What would you offer knowing this...

[Dandelionrarrrr]

House I am interested in SE London is empty 5bed with white walls, no carpet, old fashioned kitchen.
It is being described as being on a ‘sought after road’ in which ‘properties do not come available often’. It is 0.3 m from the station.

There is a similar property up for sale for 475k 5 doors down has been on the market longer. Other property is very similar not as nice a layout, garden is more landscaped with ponds and greenhouse (not really for us). Our one has more kerb appeal.

There is also a house closer to the station that is for sale for 525k that has been on since August and hasn’t sold. 4bed (0.2m from station) I would have thought this would be more desirable.

If you heard; guide price 550,000 it has been on since june what would you offer?

I have read over this a few times and appreciate it may not be that helpful without listings but I was just looking for any advice. I can give more info. Please don’t flame me.
Thanks! 😊

I'd start at 480.

I like your style 😊

I’m not used to offering under we ended up offering 20k over the asking price last time. (It was the climate).

You've got nothing to lose by starting at the 480. Has it had any previous offers do you know? Why do you think the three haven't sold already? Slow market? Not going to be a ruddy great steamroller anytime soon for some development or other?

What did the current sellers pay and when did they buy? Recent sold prices in the postcode are a better guide than asking prices.

I wouldn’t find 0.2 from the station more desirable than 0.3. Both are very close.
The house in question sounds like it needs everything done to it? Perhaps a private where someone took carpets out and painted walls white so it looks inoffensive?
How does the square footage and size of garden compare? Off street parking?

I’d also say that if you wen with the 475k house, there’s an awful lot that can be done with the layout for 75k.

private=probate

@dontdoxmeeither I haven’t viewed it yet just trying to figure out whether it would be financially viable. I asked a few questions to the agent and they were very elusive. I am planning to view soon.
Why haven’t they sold... I really don’t know. I think it may be the ‘uncertain climate’. Maybe something is lurking only visible through viewings. I’m armchair looking at the moment incase I get my heart set on something and we still haven’t got our house in order.

The one closest to the station I’m very surprised hasn’t sold. Those properties seem to go very quickly. I’ve been following the properties in a 1.5m radius very closely so am shocked as it’s very nicely decorated etc. One sold a few doors up that needed complete modernisation for 400k.
This would be my second house purchased so I’m certainly not experienced in buying. Properties seem to be going at random speeds around here

@wowfudge

550k 160.9 sq ft

475k 137.9 sq ft

The property was sold back in 1997 for 110 k 🤣. How prices have changed

Both around 350/ft2... very cheap for any part of se London tbh.

Sorry sq m!!!

@JoJoSM2

550k one is listed as having off street parking for 3 cars. (In my opinion you may need to knock a wall down to fit a third)

475k Doesn’t specify apart from off st parking. So I presume one.

Both have garages too

Ok, so for 475, you loose some layout, loose a parking space, loose a bit of kerb appeal. Would gain a kitchen, some landscaped garden, some flooring.

And 475 hasnt sold???
I'd be offering below 475.

If you haven’t seen the houses in person, you should start off with that. You’ll see if there’s anything wrong with the location. If you’ve got kids in state schools, check catchments - could be that they’re bad/black holes so families aren’t interested.

I’m literally around the corner in a smaller house. My DS is in the ‘desirable school’ so my others would get in on siblings but assume would be in on catchment too.

I’d explain, it is clear the property is in need of modernisation and for that reason you’re willing to offer 450k.

I read somewhere that they stick 20% extra on the price, as they are expecting to be knocked down. You could start there, or offer 10% less and see what happens. You may be surprised, an uncarpeted empty 5 bed house means someone somewhere is more than likely waiting on the money from this house and is probably getting fed up by now.

450k. start low you cannot go back down! only up

It sounds like you’ve got schools sorted and you’re round the corner and know the area well. I’d go and get a feel for the houses and take it from there. 550k does sound like a lot compared with the others. I suppose it benefits from being chain free.

And £350/sq ft does sound cheap. Perhaps it’s in the borough of Bexley? There are some pretty affordable areas that way.

Good detective work @JoJoSM2

I'd start with 450 too. Always start lower and work up to what you're comfortable paying.