Advice needed - what to offer?

[Misty9]

I'm seeing a house on Monday and I'm 99% certain it's perfect. So I need to decide what to offer. It's on for guide price 260-270k. Nothing else has sold on that road for a few years. Comparable property round the corner is sstc for same guide price. It's empty having been rented out. I'm chain free and have a large deposit. I want to offer an amount that takes it off the market... Any experience with this?? It happens on location location location!

"I wouldn't pay more than 260k for it so am considering going in with that best and final..."

I'm sure the EA will do the 'yes we know it needs work, it's priced accordingly', so I don't think I'd do 'best and final' if you are keen. How are other viewings doing numbers-wise? I've forgotten if you said, how long has it been on for? I'd kick off with 'there's so much more work than I thought from the pics, I'll go £250k' and see what they say.

So I'm buying a house for 265k, others exactly the same have sold for 270k but with downstairs loos recently. It really needs nothing doing to it except the loo, but if it did I would have used that to justify an offer closer to 255k.

I've offered 255k.... With much emphasis on how much work needs doing. There's only one other viewing booked in apparently. 😬

Misty9 if you think it will need £25-30,000 spending on it and it is only worth about £280,000 why not just wait for one that is all done to come up on the market.

At £255000 by the time you have finished you will have spent £285,000 on at best a house worth £280,000 or if house prices do fall a house worth so much less.

"I've offered 255k.... With much emphasis on how much work needs doing. There's only one other viewing booked in apparently."

Good luck. How long has it been on the market? It's not a total do-er upper so in one way is harder to sell at a 'good' price because lots of people might get a mortgage but not so many will have the spare funds to put in a new kitchen/bathroom. And if another BTL looked at it they'd want to get it at a bargain price, imo.

@Oliversmumsarmy

Because you don’t accept some one else’s style. It’s all your own.

Plus new guarantees, warranties etc

[quote Atadaddicted]@Oliversmumsarmy

Because you don’t accept some one else’s style. It’s all your own.

Plus new guarantees, warranties etc[/quote]
This

But it seems super expensive if you don’t like a paint colour or the kitchen tiles if you aren’t even buying somewhere that is your forever home.

From what op has said this isn’t about accepting another persons style this is about the cost to just get the place renovated. If you are paying over the odds and having to spend further financially and time wise then surely buying somewhere with everything done and spending the difference to make it how you want it to be room by room would be less fraught and probably cheaper in the long run.

I like the idea of making somewhere my own and I don't plan to move again for a good 8-10 years. I want it to be my sanctuary after a really tough year. Stuff doesn't come to market often in this area, and what there is tends to be much more doer uppers than this is. I did think it was in better condition than it turned out to be...and I could at a push probably move in and live in it as it is. But I've got the budget and can stay in rented while it's done, which isn't phasing me. The vendor is thinking it over apparently...

And I don't think I am paying over the odds. So far!

I have to say, I'm very curious to see it now

@Oopsiedaisyy

I have to say, I'm very curious to see it now

Nope! not risking that!

I've already had an offer accepted, your dream house is safe. Promise

Good luck @Misty9. We put an offer in on a house a week ago and only just found out today that it’s been accepted. Understandably the vendor wanted all the viewings to take place. We went over the asking price as properties in the area are still selling in a few days here

@Oopsiedaisyy

I've already had an offer accepted, your dream house is safe. Promise

Oh, sorry, I didn't mean in case you nick it just that I've seen how those threads go and I don't need any other confusion!

Still waiting to hear...

Play it cool, they're perhaps waiting to see if they get other offers before deciding how to proceed,

I think you've played it about right OP. You're a serious buyer with the finances in place and your offer is completely fair.

It was rejected and I've upped to 260k but will walk away if necessary. There's another offer but I have a feeling I'm in a better position. I'm severely jaded by the whole house hunting thing now!

"I'm severely jaded by the whole house hunting thing now!"

Lol. Sorry but you'll have to toughen up, it's never fun and could get a lot worse. :)

Fingers crossed for your second offer.

@sbplanet

"I'm severely jaded by the whole house hunting thing now!"

Lol. Sorry but you'll have to toughen up, it's never fun and could get a lot worse. :)

Fingers crossed for your second offer.

I've been looking for a year, have pulled out of two purchases after survey, lost out one to an investor, and viewed countless houses. And I'm doing it alone with two kids who are also fed up with it. I think I'm entitled to feel a little jaded by now...

"I think I'm entitled to feel a little jaded by now..."

Some of us have been there too. It's the way it goes sometimes. Perhaps look for a different style of property if you're in competition with investors and looking at stuff to do up.

BTW when your offer was rejected did the EA give an idea of what the seller was looking for?

Offer accepted!!

Well done!