for a rough estimate to do the kitchen and bathroom and he came back with starting from 15K with all appliances. So I'm guessing it can easily run into 25k to 30k.